US software company LevaData claims to have developed the first AI (artificial intelligence) advisor for strategic sourcing and procurement, designed to drive savings throughout the supply chain.
The California-based firm says its new Leva product combines multiple AI technologies with intelligent assistance and machine learning to guide supply chain and procurement professionals through sourcing risks and savings opportunities.
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Built on LevaData’s Cognitive Sourcing Platform, it guides executives through sourcing risks and savings opportunities, evaluating each risk or opportunity and offering prioritised actions, ranked by financial impact and time.
In the area of negotiations, the tool draws on over 40 negotiation levers, used in thousands of sourcing events, to recommend the most effective lever and its use – in the right context and sequence. This, the company says, can “dramatically improve negotiation strategy and outcomes.”
Meanwhile, Leva also works to personalise recommendations to a specific role in the supply chain, drilling down by organisation, scope of control, and security and delivering to the right person, at the right time, to facilitate better and faster decisions on complex sourcing issues.
Leva leverages the true power of AI, “including crowd-sourced intelligence, predictive cost modelling, and targeted evaluation of risks and opportunities, for the kind of strategic decision support that empowers sourcing and procurement functions to drive sustainable competitive advantage,” claims CEO Rajesh Kalidindi.
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By GlobalData
