Digitate announced the release of ignio Cognitive Procurement to help enterprises make smarter purchase decisions and take action faster.
Global organizations with large and diverse procurement needs, can get superior outcomes by minimizing the number of purchase transactions that result in sub-optimal spend, non-compliance and processing fallouts. Traditionally, procurement organizations have tried to address this with tighter controls and regulations, which adversely impact the overall cycle time.
ignio Cognitive Procurement leverages AI/ML to bring speed and scale to this process, enabling enterprises to deeply understand procurement behavior, monitor purchase transactions in the background, and intervene when needed.
It uses cognitive technologies to:
- Identify items being procured with significant price variance along with price recommendations
- Detect and flag purchase transactions exhibiting odd behaviors or undesirable price variances
- Mine behavioral patterns that explain different types of exceptions requiring human intervention
- Predict likely exceptions in purchase transactions ahead of time
- Provide out-of-box analysis of spend along multiple dimensions
“The mandate for procurement organizations today is to add value beyond spend optimization. Moreover, the evolving situation around Covid-19 is forcing organizations to make some hard, unconventional decisions under constraints to manage demand and supply,” says Akhilesh Tripathi, Global Head, Digitate. “ignio Cognitive Procurement unlocks new value levers by making it possible to uncover hard-to-discern anomalies and delivers granular operational intelligence to help procurement experts make smarter decisions and take faster action. It will help organizations navigate through this crisis carefully and come out stronger. We are excited to launch this latest product in our suite of AI/ML-powered solutions for the enterprise.”
ignio Cognitive Procurement marks the latest addition to Digitate’s AI product line, which includes ignio AIOps, ignio AI.WorkloadManagement, ignio AI.ERPOps for automating ERP support operations, and ignio AI.Digital Workspace.