Blockchain – Leading The Music Industry Revolution

If you happen to be a music lover and have been keeping yourself abreast with the latest in the music industry across the world, then you aren’t new to the tussles that take place between artistes and record labels/streaming companies with respect to their rights and royalties.

The ones working in organized industries such as the movies, might still be getting their dues, but more often than not, independent artistes are the ones that face the music, quite literally. And it doesn’t affect the singers alone. It is a challenge for any creative talent in the music industry, be it the songwriters, music composers or production associates. Being the creator/originator of a piece of work need not necessarily give them the right to their profits yet – which is rightfully theirs.

Music Industry – at the cusp of technological transformation

Technology has left none untouched. Though musicians and technicians have long been using technology to create and improvise music, they have not yet utilised it to protect their rights.

Right now, we are witnessing the greatest technological disruption ever, where every person is empowered to create their own content and publish it. However, obsolete infrastructure, lack of knowledge and illicit practices along with plagiarism and piracy are leading to the exploitation of content as well as rights of the content creator. Therefore, artistes often fail to convert their craft into cash.

Such challenges arise because musicians have little to no knowledge about calculations of royalty payments and also don’t get access to valuable data such as the number of people listening to their music, their geographies etc. But this is soon going to become history. Today, several musicians and bands have woken up to the idea of engaging themselves in the business of music. Many are demanding transparency in the way their music is reaching the audience and the way it is consumed.

The recent lawsuits of Paul McCartney against Sony, Duran Duran’s with Sony and Taylor Swift’s squabble with Spotify cannot be disregarded. Though they were fighting for their individual rights to their content, the bigger picture is to take these incidents as a start to induce a fair culture of transparency and trust amongst artistes, record labels and streaming companies as a whole.

Blockchain – the new stream of life for musicians

A relatively new platform, Blockchain is a technology that is running on various devices and is open to anyone and everyone. It enables Blockchain – Leading The Music Industry Revolution recording and storing of data in a secured manner. Currently, making a wave in the financial industry, the data it secures is not restricted to money, contracts and knowledge, but can also include art, music and research material.

When this powerful technology is integrated into the music industry, it gives birth to an ecosystem for creativity to flourish, where artistes highly value transparency and integrity with respect to their rights, privacy, security and income.

In simple terms, Blockchain technology will empower the artistes to sell their craft to the right audience directly, without losing out to the middlemen. This creates an enhanced environment for artistes as well as music lovers worldwide, to self-promote their music and make it accessible to their fans digitally as well as by physical distribution.

Embrace Infosys XtractEdge Provenance For Traceability, Transparency and Trust

XtractEdge Provenance is an asset & industry agnostic, blockchain based application that lets businesses establish traceability of the product, transparency of the processes and trust-worthiness of the information across the lifecycle of assets (or) products.

Unlike other blockchain based applications, XtractEdge Provenance is a private network exclusive to the involved parties, non-reliant on cryptocurrency, It is an uncompromising vision of enabling information symmetry and total accountability across a decentralized yet immersive network of stakeholders across the supply chain.

With XtractEdge Provenance flowing into the music industry, each party can have access to the whole database and no one can control or manipulate the data. There’s no central medium and direct communication between parties is made possible. Also, it brings zero/minimal disruption in the existing working style. So, one continues to do what they have been doing, with added benefit of complete privacy brought in by XtractEdge Provenance.

Built on the essential levers of traceability, transparency and trust, XtractEdge Provenance makes every transaction visible to anyone with access to the system, and once the data is entered, nobody can change the records.

Music Industry – Dancing to the tunes of Blockchain

We aren’t very far from the time when artistes will be duly acknowledged and compensated for the content they create. Blockchain technology is here to stay and the sooner we embrace it, the earlier we would benefit.

Make it happen with XtractEdge Provenance. It is a clear case of disruptive technology – Soulful music to the ears, through the years.

Driving Digital Transformation with an efficient RPA-AI operating model

To stay competitive in today’s era, enterprises across the world are increasingly turning to emerging technologies to drive digital transformation. Those who fail to adopt digitization of their processes are replaced by those who leverage the emerging technologies successfully. Digital transformation fulfils aspirations of enterprises like Improved operational efficiency, higher productivity and enhanced customer satisfaction. While a broad range of technologies have emerged to achieve this, automation technologies, specifically Robotic Process Automation (RPA) has been proven impactful.

