Suplari has announced a new version of its industry-first Spend Intelligence Cloud, featuring a library of 175 automated insights that predict and manage costs, cash flow and investments across the enterprise. Suplari Insights use advanced algorithms and industry best practices to distill thousands of data points about suppliers, contracts, purchase orders and budgets into actionable “opportunities” for finance and procurement leaders.
The new Insights Library makes it easy to identify and prioritize projects that will help the business save money, optimize suppliers and/or improve performance. Procurement and finance leaders can then collaborate with budget owners to make smart investment decisions across IT, marketing, sales and operations. Unlike traditional spend management tools that look backward and require users to “figure it out,” Suplari uses its data model and insight generator to make predictive recommendations based on historical data and trends.
Suplari’s approach to automated insights has been particularly valuable for customers in 2020, as they navigate a pandemic and economic slowdown to adjust spending in real time. Suplari used its insight generator technology to develop 10 COVID-specific spending insights to inform procurement action plans in response to the crisis. Suplari Insights flagged opportunities to conserve cash, prevent non-essential spend, predict and forecast large cash payments, extend payment terms and enforce new policies. Suplari customers were able to quickly reduce their monthly spend—some by 10 or 20 percent or more—and partner closely with their suppliers to predict and manage cash flow from month to month.
“Suplari’s insight generator technology, combined with our cloud-native architecture, allows us to quickly build AI-driven insights on customer data in days—versus the months required by in-house data science teams or custom-built applications,” said Nikesh Parekh, co-founder and CEO of Suplari. “Our pre-built library of 175 insights will continue to grow organically based on input from customers, partners and Suplari’s data science team. Each insight can be configured to reflect company policies, industry requirements and spending personas of our customers.”
Suplari Insights are software modules that automate data analysis and present opportunities for finance and procurement leaders to take action that helps the business. An insight module consists of data sources, a pipeline of algorithms that operate on the data, and a presentation layer that determines how insight results are displayed. Current insight categories include:
• Strategic Sourcing and Supplier Consolidation
• Contract Negotiation and Renewal Management
• Purchase Order (PO) Process Compliance
• P-Card/Corporate Card Compliance & Fraud Detection
• Travel Expense Compliance/Anomaly Detection
• Payment Terms Analysis
• Anomaly Detection/Variance Analysis
• Budget Variance
• Cash Flow Forecasting and Management
• Supplier Intelligence / News Analysis
• Supplier Risk Management
• Supplier Diversity Optimization
Suplari also works with customers to develop custom insights that address the most strategic initiatives to the organization. These custom insights can help identify additional areas of risk, areas to improve compliance, or areas to reduce spend.