Executive Insights Companies are aggressively looking for tactics to reduce costs and unlock savings on all their indirect and direct purchases and to more effectively manage their cash flow in procurement. Declining market demand and over-capacity is driving finished product manufacturers to put price pressure on their suppliers. They too must then re-negotiate contracts with … Read More
Now more than ever, companies need actionable insights from their data to improve performance in every part of the organization and to help weather Covid-19 and all its economic impacts.
In the last blog post, I described two rules: the empirical and IQR rules, that could be used to calculate outliers. However, those rules were only valid with normally distributed data. Spend data is rarely normally distributed and is typically right-skewed. This means it has many small transactions and few large transactions like figure (1) … Read More
Managing cash flow, finding savings, and enforcing new spend policies are top of mind for most CFOs right now. With no end in sight to the coronavirus crisis (yet), procurement teams must prepare now for a recession. Their big challenge is to determine what should be prioritized to maximize results. Suplari is reacting quickly to customer requests to deliver fully automated insights from a customers existing ERP and financial data that identify opportunities to conserve cash, avoid large payments, negotiate better terms, and enforce new policies.
AI vs. Spend Analytics: An Honest Comparison If the difference between Spend Analytics and Artificial Intelligence (AI) in procurement is less than crystal clear in your mind, you are not alone. It’s almost as though whoever created these categories followed a recipe for confusion: Start with the name of a common activity Tweak that name … Read More
AI in Procurement: What you Need to Know Now These are exciting days in Procurement. Among us is a star that glitters, generates buzz, and steals headlines. Like many celebrities it is instantly recognized by just two initials—AI—but goes by other names including machine learning (ML), robotic process automation (RPA), and cognitive procurement. By any … Read More