Suplari’s Innovation in AI Enables Procurement and Finance to Increase Efficiency, Improve Automation and Deliver Actionable Insights
Suplari, the AI-powered intelligent spend management system for enterprise procurement and finance, today announced it has been included in Gartner’s May 2019 list of “Cool Vendors in Sourcing & Procurement Applications” by analysts Micky Keck, Magnus Bergfors, Kaitlynn Sommers and Patrick Connaughton. This report names interesting, new and innovative vendors, products and services. The 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.”
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.
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,” said Alberto Sutton, SVP of Marketing at Suplari. “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.
“Our company and team feel rewarded to be listed as a Gartner Cool Vendor,” added Sutton, “and we take this moment to celebrate and thank our clients, the cool and accomplished leaders building their finance and procurement organizations into centers of excellence.” These are a few other examples of what they have accomplished in their organizations:
“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
The Cool Underlying Technologies Propelling the Next Generation of Intelligent Spend Management & Financial Insights in the Enterprise
As noted in the Gartner research, “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.
“Our Insights Generator is one example of our accelerated investments in AI, and core differentiation to stay ahead of the competition,” said Jeff Gerber, Suplari’s CTO and co-founder. “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.
To discover more about these cool and differentiating technologies, sign up today for our webinar learning series: Technology predictions and innovations Next Generation of Intelligent Spend & Financial Management in the Enterprise.
Gartner does not endorse any vendor, product or service depicted in their research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including warranties of merchantability or fitness for a particular purpose.
Suplari is the always-on Intelligent Spend Management System, indispensable for enterprise procurement and finance to optimize the spend, risk, compliance and productivity. CFOs, COOs, CPOs and business leaders alike rely on Suplari to gain better spend visibility and operational agility in order to optimize costs, assure compliance and reduce both risk and fraud. People using Suplari are delighted with their modern and fluid user experience, advanced analytics, and AI-assisted insights algorithms to consolidate vendors, aggregate demand, negotiate contracts and manage supplier performance. Customers from large Fortune 500 to mid-size enterprises have worked with our dedicated success team to get up and running quickly – from connecting their fragmented data to capturing cost savings. With Suplari, category managers, buyers, auditors, financial analysts and anyone with budget responsibility become catalysts of value creation in the spend-accountable enterprise. Learn more Suplari at www.suplari.com.