You know that song that goes “raindrops on roses and whiskers on kittens, … , brown paper packages tied up with strings. These are a few of my favorite things”? Every time I hear it, I imagine an alternate version that my little kids would have composed. It would go something like this “monster trucks in the dirt, rockets launched sky-high, superheroes and their gadgets. These are a few of the coolest things.” My next thought is to wonder what they will consider ‘cool’ as they grow up. What will be the ‘cool’ brands, technologies, experiences of tomorrow – yes, I am guilty for wearing my hat of technology marketer, thinking about brands and tech most of the time.
All these thoughts of cool brands and technologies came to mind these last couple of weeks when Gartner included Suplari in their elite group of May 2019 “Cool Vendors in Sourcing & Procurement Applications.” This prestigious report, crafted by analysts Micky Keck, Magnus Bergfors, Kaitlynn Sommers and Patrick Connaughton, names interesting, new and innovative vendors, products and services. This year’s research states, “embracing innovation in procurement technology powered by AI can deliver a competitive advantage to the organization. Application leaders should consider the vendors included in this report to deliver actionable insights and improve process automation.”
That was great news for our business. It helps us attract new customers, hire talent, get media attention and investors interest. Who wouldn’t want to be associated with cool technologies and forward innovation? At a certain level, it’s also good for our team’s self-pride and certainly a conversation topic for summer barbeques with family and evening happy hours with friends. I am even going to tell the kids about our ‘coolness’.
Even more importantly, going beyond self-congratulatory sentiments, the recognition also invites reflection. It brings us to think beyond the cool technologies we are working on, and think much more about the hot results and practical use cases that our customers experience.
Sharing the Cool Vendor Recognition with our Cool Customers – transformative leaders of cutting-edge procurement and finance organizations
The Gartner report captured the essence of Suplari’s Spend Management and Financial Insights System. We’ve been helping businesses with many disparate procurement processes and systems seeking a way to create a cleansed and consolidated view of spending and supplier intelligence. Suplari enables ongoing insights to consolidate vendors, aggregate demand, negotiate contracts and better manage supplier performance.
Customers report that Suplari has helped them reveal cost avoidance and saving opportunities in ranges of 1%, 3%, 10%. In some cases, teams have surfaced up to 30% in saving opportunities – all while increasing team productivity. For example, one highlighted customer used Suplari to monitor ground transportation. Based on system insights, the company made policy adjustments, leading to savings of approximately $300,000 on $1.98 million in annual spend.
These are a few other examples of what our customer, cool and accomplished leaders in finance and procurement, achieved as they build their organizations into centers of excellence:
- “By matching contract data to spend data, Suplari’s solution helped us uncover new opportunities to save. That’s something we just couldn’t do with financial systems of record.” – Michael Denari, Director of Procurement, Procore Technologies
- “We chose Suplari above the competition because of two primary reasons: the intuitive user experience that makes it really simple for our team to analyze and disseminate the data; and its application of artificial intelligence (AI) to automate the monitoring and identification of cost savings and purchasing compliance opportunities.” – Bryan Rhee, Director of Strategic Procurement & Risk, New York Public Library
- “We use Suplari to give easy access and a clear view of spend, with each supplier, to stakeholders in every department across the company.” – Nathan Haydn-Myer, Manager of Procurement Operations and Insights, VSP Global
- “Our analysts used to spend most of their time wrangling data and crunching reports. With Suplari’s ready-to-use dashboards and automated insights, they are now more efficient, and can focus more on decisions, actions, relationships and continuous improvement” – Brian Platteter, Director of Financial Planning & Analysis, Nordstrom
To celebrate these and other stories of success among Suplari’s customer, we’ve published a complimentary collection of customer case studies that you can download right away.
The Cool Underlying Technologies Propelling the Next Generation of Intelligent Spend Management & Financial Insights in the Enterprise
Among the key findings in the report, Gartner states that “the marketplace for procurement and sourcing applications is full of large suite vendors, but specialists are pushing innovation and delivering enhanced offerings with AI capabilities.” Suplari uses AI to create built-in and custom Insights Applications. These Insights run algorithms automatically monitoring enterprise data, and proactively detecting opportunities to optimize spend, margins, risk and compliance – across all suppliers, categories, business units, spend amounts and optimization tactics. This “always-on” approach goes beyond the sporadic reporting that traditional analytics applications provide.
The Gartner research notes that “analyzing and using it (data) holistically can be a manual and daunting task without the right tools to deliver line-of-business-specific, actionable insights”. Insights Applications play a core and differentiating role in Suplari. These Insights are always-on, AI-powered applications automatically monitoring enterprise data, and proactively detecting opportunities to optimize spend, risk, margins and financial health KPIs. Suplari comes with built-in Insights Applications, such as the ones detecting suspicious transactions, employee purchasing activity, early contract renewal, demand aggregation, and process violations. There are many more, and the library continues to expand. Suplari can also develop Custom Insights Applications using Insights Generator, a proprietary integrated development and data science environment.
To discover more about these cool and differentiating technologies, sign up today for our webinar learning series: Technology predictions and innovations propelling the next generation of Intelligent Spend & Financial Management in the enterprise.
My colleague Jeff Gerber, Suplari’s CTO and co-founder, was particularly appreciative of the spotlight on Insights Generator as one example of our accelerated investments in AI, and core differentiation to stay ahead of the competition. In a recent interview, he shared that “we’re working with customers and creating Custom Insights Applications in the areas of budget tracking, supplier and risk management, cost object allocations, as well as departmental spend like IT, sales and marketing. The possibilities are limitless and set procurement and finance to further align with line of business counterparts, revealing data blind spots, missing metrics and hidden risks.”
Equipped with these AI-powered Insights Applications, pre-packaged or custom, enterprise finance and procurement teams can build a rich opportunity pipeline, with a variety of contributing tactics and levers, and an accelerated pace to hit cost savings, risk and compliance optimization goals. They can turn spend management into an enterprise-wide, accountable and ongoing practice, rather than reactive, one-off initiatives.
My line of business still does not involve monster trucks in the dirt, rockets launched sky-high, nor superheroes and their gadgets. But I might have a chance telling the kids about cool brands and technologies. Working with our customers to solve their problems with messy and dirty data; propelling their business to sky-high performance; and making them look like heroes in their organizations. These are some of my favorite, cool things.