Sourcing teams explore Arkestro predictive sourcing AI at SIG Procurement Technology Summit
Supply disruptions in chemical, automotive, pharma and food and beverage industries are driving rapid adoption of Bid Ops predictive sourcing capabilities, on display at SIG’s Procurement Technology Summit, May 4-6, 2021
SAN FRANCISCO, May 4, 2021 /PRNewswire/ – The 2021 SIG Procurement Technology Summit runs May 4-6, 2021 online this year due to the pandemic and sourcing professionals are more hungry than ever for advanced technology to predict and win faster savings.
Supply disruptions from the so-called “Big Freeze” in Texas to the ship blocking the Suez Canal have overwhelmed sourcing teams — not to mention the global microchip shortage. As supply complexity increases due to the acceleration of new product launches, sourcing teams at SIG’s Summit will be looking for technology solutions that can help them do more with less.
“The value of procurement within companies has fundamentally changed,” says former Chief Procurement Officer Matt Ziskie, who also serves on the Bid Ops Board of Directors. “Category managers want to spend their time focused on the highest value activity that supports their key stakeholders. They shouldn’t have to spend time calling up five friends to find out if they are getting a good price or not. Bid Ops shows procurement teams what they should be paying and gets the whole process out of email-and-spreadsheets, which lets buyers focus on more important aspects of their job.”
That’s one explanation for why Bid Ops has seen a surge of interest from manufacturing firms, growing over 300% in the past year. With a roster of customers including Bel Brands, Autotruck, Dover Chemical and Kurita Water, Bid Ops predictive sourcing driven by AI is turning heads in industries that have long embraced an Excel-based approach to sourcing.
Jean-Michel Dos Remedios, a sourcing leader at Bel Brands, said of Bid Ops capabilities: “In the procurement world, time is of the essence. Bid Ops has really helped to kickstart our digital transformation journey by giving us our time back through leveraging data and AI. These innovations make us faster, and the faster we get, the more we can accomplish, and the more successful we can be.”
Bid Ops predictive sourcing platform offers a complete RFP, RFQ, RFI, Reverse Auction, and Spot Buy capability complete with KPI dashboards for tracking a team’s savings pipeline alongside automated reporting on supplier diversity and sustainability. The platform includes a messaging app and document storage to get all supplier communication out of email.
“It’s the only platform where you can run a fully autonomous RFQ with only a few clicks,” says Bid Ops CEO Edmund Zagorin. “Sourcing teams are famously overworked. Many sourcing teams put in heroic efforts during the pandemic to secure enough PPE while at the same time re-negotiating office leases and corporate travel agreements. Now that businesses are re-opening, it’s clear that sourcing teams need additional resources to continue delivering peak performance. That’s why customers are turning to Bid Ops.”
SIG’s Procurement Technology Summit coincides with Bid Ops welcoming new team members, including long-time collaborator Eric Buras as Head of Machine Learning and Data Science. “Our engineering team is really excited by the results our customers are seeing,” says Eric. “When you can see the price paid variation for the exact same item, it becomes clear that the savings opportunities are quite compelling.”
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.