Today, there are numerous companies out in the market that are developing generic AI-based solutions to help tackle complex procurement activities ranging from handling procurement spend, processing purchase requisitions, automating sourcing events to managing supplier relationships. But for organizations to draw significant value from data, it is imperative to ensure that AI addresses the core issues that underpin procurement and spend management.
Vikas Shah, SVP Business Development, Products and Growth at Xeeva, explains that the company was founded as a result of this underserved market and realized that the existing procurement workflows and practices need a significant overhaul. “There is a need for a specialized AI-based solution—purpose-built for procurement—that addresses domain, granularity, and speed that can offer organizations insights into their procurement activities like never before,” says Shah.
Xeeva is focused on accelerating the advancement of procurement with its full suite of source-to-pay solutions that are powered by its patented domain digitization AI technology. “We were born with AI-first thinking and have been leveraging our technology to help organizations drive the best value for over five years now. With significant investment in category-specific data science models, we help companies unlock operational efficiency, savings, and cash – accelerating strategic business value contributions from their procurement functions,” remarks Shah.
Xeeva’s success in helping organizations is highly credited to its three patents. The first two patents cover techniques for rapidly classifying and enriching data records to improve data quality and consistency. The AI takes unstructured and fragmented spend data, scattered across various systems, and cleanses and categorizes it quickly – providing detailed, granular visibility into where and how an organization can control spend and maintain compliance. The third patent is an expansion of the previous two, covering the data enrichment process.
Once the data has gone through the cleansing and classification, Xeeva’s AI can enrich items down to the line level, allowing organizations to aggregate spend, automate frequently bought items, and eliminate price variance across millions of parts and services transactions.
There is a need for a specialized AI-based solution—purpose-built for procurement—that addresses domain, granularity, and speed that can offer organizations insights into their procurement activities like never before
According to Shah, many organizations today struggle with poor procurement spend visibility or lack it completely. “The majority of procurement spend data is imperfect—it is either poorly attributed, has missing fields, or only includes high-level information, which makes it nearly impossible to analyze and acquire any actionable spend insights,” he informs. Existing technologies in the market are able to improve the quality of procurement spend data to only about 30 to 50 percent at best.
To better highlight the effectiveness of Xeeva’s software, Shah shares a success story involving a client that was struggling with their indirect procurement data. “The client had only about 20 percent of the data that was deemed good or usable and they were making all of their procurement and sourcing decisions based on that data,” he mentions. Xeeva’s AI technology helped the client cleanse almost 80 percent of their data within days to become well-attributed at the item and category level. The client was subsequently able to analyze and identify new cost-saving opportunities in excess of $150 million to execute decisions to help drive immediate value.
Consistent with its goal of helping companies leverage procurement data and get the best value out of it, Xeeva is currently investing significantly in enhancing the capabilities of its software. “We aim to continue on this journey of building procurement software with specialized AI differentiation as we innovate to enhance and expand our use cases,” states Shah.
AI-Powered Procurement Software Company Xeeva Receives New Artificial Intelligence Technology Patent
MADISON HEIGHTS, MI: Xeeva, Inc., a global provider of intelligent procurement and sourcing software, announced the issuance of a new patent (US10176427 B2) for its Virtual Data Manager capabilities. The patent incorporates functionality for rapidly enriching data records to improve both quality and consistency.
Previously, Xeeva was granted multiple related AI patents for its spend classification abilities. This new patent is an expansion of those, beginning to cover the data enrichment process. Once spend data has gone through cleansing and classification, the enrichment will be completed. With Xeeva’s unique AI technology, its software is able to operate at the individual line-item level, rather than holistically at the supplier level. This granularity provides an unparalleled capacity to get insights from spend data and uncover savings opportunities – ultimately driving massive savings for procurement teams.
“Without the hard work and dedication of the Xeeva team, we wouldn’t be able to accomplish what we do,” said Dilip Dubey, CEO and Founder of Xeeva. “It’s exciting to see our world-leading procurement software evolve as we add even more advanced technology into our product suite. Our growing list of AI patents highlights how innovative our solution is and how it’s capable of delivering incredible results for our customers.”
Xeeva is standing out from the crowd in the procurement space with its enrichment capabilities, as many solution providers only classify data currently. By being able to cleanse, classify, enrich, and deduplicate spend data, Xeeva’s software allows procurement teams to make educated decisions with confidence that positively impact the bottom line.
Xeeva Names Procurement and SaaS Leader Billy Torres as Vice President of Advisory Services
MADISON HEIGHTS, MI: Xeeva, Inc., a global provider of AI-powered source-to-pay software, is excited to announce and welcome Billy Torres to its leadership team as Vice President of Advisory Services.
Torres has more than 20 years of proven leadership experience within procurement and SaaS organizations. Prior to joining the team at Xeeva, Torres was Vice President of Advisory Services globally at Basware, where he focused on ensuring successful project delivery and continual customer success. Before that, he led professional services at Basware and held multiple positions with various achievements at Hewlett-Packard and Bond Technologies, where he helped start, grow, and rebuild teams.
“In an effort to maintain our commitment to cultivating top talent, I’m thrilled to welcome Billy to the team,” stated David Kenneson, Chief Revenue Officer at Xeeva. “Billy brings with him an impressive background with direct experience in the procurement space. He’s a strong leader and will make an immediate impact within Xeeva, and more importantly with our customers. Furthermore, bringing him on to the Xeeva team reinforces our pledge of delivering the best customer service in the space. We’re enthusiastic and eager to leverage his immense expertise to help propel Xeeva forward.”
At Xeeva, Torres will lead and oversee customer experiences, drive all aspects of solutioning, and deliver valued consulting to the existing client base. He will facilitate Xeeva’s continued focus on driving exceptional results to its customers and help take those results further.
“Xeeva is doing incredible things with its AI technology that are unique within the procurement software landscape,” said Torres. “I’m excited to be a part of it and I’m looking forward to utilizing my experience in the source-to-pay software space to help continue Xeeva’s rapid growth and leverage its advanced technology to provide real results to our clients.”
Xeeva has been in a hyper-growth phase recently while it has acquired multiple noteworthy recognitions for its patented AI-powered procurement software, including winning Levvel Research’s “Innovative Procurement Technology” award and being named a Cool Vendor by Gartner. The source-to-pay solution provider continues to advance the space by helping procurement and sourcing organizations visualize and analyze data to realize unprecedented efficiency and savings.