Suplari, the AI-powered intelligent spend management system for enterprise procurement and finance, today unveiled a new program to build Custom Insights Applications for its customers. Insights are always-on, intelligent applications in Suplari. The Insights Applications automatically and persistently monitor enterprise data, and proactively detect opportunities to optimize spend, risk and compliance. With this new Custom Insights program, Suplari can rapidly develop Insights Applications, specific to each business, to tackle their hardest strategic problems, operational optimization needs and data blind spots. The announcement happens during ISM 2019 Spark Event, hosted by the Institute for Supply Management in Houston, where team Suplari will be presenting its system and new Insights.
Insights Applications are Always-On Opportunity Detectors, to Optimize Productivity, Spend, Risk and Compliance – the proactive, efficient and accountable way.
Finance and procurement are under constant pressure to optimize spend, risk and compliance – but struggle to get timely and actionable insights into spend and supplier activity. Basic and static reporting are no longer sufficient. Suplari makes sense of customers spend data sources and supplier activity. The system runs Insights Applications using algorithms that enable persistent monitoring, timely alerting and proactive resolution of optimization opportunities.
Highlighted examples of Suplari’s built-in Insights Applications include the ones detecting optimization opportunities for: outlier and suspicious transactions, employee subscriptions and purchasing activity, early contract renewal and negotiation, demand aggregation, purchasing process violations, and much more.
This more automated, proactive, accountable approach also saves customers the time wasted on fixing data and crunching reports. Teams can then become more agile, and focus on what matters most – decisions, relationships and value creation.
Custom Insights Drive Intelligence from Finance, Operations and Procurement Data
“Enterprises are operating in a time of increasing volatility, disruption and opportunity,” said Nikesh Parekh, Co-founder and CEO at Suplari. Every enterprise is looking for solutions to increase back-office productivity, drive intelligence from their data, and proactively drive execution. Yet, the solutions need to be unique to each enterprise’s operating model and strategic challenge. Suplari frees the data from traditional systems and drive proactive, customized answers to company-specific challenges.”
To build the Custom Insights, Suplari starts with connecting data sources across disparate systems. Then runs algorithms that automatically monitor data and detect optimization opportunities. The applications also render easy to use data explorers, rich analytics, alerting and tracking of opportunities. All those capabilities come together to help close the full loop from identifying and investigating opportunities all the way to resolving them and capturing the actual outcomes.
Enterprise finance and procurement teams engage Suplari and apply Custom Insights to solve core challenges they face:
- Blind spots in spend data and operations management
- Data sets that need to be connected and monitored
- Unique KPI or cost allocation to be better tracked
- Uncovering hidden costs, risks or fraud
- Strategic business initiatives, missing relevant metrics
“The use cases are broad and revolutionary,” added Parekh. For example: a retailer powerhouse needed to monitor preferred and rogue spend in fulfillment centers to improve sourcing; an electronics manufacturer connecting part inventory management to revenue forecast; an insurance company needed insights into driving greater adoption and compliance to their PO process. Other customers wanted visibility into rogue behaviors, risk factors, budget tracking and departmental expenses. The possibilities are limitless.”
Making it All Possible with Insights Generator: Our Integrated Development & Data Science Environment
Suplari is constantly expanding its catalog of Insights Applications. The ability to rapidly develop both built-in as well as Custom Insights relies on Suplari’s proprietary Insights Generator technology. The Insights Generator is Suplari’s proprietary integrated development and data science environment. It leverages cloud infrastructure, Kubernetes clusters, machine learning and pervasive data science technologies such as Python, Jupiter and Pandas. The Insights Generator give data scientists control and versatility for the rapid development of intelligent applications, helping solve any enterprises mission-critical challenge.
Suplari’s Insights Generator was architected and designed by Suplari’s CTO Jeff Gerber, former CTO of iConclude / HP Business Service Automation and former Chief Architect of Apptio. “We founded Suplari to build intelligent applications for the enterprise,” said Gerber. “We are experiencing a revolution in AI advancement. In the consumer space, we now have intelligent assistants that can do your shopping, screen your calls, find the music you like or even recognize friends and family in your photo collection. Bringing this type of innovation to the enterprise, Suplari helps customers identify business optimization opportunities – in a way that was not possible to find using traditional techniques or basic analytics. We are applying AI to the messy, disconnected and siloed enterprise dataset and enabling a new order of intelligence, automation and agility for our customers.”
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 learn more about Suplari’s Intelligent Spend Management System and the new Custom Insights program, visit www.suplari.com.