RPA technology tools are relatively cheap and fast but Enterprise Architecture (EA) professionals need guidance on building an effective RPA strategy with AI capabilities to deliver long-term value to an organization.

Robotic Process Automation – The Need

In a recently commissioned study by Forrester Consulting, ‘Automation Shapes Digital Transformation’, the best RPA operating model practices delivering long-term value to stakeholders were explored. With over 300 executives from enterprises of different scale and sizes across industries and world, the survey captured the automation journey of enterprises from initiation to implementation, then scalability with focus on challenges with controlling and operating RPA. In the study, it was found that while there are various drivers that determine the need to implement RPA in an organization, lowering cost was the top initial driver. RPA lowers costs by replacing humans performing low value tasks. It was also determined that enterprises employ digital workers to improve employee experiences. Taking over routine tasks enables employees to focus on more strategic work and helps reduce time-to-market with products, adding a positive impact on employee experience.

Over the years, RPA has proven to be beneficial in functions such as finance & accounting, human resources, supply chain, logistics, manufacturing and customer support. In the study, ‘Automation Shapes Digital Transformation’, almost 74% of respondents said that RPA made a huge impact in functions such as finance and accounting, whereas the least was seen in logistics (23%). Apart from operational functions, RPA has helped enterprises taste success in business functions too. Rule-based tasks such as complaints handling, onboarding and reporting have seen the most success with RPA.

Robotic Process Automation – Implementation Challenges

With so many functional benefits, it is clear that RPA is a robust solution to automate simple and repetitive tasks. Yet there are so many such tasks on a day-to-day basis that companies can easily drown in the ocean of what RPA can automate. In spite of multi-tenancy options with cloud and on-premise models to reduce RPA operating costs, 9 out of 10 firms struggle. 81% of firms say their total cost of bots’ ranges from $15k to $25k per bot.

Implementation of RPA is also often seen as a tedious and challenging task. Firms struggle with governance when deploying RPA. 65% seek RPA solutions providers that are able to control and operate for them. Assessments to determine the best application and poor governance cost firms extra. Adding to this is the risk of poor governance, higher compliance risk, ensuring robust security against data leak control, data privacy breaches, along with getting management buy-in.

Key to RPA implementation success

In order to overcome implementation challenges, it is important to build an assessment model to guide the process of RPA selection and feasibility. It’s essential to formalize the operating model early in the RPA journey and to guide the process of RPA selection:

Traditional RPA frequently relies on desktop-based tools that replicate the work of a person to complete a task. With this, licensing costs can quickly spiral out of control as automation is scaled across the company. However, the vast majority of respondents reported the TCO of a bot to be anywhere between $15,000 to $25,000 (81%). Only 18% reported the TCO to be more than $25,000 per bot.

It is imperative to establish a strong central governance process to ensure standardization across the enterprise, and to ensure that the enterprise is prioritizing the right opportunities. It is also important that IT is informed of, and represented within, the governance process. Enterprises are always on the look-out for additional control points for Bot Design and maintenance, almost 55% said controlling operations and 53% ensuring business continuity and creating governance standards to be the major requirements.

A strong RPA implementation team would bring together an operator who knows the tasks, an RPA expert who knows what can be automated and a business owner who knows how often the task is performed overall and what is the gain of automating it. To build an enterprise wide capability, RPA’s ability to support multichannel communication and interactions, the ability to determine intent based on aggregated interactions, NLP, reporting and analytics, Machine learning capability and ease of upgradation is said to have convinced many enterprises to change their opinion about RPA.

Lastly, RPA should not be seen as the be all, end all of enterprise digital transformation efforts. It should be considered as only a part of a wider range of automation solutions.More important is to understand what processes should be automated and which should be left untouched. This demands a strong process mining capacity as the starting point.EdgeVerve provides platform capabilities spanning entire automation journey. The award-winning automation platform, AssistEdge identifies automation opportunities, draws business process maps and variations and helps companies increase employee productivity, process accuracy, reducing turnaround time and operational costs. Acclaimed for its RPA Analytics and AI Integration capabilities by Forrester, AssistEdge caters to multiple roles and industries. Enabling enterprises to span the entire gamut of automation continuum from deterministic through predictive to cognitive automation, it leads the way to a wider range of enterprise benefits.

