Arkestro Welcomes Eight Members to Its Newly Formed Advisory Council
SAN FRANCISCO–June 11, 2020 /PRLog/ – Today, Bid Ops announced the launch of a new Advisory Council of strategic sourcing and procurement executives from a diverse set of industries.
Bid Ops’ Sourcing Enablement AI solution has seen rapid growth during COVID-19, particularly in the pharmaceutical, chemical manufacturing, automotive, and food & beverage industries.
“Our Advisory Council is helping us bolster our AI price recommendations engine,” says Bid Ops Head of Marketing Evan Godwin. “New features in our reporting dashboard enable CFOs and CPOs to leverage our AI model to forecast savings for any category and gain valuable insights into what’s working and what’s not in their sourcing project pipeline. Our customers no longer have to be experts in every category they source, enabling them to strategically source more of their spend with confidence.”
These insights are particularly urgent for manufacturing sectors facing cost pressure due to global economic turbulence, which is increasing the importance of disciplined cash flow management.
Jon Cooper, Founder and CEO of Industrial Exchange, a solutions clearinghouse for industrial investors and operators, joined Bid Ops Advisory Council, noting: “The ability to use data and normalize conversations between supply chain, procurement and finance teams leads to increased efficiency and reduced waste.”
The benefits are also clear for companies in the food & beverage space. Jean-Michel Dos Remedios, Senior Director of Sourcing and Supplier Development of Bel Brands, has also joined the Advisory Council. “Bid Ops helps procurement teams to become internal and external business partners by managing a wide range of spend categories with faster processes, sourcing capabilities, and agility,” Jean-Michel added.
Since the impacts of COVID-19 have hit the hospitality and travel & leisure sectors particularly hard, Anita Weise, Principal at Anita Weise Consulting, LLC, brings over 30 years of success in the industry. Anita has joined the Advisory Council to help bring along the power of digital transformation in a way that drives cost savings, noting: “The Bid Ops tool will make the bid process more transparent, efficient, and successful, leveraging AI technology to guide the supplier. It is time to move sourcing practices out of Excel to a robust and easy-to-use platform.”
However, it can’t just be a one-sided benefit. The real test of a sourcing enablement platform is measuring its supplier relationship management suite by creating durable, resilient partnerships that benefit both procurement and the supplier. Forging deeper strategic partnerships is where Bid Ops stands apart from traditional e-sourcing solutions. By using AI to recommend a price that drives impact for the buyer and improves sales efficiency for the supplier, both parties walk away feeling confident about the outcome. That’s one of the reasons why Michael Morsch of CDK Global was excited to join the Advisory Council, writing: “Bid Ops is an exciting new product that provides autonomous AI-based supplier negotiations that provide benefits for both buyer and sellers.”
Digital transformation is sweeping the procurement space, and few know this better than Joanna Martinez, procurement advisor and author of the groundbreaking text,A Guide to Positive Disruption. She writes: “Bid Ops is a game-changer. It drives better negotiation results in less time, allowing limited resources to focus more on activities that move the business forward. Digital disruption at its best.
Alongside Mike O’Brien from BP, Bid Ops Advisory Council also welcomes UCB Biopharma’s Matteo Stefani, who is excited about the possibility of leveraging AI to create brand new business processes (instead of simply digitizing current ones). Asked what he sees in the solution, Stefani writes: “Bid Ops goes beyond the traditional thinking of Procurement, pushing the boundaries of what is feasible maintaining a realistic approach on how to do Business.”
About Arkestro (formerly Bid Ops):
Arkestro is the leading Predictive Procurement Orchestration platform. Built to amplify the impact of procurement’s influence, Arkestro helps enterprises deliver a 2-5x lift on cost savings attributed to everyday purchasing and sourcing cycles. Top enterprises leverage Arkestro’s behavioral science, game theory, and machine learning to predict and win faster value across every category of addressable spend. Learn more at arkestro.com.