Change is in the air here at Bid Ops. Customers suggested we change our name. We listened.
Bid Ops started as an e-sourcing company powered by AI. The AI simulated a sourcing event before it began in order to generate suggested prices for suppliers. The key benefit of this “suggested price” approach to strategic sourcing is 2-5x savings impact in days, not months.
This is why Spend Matters named us a Value Leader. It’s why Gartner recognized us as a Cool Vendor. It’s why customers like BASF, Volkswagen, Bel Brands and Holcim leverage our platform for everything strategic sourcing and RFx from raw materials to professional services to CapEx.
Over the past year, our customers have shown us that predictive procurement shouldn’t just be limited to sourcing. Suggestions and instant feedback that leverage predictive data can drive impact in everyday purchasing, supplier lifecycle, contracting, tail spend and p-cards. By fully embedding our platform within Coupa, SAP Ariba, Zycus, Jaggaer or any ERP solution, our technology has the ability to suggest not just prices but preferred suppliers and preferred terms and conditions. And, perhaps most impressively, it now drives cost savings by aligning more spend with a company’s existing preferred suppliers – all without asking for multiple quotes.
A month ago, we shared this insight with our LinkedIn community along with a slate of potential names and the response was overwhelming: Arkestro. Pointing to “orchestration” in Predictive Procurement Orchestration, the name is inspired by the word “orchestrate” and by Sun Ra’s famous ensemble. Of his Arkestra, Ra once said: “We work on the other side of time.”
That’s what amplifying the impact of procurement’s spend influence should feel like: delivering value creation on autopilot across 100% of addressable spend by amplifying the impact of an existing process. Using a proprietary combination of behavioral science, game theory and predictive machine learning, Arkestro helps procurement influence a company’s entire spend on autopilot, deliver a 2-5x lift on cost savings from everyday purchasing and sourcing activities and align more overall spend with corporate initiatives like risk management, ESG and diversity.
Arkestro runs on autopilot in the background in customers’ existing systems. Perhaps most significantly, non-procurement users and suppliers never need to login or navigate an “app”.
Arkestro is ideal for any enterprise that experiences data quality issues in procurement operations, especially related to fast-moving, complex or constrained buying channels. Case studies and speakers at NYC Optimal ‘22 see strong benefits in Indirect Services, CapEx, Direct Materials, Logistics, Packaging and Materials, Repair and Operations (MRO) spend categories.
So to all our followers, meet Arkestro. Arkestro’s mission is to amplify the optimal outcomes of procurement’s influence across every enterprise. There is no process too small, there is no spend category that is too complex, fast-moving, constrained or complex. Bring it on 🚀