Automation to AI – The inevitable journey of enterprises

Artificial Intelligence (AI) has been advancing much quicker than before, becoming the most talked-about technology of our time. As enterprises get set to embrace this new technology, they also tackle various doubts that arise time to time. Doubts about AI’s implementation, success, ROI and their eventual journey from intelligent automation to artificial intelligence. To get a clear picture of AI’s state of market and state of implementation, EdgeVerve conducted an in-depth research in collaboration with AIIA and surveyed over 100 business executives and industry experts from around the globe. Of those interviewed, many were responsible for overseeing operations across more than one sector (53%), with automotive, BFSI (banking, financial services and insurance) and IT forming the most strongly represented industries.

There are many who note the growing potential for AI within their industry, but still relatively few (less than one in five) have a strategy in place to manage the transition from automation to AI. The majority of enterprise professionals are at the very beginning of their artificial intelligence journey – 24% are in the planning phase, and 40% are yet to begin but have plans to. Despite recognizing the potential to move from intelligent automation to AI, less than one fifth of enterprise organizations have a strategy in place to manage this transition.

Why this trend?

Looking at the current state of AI investments, it is quite clear that CEOs or equivalent leaders are the ones driving AI investments within an organization. The survey results reflect a top down trend, with more than a third of respondents (39%) indicating that C-suite leaders were driving AI implementation within their organizations. However, the somewhat surprising result is that a quarter of respondents indicated the CEO as the key driver of this change. SVP & Global Head of Product Management & Strategy Infosys, Sudhir Jha says, “I have seen a lot more projects driven by the CIO, CTO or IT department within an organization.”

To fully integrate employees into successful AI deployment, organizations will need to leverage AI to augment existing human skills and make employees better at their work as well as focus on employee training to help them develop adaptable skills for the future. A seasoned professional and thought leader in Robotic Process Automation and AI, Malay Saurabh says “When it comes to implementing automation and AI, change has to be driven from the top down. In my experience, when initiatives have been driven from the bottom up, they usually get stuck somewhere.”

Key to AI implementation success

An adaptable and scalable tool, artificial intelligence is being implemented across functions to augment workforces responsible for operations and customer service, finance and accounting, and sales and marketing – to name a few.

For AI implementation to be successful, AI investment needs buy in from stakeholders at the top because of the level of changes to both people and technology throughout the organization. Despite passionate concerns and potential implications of AI, the technology holds enormous potential for human empowerment and gives us the tools necessary to spot patterns within new and existing data and uncover important insights that would possibly make our lives better.

From automation to AI – The eventual path

Despite discussions about the potential to move from intelligent automation to AI, the research findings indicate that less than a quarter (18%) of organizations has a strategy in place to manage this transition.

However, there are a few positives too. Some organizations are already experiencing the benefits of AI as it becomes mainstream in business. There is a fear amongst those who are not already experimenting with AI, that they will be left behind (given a long enough time horizon, this will likely be the case). While the majority are yet to implement AI, 40% of organizations are seeking more information with a plan to invest longer term. In order to remain competitive, businesses investing in AI should also invest in their employees. As AI increases in scale and drives further change, businesses that embrace training and re-skilling current employees will realize tangible benefits.

In conclusion, the move from automation to AI – whether accidental or strategic – is a definite pathway among companies. Simple automation gives you a clear ROI to get the justification for the overall project, and then you can use some of those benefits to invest in intelligent automation for bigger benefits. It is quite evident that one has to get some predictive and cognitive capability added on to their automation in order to impact the top line. Eventually, all enterprises would move to AI, it is only a matter of time.

XtractEdge Procurement Insights – Procurement Challenges addressed with AI

Digital transformation in an enterprise is taking place at all levels, including all functions of the business and impacting every process – Procurement being no exception.

If you are part of the procurement team or work with them on a regular basis, you are well aware of the pressure to deliver savings, manage supplier relationships, and maintain process excellence. In a conventional environment, you would be involved in a time consuming effort of organizing data manually, and arriving at insights from it with the help of your team. This in most cases might not result in an absolute insight. Right?

Recently, a large Australian Financial Services Provider, who has over 15 thousand employees operating in 30 countries was faced with multiple challenges. The company had poor spend visibility, discrete technology base with complex business processes, lack of price benchmarking, reconciliation and sourcing capabilities and a fragmented supplier base that led to inefficiencies in managing spend and operations.

