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The geopolitical upheaval on the heels of the pandemic further exacerbates the challenges businesses face because of COVID-19. The input costs for businesses are rising almost uncontrollably given the cascading effect of these catastrophes on manufacturing, supply chain, and distribution. 

Companies are in unchartered waters and are looking for a quick way to turn things around and not pass these costs on to their clients. How they deal with the hardest inflationary environments in decades will decide the winner.

Spend analytics plays a crucial role by providing impactful data-driven insights to manage cost and risk. Unfortunately, such insights are hard to come by and have been promised by procurement products. Most offer basic out-of-the-box, rule-based reporting for a single data source. What is also clear is that companies don't need a whole new data platform built from the ground up, with several years to deliver or no end in sight.

The need of the hour is a product that can deliver value in 6-8 weeks, work with multiple data sources, support rule-based and machine learning (ML), and help businesses optimize spend rapidly. 

Our product SpendAi for spend analytics does just that. We deliver actionable insights in 6-8 weeks, making it a strategically critical capability for our clients. SpendAi helps negotiate, streamline, and mitigate supply risks. On average our clients see 2% to 4% saving with return on investment (ROI) under a quarter or two from go-live.

At its core, SpendAi works with large volumes of data across multiple sources to:

• Streamline and provide insights on suppliers that need review. 
• Trigger continuous normalization to weed out duplicates resulting from mergers and acquisitions (M&A), thus ensuring that the most favorable payment and terms are applied. 
• Leverage a well-defined categorization framework and robust merchant matching algorithms requiring minimal configuration. 

The ML algorithms ensure that suppliers are placed in the right verticals and are mapped to the appropriate categories for the business. The model also keeps a discerning eye on the supplier's profile, especially as it relates to risks so that tier two or tier three suppliers can be brought into the mix. 

ElectrifAi’s SpendAi arms businesses with the ability to look across different categories and payment structures to achieve a deeper understanding of their spending. Our product helps businesses navigate the maze of uncertainties in today's global environment, equipping them with control levers and insights. 

Turn the current crises into your opportunity and start seeing results in 6 to 8 weeks. Contact us today to learn more.