Tech Take: Optimizing Vendor Spend via AI & Machine Learning
TECH TAKE Delivered by Ken Male CEO of CXO Nexus on 04.10.2022 at SAMs Europe + IT Procurement & Sourcing Summit in Berlin
Learn how enterprises like Nasdaq, Paramount and Morgan Stanley are leveraging advanced technologies to automate (no FTEs required) the cleansing, classification, and categorization of IT Vendor Spend. Outcomes include; expense reduction, vendor & supplier consolidation, cross business collaboration and peer benchmarking.
Watch a 10 minute overview of the Tech Take
IT is often the largest component of SG&A. Vendor Spend makes up more than 50% of the annual IT budget yet visibility and transparency into that spend is not delivered by in place financial systems forcing organizations to resort to manual, point in time processes that do not scale. The session will highlight how automation delivers real time spend data and the optimization plays that affords.
CIO InCight™ is an automated SaaS solution that delivers your:
- Vendor TruSpend™ composed of; Direct & Indirect purchasing and Parentage for all OEMs, Software Publishers and Service Providers
- Vendor Spend Categorized to an industry standard Taxonomy – purpose built to identify redundant vendors and for Peer Benchmarking.
- Spend associated to Cost Centers, Lines of Business and Operating Companies – an agnostic overlay that works with all in place financial systems makes InCight the default source for all Vendor Spend.
- Rogue & Business led Spend
Companies are running in 2 weeks and monthly refreshes average 5 days.