Overview:
- Suplari has launched its most ambitious product to-date: Suplari Connect which combines planning, collaboration and savings tracking with Suplari’s data and insight platform.
- Suplari Connect allows finance and procurement customers to act, track and report on the opportunities highlighted by Suplari Insights.
- Suplari Connect provides closed-loop feedback to AI-driven insights and will increase the value of data and insights to the overall enterprise.
- A new Suplari customer engaged with Suplari Connect has already received a 5x return on investment within one month of usage.
In today’s COVID-world of dispersed teams (and even entire enterprises), asynchronous communication, planning and collaboration are critical to success. The ability to take action rapidly, based on the data and insights, has separated Suplari customers from the rest. Executive leadership, CPOs, CFOs, procurement and finance teams, needed to swiftly collaborate with suppliers and triage spend as COVID changed the landscape in early 2020.
Suplari’s vision has always been to democratize AI and data in the enterprise, starting with spend and procurement. Today, Suplari ingests siloed data from disparate enterprise systems and analyzes that data with Suplari’s ever growing insight library of 175+ insights. Suplari Connect enables collaboration around procurement data and accountability to results. Collaboration is a cornerstone of successful problem solving and culture building inside the workplace. While teamwork is hard enough when colleagues are just an office cube away, it is even harder when people are miles away. Suplari Connect makes it easier and faster to get things done. When you are able to address savings tracking inside a procurement collaboration platform, rather than go outside using a project management tool, efficiency and accountability increases exponentially.
Suplari Connect creates custom workflows that assign “cases” or opportunities to individuals on the team (procurement, finance, IT, marketing, engineering, facilities, and beyond), tracks progress, enables communication on updates on opportunities, and then tracks resolution and savings. The CFO, CPO and the team now have more than visibility into spend and a single pane of glass on data. There is increased clarity of all procurement initiatives (savings, risk, compliance, projects, contract renewals) across the company leading to better measurement of the savings and impact that is being delivered. Suplari Connect enables Finance and Procurement to better and more transparently partner across the enterprise, but also elevate the role of procurement from process to a strategic function to drive critical results.
Suplari Connect’s “Closed Loop” is also critical to the application of artificial intelligence in procurement. Artificial Intelligence is ultimately the ability for computers and software to understand patterns and make predictions, based on training data. AI needs training data. Training data represents a source of truth that can be used to teach patterns to a computer. AI-driven insights that predict savings, cash flow, risk and compliance are the future of AI in procurement. Your system of intelligence (think spend analytics on steroids) will proactively make recommendations to run your enterprise more efficiently. In order for this to happen, AI must receive feedback from users on the value and priority of the insights and recommendations.
Suplari Connect is that closed loop that captures direct user feedback from analytics and insights. Suplari can highlight future opportunities and continue to provide a steady stream of opportunities to the finance and procurement teams to drive efficiency. Suplari Connect is the next step to a fully integrated, modern architected, collaborative spend intelligence solution that provides actionable and predictive intelligence for finance and procurement teams.
One Suplari customer already using Suplari Connect is engaged in more than 30 opportunities across contracts, sourcing, and POs highlighted by Suplari insights and is on track to capture a greater than 5x ROI on their Suplari investment in less than one month. By collaborating, across departments using a now distributed workforce, this customer was able to capture value and gain internal credibility, exceed savings metrics and do so more quickly than ever before.
