ElectrifAi Announces Updates to SpendAi, an Innovative and Flexible Procurement Tool – PRNewswire

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JERSEY CITY, N.J., Feb. 9, 2021 /PRNewswire/ --ElectrifAi, one of the world's leading companies inpractical artificial intelligence (AI) and pre-built machine learning models, today announcedit has a new and improved spend analytics and procurement tool called SpendAi.

What makes SpendAi different from other products on the market? SpendAi combines the power of machine learning models to construct a solid foundation of a high-quality comprehensive data set and a highly configurable user experience. ElectrifAi puts its industry leading data cleansing and structuring expertise to practical use in this solution. Our scientists and engineers have applied their unique skill sets to produce the most highly automated and effective data transformation architecture in the market. This bedrock of data then enables a uniquely configurable experience to the end user. The industry has been lacking a flexible tool such as SpendAi. Every company has a different way of looking at procurement and categorizing their vendors and spend. SpendAi is the only tool on the market that gives companies the ability to change the vendor and spend classification on their own.

Why is machine learning important? How does machine learning change spend analytics? ElectrifAi's machine learning drastically reduces unclassified and misclassified spend, giving procurement professionals a much clearer picture of their vendor leverage and dependencies. It also provides far greater insight to maverick and off-contract spend, optimization of discount opportunities along with other features. In short, users have much more visibility into their risks and opportunities. AI is then used to find and prioritize those risks and opportunities. As a result, teams spend less time searching and more time acting on insights. This turns procurement into a strategic business partner for the business.

SpendAi enables companies to look deeply into their data and generates insights that procurement professionals can use right away. Making structural changes on their own is also very simple with this tool and they don't have to pay a professional or wait overnight for results. This again gives people a way to look at procurement strategically, not just reactively or pulled together haphazardly.

Companies can now quickly analyze all their dataincluding direct and indirect spend materials and servicesacross every system they use to get insights into how they can reduce costs and improve their cash position, all in one convenient location. The flexibility of SpendAi is very user friendly and enables users to make quick and comprehensive decisions.

Insights provided by the machine learning capabilities of SpendAi allow companies to spot unexpected or disadvantageous spend patterns that warrant further attention. SpendAi gives them a prioritized list of things to look at and consider as either risk or savings opportunities or something that looks amiss.

Nisreen Bagasra, Chief Procurement Officer from Veolia said: "We're looking forward to SpendAi because of the flexibility it provides. This tool is going to allow us to be more dynamic and accelerate our business. This is like nothing we've seen in the market before. There's never been a way to see all your data in one place before. This is the first tool that uses machine learning to organize the system and tie all the data with high-quality so you can really be strategic. This is a new generation of spend analytics."

About ElectrifAiElectrifAi is a global leader in business-ready machine-learning models. ElectrifAi's missionis tohelp organizations change the way they work through machine learning: driving costreductionas wellasprofit and performance improvement. Founded in 2004,ElectrifAi boastsseasoned industryleadership,aglobal team of domain experts, andaproven record oftransforming structured and unstructured data at scale.A large library ofAI-basedproductsreachesacrossbusiness functions, data systems, and teams to drive superior resultsin record time. ElectrifAi has approximately 200 data scientists, software engineers andemployees with a proven record of dealing with over 2,000 customer implementations,mostly for Fortune 500 companies. At the heart of ElectrifAi's mission is a commitment tomakingAI and machine learning more understandable, practical and profitable forbusinesses andindustries across the globe. ElectrifAi is headquartered in Jersey City, withoffices located in Shanghai and New Delhi.

SOURCE ElectrifAi

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ElectrifAi Announces Updates to SpendAi, an Innovative and Flexible Procurement Tool - PRNewswire