Challenges such as spend management, decision support through prescriptive analytics, increasing compliance rates, efficient procurement task management, or effective risk mitigation arise due to lack of information, lack of access to information, and non-integration of data. These challenges if not addressed on time, with proper measures, could either delay or end a prospective project.

We implemented XtractEdge Procurement Insights for spend visibility with SAP SRM (P2P) as the underlying ERP system, and redesigned the purchasing framework to route requirements to appropriate purchasing method. The client experienced a 10-15% reduction in spends, a significant increase in compliance and efficiency and reduction in maverick spend and better insights with transformed processes and technology, purchasing system, helpdesk tools and payment operations tools.

Spend analysis is undoubtedly an essential function of procurement and when correctly performed, it can lead to insightful findings and better savings, and often act as a catalyst to drive business decisions for a company. XtractEdge™ Business Applications such as XtractEdge Procurement Insights deliver business relevant insights around sourcing & procurement, by automating procurement data ingestion and data management activities, classifying spends into right categories using Machine Learning techniques, generating predictive spend analytics (what-if and forecasting analysis) and highlighting guided opportunities to aggregate demand, optimize price, rationalize suppliers, and adhere to compliance and more.

Machine learning (ML) and Automation unlock new means to address these problems and drive the next wave of transformation of procurement function. XtractEdge Sourcing & Procurement Business Applications leverage these technologies to simplify procurement processes, enhance user experience and deliver insights and recommendations for higher process efficiency and cost optimizations.

This will enable enterprises to create best in class procurement practices, identify opportunities to reduce costs and improve risk management.

In short, AI is permeating all levels and functions of a company and when adopted in data driven functions such as procurement, it can definitely bring out the best results, help us perform better and enable businesses to flourish.

RPA – Shaping the future of a digital enterprise

A commissioned study by Forrester Consulting to explore the best RPA operating model practices to deliver long-term value to stakeholders.

Businesses today are constantly reinventing the way they operate. Technology has become an integral part of a business aiming to transform digitally. Enterprises are striving to become more agile to keep pace with the changing dynamics of the market and to cater to the ever-increasing demands of the customers. This requires transformation across functions, bringing in fundamental changes to business processes, technology, structures, and channels.

In a typical business environment, where the focus is more on improving customer experience, product innovation and catalysing response time, digital transformation is often given lesser priority. At this juncture, when adapting to new technology is seen as a complex process, automation technologies particularly the robotic process automation (RPA) have made a tremendous progress and emerged as the best solution. RPA is an automated process powered by machine learning capabilities to handle a high volume of rule-based and repetitive tasks. It is best known for its abilities to increase productivity and enabling employees to focus more on strategically relevant tasks.

“3 out of 4 firms said RPA software boosts employee morale by reducing the amount of process-driven work.”

The path less-travelled

Though digitization is making its way into most organizations, business leaders and IT leaders are still reluctant to walk this path, as that would mean doing away with the old systems and processes and adapting new technologies, which pose a lot of challenges.
In many organizations, mundane and low-value tasks are still being handled by humans. RPA automates these mundane tasks, thereby improving productivity and helping employees focus on higher-value work.

For instance, a large telecom group managing multiple companies in mobile, IP TV, broadband etc. was faced with challenges related to customer service. Their agents were required to coordinate effectively with field technicians in order to resolve the issues on time. AssistEdge from EdgeVerve, an Infosys Subsidiary, helped them integrate many of their applications and data across companies thus providing access to right expertise enabling agents to address customer concerns in real time, each time. This helped enhance customer service with drastic reduction in query handling time, which in turn helped save cost too.

RPA benefits not just operations, but businesses as a whole

With past experience and learning, RPA tools have also matured and can perform large scale end-to-end processes with little human interaction. This means firms can benefit at large when RPA is used across functions and processes. RPA has optimized more than 66% processes in functions such as finance and accounting.

Apart from this, RPA also enhances customer experience by providing the technology required to find answers, without relying on human workers. Though predominantly back-office driven, RPA does affect other areas of business, enabling employees and businesses to focus on what they are best at.

Challenges in Controlling and Operating RPA

Though RPA is fast becoming a sought after technology adopted by most organizations, there are still certain operational barriers faced by some enterprises that are preventing them from leveraging RPA’s full capabilities.

