Suplari Applies Artificial Intelligence to Existing Contract Management and Financial Systems to Deliver Sourcing Insights and Negotiating Leverage
Suplari, the AI-driven insights platform for procurement and finance, today announced the release of Contract Intelligence, which applies artificial intelligence to analyze data within existing contract management and financial systems to find opportunities to reduce spend with suppliers.
The release of Contract Intelligence represents a milestone in Suplari’s mission to leverage artificial intelligence (AI) to enable enterprises to find cost savings, risk, and compliance opportunities hidden within their data. Suplari aggregates, connects, and enriches data from across siloed disparate enterprise systems and data sources like contract management, ERP, and P2P. Suplari provides managers with analytics, workflow, and a subscription to a growing library of insights to reduce spend, mitigate risk, increase compliance, provide supplier and supply chain intelligence, and increase employee productivity.
Contract Intelligence connects spend data from accounts payable, travel and expense, and corporate card data to the information stored in contract management systems. By using Artificial Intelligence, the Suplari Platform can provide insights across contracts, spend, and purchasing patterns to ensure compliance, strengthen contract negotiating position, make faster decisions, and reduce supplier spend by as much as 15%, yielding significant annual savings.
Suplari’s AI-driven normalization engine maps and categorizes spend to contract data for full visibility, while filtering, sorting, search, and calendar aggregation improves productivity across teams. By subscribing to Suplari Contract Intelligence, customers receive a continuous stream of contract related AI-driven insights developed by the Suplari Data Science team. Implementation is simple and seamless and requires limited IT or professional services support. Enterprise organizations can be live and running in as little as 30 days.
“Suplari gets our procurement team out of spending hours on mining spreadsheets so we can focus on adding value to our stakeholders across the business,” said Michael Denari, Head of Procurement at Procore Technologies. “Suplari Contract Intelligence places our team strategically ahead of all renewals and has helped us to identify opportunities for contract discovery and consolidation with our vendor base.”
“By leveraging our AI technology, procurement and finance teams can deliver more savings, more revenue and greater value to entire enterprise,” said Suplari’s CEO, Nikesh Parekh. “Suplari’s revolutionary, AI-driven platform provides a growing library of AI algorithms, allowing procurement and finance teams to continuously mine enterprise data for insights that drive profitability and increase corporate competitiveness.”