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Global pharma firm leverages AI first offers to drive savings and shorten cycle time

Case Study: Global Pharma Firm Leverages AI-first Offer by Arkestro

Procurement plays a pivotal roll in delivering the equipment and raw materials necessary to efficiently deliver on the critical goals of pharma industry. For one multinational biopharmaceutical company, AI-powered intelligent first offers with Arkestro make overcoming bottlenecks quick and simple.

Pharmaceutical companies are tasked with delivering life-saving treatments and therapeutics to people around the world. Shortcomings with our customer’s legacy ERP system made procurement seem more like a bottleneck than a value-added partner to the business.

“The problem with our former tool was that it wasn’t intuitive or at all easy to use, which made onboarding difficult and prevented collaboration altogether,” explained the Sourcing Manager at this global pharmaceutical organization.

Without the ability to work together in the platform amidst an unyielding need to move quickly and efficiently, suppliers struggled to effectively submit bids and stakeholders resorted to using email as their primary mode of communication.

They knew it was time to make a serious change. Comprehensive data and ease of access are now associated with the entire bid process. But digital transformation, especially in procurement, is easier said than done. What they needed was a platform that was not only going to streamline processes, but also chance the company culture itself.

The introduction of Arkestro established a new, more intelligent and collaborative way of managing RFPs within their procurement department. With a user-friendly platform and all communications centralized in one place, there was no longer a need to go back and forth over email, while a data-driven approach made it easy to create and track supplier iterations on their bids.

“The platform is extremely user-friendly. You have all the communications in one place with a vendor, and the ability right from the start to set up target savings. It’s great because you can just let the AI do the job and provide you with the end result.”

Using intelligent first offers, their buyers can quickly request more accurate quotes from qualified suppliers and rapidly reach best value award decisions.

With a boost in productivity, the procurement team is now able to focus on more strategic projects and have a bigger impact on the organization overall. Arkestro took the entire supplier communication process out of email chains, creating a secure audit trail for business requirements and keeping stakeholders and suppliers engaged throughout the process. The result is a delightful stakeholder experience that drives measurable improvements in their procurement process.

In addition to the positive domino effect this pharmaceutical procurement team has seen using the platform, they’ve also been provided with an essential layer of control and visibility.

A significant 13.68% savings over baseline on their final award outcome, combined with the increase in operational efficiency, put them on a path to be even more data-driven in the future.

Today, Arkestro has enabled the culture shift they had hoped for: procurement is seen as a strategic consultant for stakeholders.

With Arkestro, they can understand how to price an offer and what makes a supplier tick, allowing them to avoid suboptimal business decisions. With this new level of insight powered by Arkestro AI, they have put themselves in the driver’s seat of their strategic sourcing, delivering positive outcomes each and every time.

Pharmaceutical companies are tasked with delivering life-saving treatments and therapeutics to people around the world. Shortcomings with our customer’s legacy ERP system made procurement seem more like a bottleneck than a value-added partner to the business.

“The problem with our former tool was that it wasn’t intuitive or at all easy to use, which made onboarding difficult and prevented collaboration altogether,” explained the Sourcing Manager at this global pharmaceutical organization.

Without the ability to work together in the platform amidst an unyielding need to move quickly and efficiently, suppliers struggled to effectively submit bids and stakeholders resorted to using email as their primary mode of communication.

They knew it was time to make a serious change. Comprehensive data and ease of access are now associated with the entire bid process. But digital transformation, especially in procurement, is easier said than done. What they needed was a platform that was not only going to streamline processes, but also chance the company culture itself.

The introduction of Arkestro established a new, more intelligent and collaborative way of managing RFPs within their procurement department. With a user-friendly platform and all communications centralized in one place, there was no longer a need to go back and forth over email, while a data-driven approach made it easy to create and track supplier iterations on their bids.

“The platform is extremely user-friendly. You have all the communications in one place with a vendor, and the ability right from the start to set up target savings. It’s great because you can just let the AI do the job and provide you with the end result.”

Using intelligent first offers, their buyers can quickly request more accurate quotes from qualified suppliers and rapidly reach best value award decisions.

With a boost in productivity, the procurement team is now able to focus on more strategic projects and have a bigger impact on the organization overall. Arkestro took the entire supplier communication process out of email chains, creating a secure audit trail for business requirements and keeping stakeholders and suppliers engaged throughout the process. The result is a delightful stakeholder experience that drives measurable improvements in their procurement process.

In addition to the positive domino effect this pharmaceutical procurement team has seen using the platform, they’ve also been provided with an essential layer of control and visibility.

A significant 13.68% savings over baseline on their final award outcome, combined with the increase in operational efficiency, put them on a path to be even more data-driven in the future.

