EdgeVerve’s Procurement Insights is an AI Spend Analytics suite that delivers business relevant insights by automating data management activities, auto-classifying spends into relevant categories using Machine Learning (ML) techniques, generating predictive spend analytics and highlighting opportunities to optimize spend and mitigate risks.

In other words, Procurement Insights accelerates the spend analytics process by simplifying data, providing the right visibility and identifying opportunities to amplify procurement savings. This, in turn, enables enterprises to create best-in-class procurement practices, identify opportunities to reduce costs and improve risk management.

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Move from descriptive to real-time prescriptive analytics and automation

Procurement Insights generates accurate classification and insights to provide complete procurement spend visibility and intelligent analysis that equips procurement teams with enhanced decision-making capabilities.

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Data Management

Procurement Insights seamlessly ingests data from disparate systems. It enables data cleansing and transformation through pre-built scripts and provides ability to write custom transformation rules. It also provides out-of-box data connectors and adaptors to facilitate seamless integration without any alteration to the internal systems.

Here are the key features in data management:

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Spend Classification

Procurement Insights leverages rule-based as well as ML-based auto classification for an efficient and in-depth (n-Level taxonomy supported) classification of spend data. It also supports multilingual classification to automate tedious workflows, creating a unified and classified spend view, ready for generating insights. Procurement Insights has an extensive rules repository and taxonomy management to suit individual business needs and enjoy spends visibility.

The features include:

Spend Analytics

Procurement Insights accelerates the journey from descriptive to predictive analytics with extensive dashboards and predictive analytics capabilities. It drives actionable insights for business excellence.

Here are the key analyses that are possible:

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Procurement Insights- Faster Time to Value with Technology

Key Benefits

Procurement Insights – Accelerate Actionable Insights
  • Simplifying data, cleansing and unifying data, normalizing and enriching data

  • Gain visibility by classifying spends, deriving KPIs and configuring dashboards

  • Identify opportunities by consolidating vendors, aggregating demand and price reduction

  • Amplifying savings through insights to actions, forecasting demand and planning budgets

 

8-10%
Savings Opportunity
 

50-60%
Productivity Gain
 

10-12% Impact in
Vendor Normalization

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