RPA - Shaping the future of a digital enterprise

To overcome these technical and operational challenges, RPA should be implemented across functions and not limited to certain function or team. In order to have a better control on operations and ensure business continuity, it is recommended to have an internal delivery and implementation team, which will lead the automation initiative and establish a centre of excellence. It is imperative to formalize the assessment model early in the RPA journey and to guide the process of RPA selection to reap its benefits to the fullest. This helps save cost and boost productivity. The proofs of concept enable both business and IT to work toward a common goal and, finally, the implementation of technology.

Choosing the right technology partner to get the best of RPA

It is important to partner with the right technology vendor to plan and implement RPA in an organization. Vendors sometimes allow organizations to trial the technology to understand how it will extend into their wider operations and to demonstrate the potential for RPA and its tangible value. But firms will really find it useful to work with technology vendors that have a track record in the RPA landscape.

Ensure you select partners who provide control and operations management; offer proof of scalability and provide a cognitive road map. Contrary to the common notion, having a cognitive road map doesn’t mean jobs will be replaced; quite the opposite.

RPA – The driving force behind business success

As the organizations are rapidly changing the way they are doing business, it is going to become inevitable to adapt technology, especially if they want to empower their employees by enabling them to focus on more strategic tasks. We have barely scratched the surface of RPA capabilities today. Once reporting and analytics are used for RPA, the results will be outstanding. RPA Analytics and AI Integration becomes critical to create a success story. AssistEdge from EdgeVerve, acclaimed for its RPA Analytics and AI Integration capabilities by Forrester, caters to multiple roles and industries. Enabling enterprises to span the entire gamut of automation continuum from deterministic through predictive to cognitive automation, it leads the way to a wider range of enterprise benefits.

Are you able to reap the benefits of automation yet?

Enterprises across the world are slowly going through a digital transformation. As we race to unlock value from the next generation of digital technologies, it is estimated that about 45% of the Enterprise business processes can be automated.

Now, if we look at the automation tools, amongst them, Robotic Process Automation (RPA) is the most sought after tool that is rapidly permeating into most functions and also keeping up to its promise of greater business benefits. While many enterprises have embarked on an automation journey and successfully piloted intelligent automation, very few have been able to industrialise its benefits and unlock its true potential.

A recent study revealed, almost 30-50% of initial projects are stalling, failing to scale, being abandoned or moved to other solution. There are many factors that determine whether an RPA program will succeed or fail. It is important to understand these drivers to mitigate issues that may result in poor business outcomes, leading to abandoned projects.

If you or your enterprise have begun your automation journey, you too would have experienced certain challenges. Whether it is in the strategic front, enterprise program management, process and technology or people and change, enterprises are finding it extremely difficult to look beyond these challenges and reap the benefits of RPA. This is mostly because of the inability to get RPA benefits as per business case, the lack of visibility on the RPA’s performance and difficulty in scaling the implementation. Some organizations have also faced challenges such as hostility from the employees, uncertainty in terms of selecting the right processes, training their workforce to handle automation etc…

While in most cases, the intentions seem to be in place, the initiatives have failed to achieve the desired objectives. You can partly blame it on the overpromising and under-delivering agents, however, it is majorly due to the lack of knowledge on part of the early buyers in terms of applying this technology and identifying the most suitable business cases.

In order to be able to know how to reap the benefits of RPA, one needs to be able to measure the performance of the RPA tool they have implemented in their organization. Measuring the success of RPA programs is a challenge for most organizations as the technology for RPA or intelligent automation is still new. Without clear benchmarks and key performance indicators, organizations struggle to plan their RPA programs for maximum effectiveness. Further, it becomes difficult to evaluate the impact of bots on the workforce and roll out relevant change management programs, which may lead to poor adoption and abandoned projects.

Here’s where you need the RPA Balanced Scorecard Framework. BSC helps organizations address the above mentioned challenges using a comprehensive set of measures. It is a powerful and strategic tool that enables enterprises to track, plan and execute a RPA programs. It captures a holistic view of the cost savings and service improvements with a strong focus on people and change management. By identifying the financial and customer impact as well as enterprise program, people and change management processes, this framework acts as a one-stop tool that tracks and evaluates the short-term and long-term health and benefits of RPA programs. Through proper planning and execution, this tool helps enterprises benefit from continuous process automation, productivity improvements and cost savings.

