Suplari, which works in spend agility, has debuted the next version of its Spend Industry Cloud, which has 175 different automated insights to help predict and manage costs, cash flow and investments, a press release says.
Using advanced algorithms and industry best practices, Suplari gleans thousands of data points on suppliers, contracts, purchase orders and budgets into what the release says are “actionable opportunities” for finance professionals.
“Suplari’s insight generator technology, combined with our cloud-native architecture, allows us to quickly build AI-driven insights on customer data in days — versus the months required by in-house data science teams or custom-built applications,” said Nikesh Parekh, co-founder and CEO of Suplari, according to the release. “Our pre-built library of 175 insights will continue to grow organically based on input from customers, partners and Suplari’s data science team. Each insight can be configured to reflect company policies, industry requirements and spending personas of our customers.”
The new library will make it easier to identify and prioritize projects to help a business save money, optimize suppliers and boost performance, the release claims. Collaborating with budget owners, procurement and finance leaders will be able to make better investment decisions for IT, marketing, sales and operations, doing away with the old method of working backwards to figure out spend management in favor of data-driven insights to make predictive recommendations.
During the pandemic, more advanced spend management tools have been an advantage, and Suplari’s tech comes with COVID-specific insights directly in response to the crisis.
And, the release said, the company works with customers to determine the areas where help is most badly needed, including risk, compliance or areas to reduce spend.
Suplari partnered with cloud-based sourcing firm Scout RFP earlier this year to help customers access better spend visibility and analytics. The partnership will combine things like sourcing, contract and vendor management with spend analytics and insights to help boost processes.