Rewiring Spend Analytics - the New Era
Procurement has more than ever to gain from advances in technology—and more to lose from falling behind. A particular area being disrupted today in procurement is spend analytics in the Plan-to-Strategy process. Having clarity and insights of your spend is fundamental. It is the base on which strategic and operational decisions are made including risk and ESG compliance.
But getting insights and seeing opportunities from your global spend is a very time consuming and repetitive process for most multinationals, working with thousands of suppliers all over the world, especially for indirect spend. Consequently, people make short cuts, data is not cleansed and not enriched properly leading to limited high-level visibility for only few categories.
“Between 30-40% of cost saving opportunities are hidden in your data without knowing it”
It is clear that this lack of accurate spend visibility restricts the amount of addressable spend, representing tens of millions missed cost savings per year, and significant risk hidden in your tail spend.
Time to rewire spend analytics
With all new innovations in technology and analytics, the lead time from capturing transactional data till presenting the business case with associated opportunities and risk, can be reduced by 20X while 50% more savings can be realized.
Below is the typical manual process for procurement teams to gain spend visibility and identify opportunities, knowing this process needs to be done all over again several times per year. Many people are involved from different functions to execute the process and it takes months to get a certain level of global spend visibility.
As an example, a global multinational with 3x ERP systems, +800 Mio spend, +8000 suppliers and several procurement solutions (SAP, S2C solution, P2P solution, Spend cube, etc) will have the following struggles:
- Disparate data with different quality maturity levels
- Inconsistencies in spend hierarchy, taxonomies across ERPs and procurement solutions
- Outdated and inaccurate supplier and transactional data across company
- Missing PO’s and limited context on invoices
- Many spreadsheets
Without automation and smart technology, companies can be happy if they can achieve 50% spend visibility, missing out of millions of savings and teams spending 60-70% of their time on data manipulation without generating true value. We should be mad to continue working like this. Time to rewire spend analytics with Mithra-Ai.
Leapfrog the manual spend analysis process and start saving millions
Combining deep procurement knowledge, artificial intelligence and workflow mechanisms, the Mithra-Ai technology can now automate the full end-to-end data harmonization and enrichment lifecycle including opportunity identification and generation of business cases with high accuracy and confidence levels. Users will still be in the loop for exception management.
Our goal is to develop procurement heroes. Fast insights, fast recommendations, fast value creation with trusted data. No more tedious non-productive data crunching.
Every time users access the Mithra cloud solution, they will first see an updated list of newly ranked cost-saving opportunities per category at a very granular level. While evaluating the opportunities, and maybe adjusting them as needed, the user can activate our generative AI capability to generate a business case showing all opportunities including associated suppliers, transactions and all identified risk.
By instantly generating business cases (deducted from the automated data harmonizing, and classification process) lead times can be reduced by more than20x.
The impact you can make with Mithra-Ai:
- find millions of hidden cost-saving opportunities
- give 40% time back to your team
- redefine your plan to strategy process across your organization
- speed up your procurement process
Seeing is believing
Join our upcoming webinar and get inspired by our demo using GenAI. Hear from procurement thought leaders how AI can turbocharge procurement value creation by leapfrogging the End-to-End manual spend analysis process, from data harmonization to automated business cases.
Mithra-Ai Solutions has recently been honoured by industry analyst Spend Matters as part of their prestigious Future5, a select group of five global innovative procurement startups, focussing on enterprise data harmonization to automated business cases.
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