With a boost in productivity, the procurement team is now able to focus on more strategic projects and have a bigger impact on the organization overall. Arkestro took the entire supplier communication process out of email chains, creating a secure audit trail for business requirements and keeping stakeholders and suppliers engaged throughout the process. The result is a delightful stakeholder experience that drives measurable improvements in their procurement process.

In addition to the positive domino effect this pharmaceutical procurement team has seen using the platform, they’ve also been provided with an essential layer of control and visibility.

A significant 13.68% savings over baseline on their final award outcome, combined with the increase in operational efficiency, put them on a path to be even more data-driven in the future.

Box Establishes an Inclusive and Diverse Supply Chain

Box is one of the most widely used enterprise technologies around the world for secure content management, workflow, and collaboration. Although Box is a cloud
technology company, the role of procurement and sourcing is still widely entrenched in daily operations. Find out how Arkestro helped Box create an inclusive and diverse supply chain.

Rob DeSantis

Founder

As a former co-founder of Ariba running sales, Rob has deep expertise in the procurement space, having helped propel Ariba from zero to $250 million in revenue in four years and IPO of the year in 1999 before its acquisition by SAP a decade later. In addition to co-founding Ariba, Rob was also an early angel investor and board member of LinkedIn, the world’s largest professional online network.

More recently, Rob served as an investor and advisor to a small portfolio of companies including Bloom Energy, AEye, Inc., HiQ Labs, Agiloft, USEND and more. He is also a co-founder of Dibbs Technology and TrueParity. Rob holds a BSME from the University of Rhode Island.

Marty Meyer

Chief Financial Officer

A trusted partner and advisor on the executive team, Marty has a unique background having been the CFO of nine venture backed technology companies. Marty has raised over $300M in venture funding and has closed six strategic M&A transactions with a combined value of over $1B. Marty has deep domain expertise in ecommerce, consumer internet, networking, data security, data privacy, media technology and enterprise software industries. Marty is especially experienced in the finance and operations activities of SaaS companies and is driven by data and metrics to help create outstanding customer experiences and drive efficient growth.

Neil Lustig

President and Chief Operating Officer

Neil is a seasoned executive with over 30 years of experience leading and building teams in Tech. Neil brings insights from a variety of market spaces and company sizes. Most recently Neil was the CEO of GAN Integrity, an innovative SaaS Compliance technology company serving enterprise customers in North America and Europe. Before that Neil was the CEO of Sailthru, a leader in ML driven personalized multi-channel marketing communications for media and e-commerce markets. Prior to that Neil was the CEO of Vendavo, the leader in B2B price optimization and management for large enterprises. Before Vendavo, Neil led the commercial team at Ariba, the market pioneer that defined and created the eProcurement space. Neil served as the GM of Ariba Europe and subsequently the GM of Ariba North America. Neil started his career at IBM where he spent sixteen years, initially as a software developer, and then twelve years in a variety of Sales and Marketing roles

 

Neil has a BS in Computer Science and Applied Mathematics from SUNY Albany. He is a native New Yorker, Brooklyn born, and still resides with his wife and three children in New York City.

Bonnie Adams

Director of People Operations

Bonnie is a People Operations and HR veteran, with over a decade of experience establishing successful people and culture functions for early to mid-stage tech startups going through high growth phases. She has a passion for supporting and creating inclusive and collaborative work environments and is well-versed in driving positive changes in her organizations as a trusted leader. Prior to joining Arkestro Bonnie worked as the People & Culture Coordinator for Ionic Security, helping them scale from 5 to over 200 employees in addition to a $120M funding round. Most recently she was the Head of People & Culture for blockchain innovator Storj Labs and was the Director of Human Resources at PrizePicks, the largest independently owned Daily Fantasy Sports platform in North America.

Arym Diamond

Chief Revenue Officer

Arym Diamond joined Arkestro in January 2022 bringing over 20 years of experience in the enterprise software and consultancy industry.  He is responsible for the worldwide go-to-market revenue strategy. Prior to Arkestro, Arym was Chief Revenue Officer at CalAmp focused on Telematics and Logistics. He also served as the area vice president of North American Sales within the Salesforce.com Enterprise Business unit for Einstein Analytics & AI, where analytics and machine learning were re-imagined for the front office.  Prior to that, he spent over 10 years at Oracle in various sales positions. Arym holds an MBA from the University of Southern California Marshall School of Business, and an undergraduate degree from California State University.

2022 Gartner® Hype Cycle™
for Procurement and Sourcing
includes Arkestro.

2022 Gartner® Hype Cycle™ for Procurement and Sourcing includes Arkestro.

Gartner® Hype Cycle™ are registered trademarks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.

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