Originally developed by Dr. Robert Kaplan and Dr. David Norton as a framework for measuring organizational performance using a balanced set of measures, The Balanced Scorecard FrameworkTM provides additional non-financial strategic measures that ensure long-term success. This framework has evolved over time and is now considered a fully integrated and strategic management system.

One of the concerns around RPA that is discussed, and often ignored, is the impact of RPA on the workforce. Any organization with an RPA implementation plan should adopt a long-term view when considering the impact of bots on the workforce landscape. The RPA BSC helps organizations do this by focusing on ‘people’ and ‘growth’ to plan for a smooth transition and track progress. Additionally, the RPA BSC framework can be used by enterprises across the RPA maturity spectrum, i.e., for beginners, adopters and leaders. It delivers benefits across the enterprise for various roles.

Are you able to reap the benefits of automation yet?

Today, several early adopters have realized that RPA is not just another automation solution but a strategic platform to re-imagine how operations can be modernized and optimized. Companies in today’s hyper-competitive landscape are looking to go beyond automating tasks, towards creating new and ongoing value for the organization. If you are already on the path of automation and planning to onboard one, start your journey with the help of the RPA Balanced Scorecard Framework. The earlier you do, the sooner you would reap the benefits of RPA. If you are ready to scale and gain the benefits of digital transformation led by automation and AI, EdgeVerve’s RPA Balanced ScoreCard FrameworkTM is just for you.

Enhanced Productivity. Increase Compliance – The next phase of Procurement

Times have changed. So have the buying trends in B2B businesses. Procurement is not a stand-alone function anymore, it requires an integration of multiple departments.

Though the advent of Artificial Intelligence and Machine Learning has opened up an array of opportunities for revolutionizing procurement, there is no single solution that fits every enterprise alike. A solution customized to the needs of the modern buyer is what drives value for the business. The key to procurement effectiveness is adopting the right strategy that complements legacy procurement systems.

For a large American Pharma & CPG Manufacturer, multiple complex internal systems and processes led to low adoption rate and high maverick spend. Their big support staff required over 200 call centers. The company was facing high cost of systems overhead. Full AI adoption was not possible as almost 83% of its business processes was not standardized.

XtractEdge Guided Buying helped enable self-service and increased system adoption due to its simple and intuitive user interface. XtractEdge Guided Buying doesn’t require a separate system or implementation load. The XtractEdge powered Business App was integrated with multiple systems including SAP Ariba to standardize processes. Thus, it helped increase catalogue adoption from 35% to 77%. The catalogue content was enabled in 100+ sub-categories. Implementation of XtractEdge Guided Buying reduced maverick spend and transactional cycle time, improved productivity and increased compliance.

In the ever-evolving world of procurement, where the thrust is increasingly on improving user’s buying experience, traditional procurement processes lack the ability and agility to engage the new and reformed B2B buyer. The traditional processes are time-taking and involve lengthy approval processes and payment cycles. They also demand interaction with multiple stakeholders and managing multiple systems and data. This leads to higher inefficiencies and high transaction costs.

This is where XtractEdge Guided Buying comes to rescue. It is an application akin to a personal assistant for online shopping, but for the business buyer. It sits neatly atop existing e-procurement systems, even on legacy systems that have been running for decades. It utilizes AI and Machine Learning to assist buyers by intelligently routing product and service requests to appropriate buying channels and preferred suppliers, ensuring compliance with organizational policies while generating savings. XtractEdge Guided Buying eliminates the need for the users to go through multiple systems for their procurement requests, while at the same time enabling purchase from the preferred suppliers as well as minimizing policy violations and human errors.

The application intelligently recommends products based on historical buying patterns while consolidating spend across top suppliers. It captures requests from multiple channels with intuitive category-specific templates and forms. It automatically identifies product specifications and appropriate suppliers and highlights pricing discrepancies enabling smarter buying decisions.

To be future ready and to achieve more from accelerating digital transformation and customer experience journeys in this ever-changing world, enterprises need to digitally transform the way they conduct business and processes. Digital transformation by XtractEdge Guided Buying shows the way to simple and convenient procurement. It intends to empower buyers to meet objectives in line with new business demands and provide customizable solutions that boost margins by streamlining and optimizing procurement processes.