Dover Chemical Corporation Leverages Arkestro to Streamline Procurement, Increase Cost Efficiency
Predictive Procurement Orchestration Platform Drives 10 Percent Year-After-Year Procurement Savings For Leading Chemical Manufacturer
SAN FRANCISCO, CA, July 11, 2023 – Arkestro, the leading Predictive Procurement Orchestration (PPO) platform, today announced that chemical additive company Dover Chemical Corporation is leveraging the Arkestro platform to streamline their procurement processes and drive cost savings. By using Arkestro to tackle mundane, manual tasks like data entry, Dover Chemicals has opened up time for their procurement team to focus on higher-priority tasks such as improving supplier relationships.
Dover Chemical’s first bid using Arkestro in 2020 yielded savings of $10,000, prompting them to explore further use cases within the platform. To date, they have completed over 1,000 projects with Arkestro – an average of nearly two events per day – now with 95 percent of their MRO spend flowing through the system. Procurement savings have continued to grow at an average rate of 10 percent year after year.
“In 2020, we had years’ worth of valuable data at our fingertips, but finding the time to aggregate, analyze, and act on the insights of that data was all but impossible – with new executive staff comes new ideas and that is how we were introduced to Arkestro,” said Patti DeVault, a buyer at Dover Chemical. “Now the platform is integrated into nearly everything we do, from quoting prices to creating POs, communicating with suppliers, and so much more. As we have grown with Arkestro, Arkestro has grown with us.”
Looking ahead, Dover Chemical plans to continue to expand its work within the Arkestro platform, including incorporating capital projects, MRO for other location sites, and raw materials onto the platform. The procurement department anticipates that with Arkestro’s support, they will be positioned for continued savings and growth.
“As we look down the barrel of talent and skills gaps, coupled with a looming economic downturn, the ability to streamline operations and drive cost savings will be paramount for organizations across industries. Our goal is to take tasks like data entry, cost quoting, and more off of our customers’ plates – saving them both time and money,” said Neil Lustig, Arkestro’s CEO. “It has been great to work alongside Dover Chemical to help them achieve these results – and our work is far from over.”
Founded in 2017, Arkestro’s Predictive Procurement Orchestration (PPO), taps into the power of behavioral science, game theory and machine learning to help companies make their best buying decisions faster across all addressable spend. Top enterprises leverage Arkestro to confidently optimize their procurement cycles with direct actions and clear recommendations, managing spend at scale without increasing headcount. See Arkestro in action at arkestro.com.
About Dover Chemical Corporation:
Dover Chemical provides chemical specialty products, specifically chemical additives, to customers around the world who make products that are useful in everyday life. Their products help to improve a wide variety of materials, including fuels, metal-working materials, and polymers for use in industrial and household applications. They seek to create sustainable growth and value through their commitment to the interests of Dover Chemical’s stakeholders and compliance with the American Chemistry Council’s Code of Responsible Care®.