Xeeva: AI-Based Procurement Technology at its Best

Vikas Shah, SVP Business Development, Products and Growth

Many CIOs and Chief Procurement Officers (CPOs) today are tasked with finding a procurement technology solution but have yet to find something that actually delivers what it promises. With misaligned organizations with unclear objectives, old school systems with complex, manual processes, and inaccurate data causing missed opportunities, the real challenge today is that organizations are looking for ways to cut costs and do more with less. The answer comes in the way of AI, which can often be difficult to sort through— to choose one that can drive the results that procurement organizations need.

Xeeva, a global provider of intelligent software, is a procurement and sourcing expert, and is very familiar with solving this challenge for organizations. The company is changing the game with its patented artificial intelligence to accelerate the advancement of procurement and simplify the source-to-settle process. With a vision to harmonize business commerce, Xeeva’s patented AI-based procurement technology helps organizations realize an unprecedented level of savings and efficiency.

“We offer a specialized procurement solution, powered by our patented AI technology, that drives extraordinary value for our customers,” states Vikas Shah, SVP Business Development, Products and Growth at Xeeva.

With three patents awarded, and more pending, Xeeva’s procurement platform is AI-first–built for procurement professionals by procurement professionals–allowing it to actually solve procurement’s unique challenges.

AI is at the core of our software, allowing us to empower collaboration, automate buying processes, and provide meaningful insights that lead to beneficial ways to save

Xeeva’s patented technology cleanses, classifies, and enriches imperfect spend data down to the line level to reveal immediately actionable insights with minimal resource involvement.

“We have a fundamentally different approach than others in the market,” says Vikas. “AI is at the core of our software, allowing us to empower collaboration, automate buying processes, and provide meaningful insights that lead to beneficial ways to save.”

There are three main areas where Xeeva’s AI can add tremendous value from a source-to-settle standpoint. Firstly, almost every company in the world has a procurement data problem, and existing technologies can only solve around 30-50 percent. Most of these companies, especially in the indirect space, end up making business decisions blindly. Xeeva's patented AI has solved that problem for its customers, providing a 360° view into a company's procurement and sourcing activities. Secondly, for companies looking to create immediate savings and relief in cash flow, supplier management, and other areas, Xeeva utilizes its specialized procurement AI to deliver these savings seamlessly. And lastly, the platform helps to make source-to-pay solutions hyper-efficient, which ultimately assists employees in working hand-in-hand with AI to make their jobs more strategic and oversee the transactional work instead of doing it.

“We have two proprietary technologies embedded throughout our solutions that enable us to drive the AI-driven imperfect data management system that can take unstructured and fragmented data across various systems, regardless of the taxonomy, and deliver unparalleled visibility so organizations can understand what’s going on and start to make intelligent decisions.
In addition, our procurement domain digitization has built-in domain context that eliminates the need for the customization that many solutions require, which is expensive, time-consuming, and resource-intensive. With Xeeva, our AI is powerful enough to deliver real value by uncovering what’s hiding in organization’s spend data today.”

Vikas highlights a success story, where a large automotive company was able to benefit from their engagement with Xeeva greatly. With over $1 billion in spend and more than 500,000 indirect parts, the company approached Xeeva to enrich its data and improve its price tracking. The client had recently completed a major sourcing project, spanning a significant portion of its indirect spend in North America. The company’s sourcing team was tasked with achieving over $35 million in savings, with over 75 percent of that coming through continuous improvement initiatives across many suppliers.

The client implemented Xeeva’s Visibility Results solution in order to gain granular insights and by doing so, was able to improve price tracking as well as increase visibility into actionable savings opportunities. This led to them exceeding their savings targets and maximizing their ongoing savings potential. They were able to quickly identify new savings opportunities and start to act on them– leading to improved visibility into their catalog, awareness into how their team is meeting compliance thresholds, and generating massive savings.

As a nod to their extensive capabilities, Xeeva has earned multiple awards and recognitions over the years, as well as received funding of more than $40 million. With this funding, they are constantly focusing on growing their team, improving their existing products and developing new ones, along with investing in their go-to-market strategy. They plan to remain the specialized procurement AI gurus in the market by continuing to innovate and make their use-cases better.