The Silicon Review
Machine learning technology can reduce financial risks in several ways: Machine learning algorithms can continuously analyze huge amounts of data (for example, on loan repayments, car accidents, or company stocks) and predict trends that can impact lending and insurance. Machine learning is used in finance quite often for pattern recognition - in hedge funds trying to create quantitative strategies to trade in the capital markets. Machine learning is suitable to trawl through the huge amount of data and find those hard-to-spot-with-human-observation patterns there.
Suplari is the pioneering Spend Accountability & Financial Performance System, indispensable for enterprise procurement and finance to optimize the cost-risk-compliance trifecta. Business leaders rely on the firm to gain better spend visibility and operational agility to optimize costs, assure compliance and reduce both risk and fraud. People using Suplari are delighted with their modern and fluid user experience, advanced analytics, and AI-persistent insights algorithms to consolidate vendors, aggregate demand, negotiate contracts and manage supplier performance.
Suplari uses machine learning and predictive analytics to automatically integrate, normalize, and categorize procurement data (contracts, spend, invoices, usage, etc) and then leverages proprietary algorithms to locate cost or risk reduction opportunities.
Who Suplari works with?
Customers from large Fortune 500 to mid-size enterprises have worked with Suplari's dedicated success team to get up and running quickly – from rehabilitating their fragmented data to capturing cost savings. With Suplari, category managers, buyers, auditors, financial, and analysts with budget responsibility become catalysts of value creation in the spend-accountable enterprise.
The firm has helped business leaders obtain the data, insights, and KPIs to proactively manage their priorities and initiatives, including these and many more:
Indispensable Solutions offered by Suplari
Finance, Operations, Procurement, and IT
Finance, Operations, Procurement, and IT business leaders rely on Suplari to gain better spend visibility and operational agility to optimize costs, assure compliance and reduce risk and fraud. With Suplari, category managers, buyers, auditors, financial analysts and anyone with budget responsibility become change agents of value in the insights-automated enterprise.
Making Sense of Data across Systems
Suplari applies AI and machine learning to transform and connect spend data – mainly from ERP and accounts payable systems, and also contract repositories, travel, and expenses (T&E), as well as corporate and P-card transactions. They then run algorithms across data sources to reveal optimization opportunities. The firm can also build custom insights that connect to other enterprise data sets including budgets, cost object allocations, departmental spend and more.
Connected Data & Unified Supplier Model
Suplari starts by aggregating data and supplier activity from multiple systems – mainly the spend transactions captured in ERP systems, and also contract repositories, travel, and expenses, corporate and P-card transactions – all in one place. The data requirements are straightforward, making it easy for your department to pull the data – with or even without IT's help.
360 Visibility Dashboards & Analytics
Clear and ready-to-use dashboards give you visibility into spend and trends by the supplier, departments, and categories. It's easy to navigate, drill, search and filter data across systems. Suplari makes contracts conveniently accessible to stakeholders and shows you a visual timeline of early renewals due dates and vendor fiscal year-end dates.
AI-Powered Insights Applications
Suplari's proactive, automated insights help teams easily identify issues, make decisions and take action. Insights are always-on, AI-powered applications in Suplari. They automatically and persistently monitor enterprise data and proactively detect opportunities to optimize spend, risk, and compliance.
The visionary behind the glory of Suplari
Nikesh Parekh is the Co-Founder and Chief Executive Officer of Suplari. He is an executive with proven ability in executing growth strategies at private and public technology companies. He drove strategy and lead a turnaround at leading real estate SaaS sales & marketing & lead generation platform driving 30% annual revenue growth, 10% EBITDA margins, and acquisition of Market Leader Inc. for $380m in August 2013. Mr. Nikesh Parekh also leads the largest social network & blogging platform in the real estate industry to profitability in six months, leading to the acquisition of ActiveRain by Market Leader Inc. in October 2011.
He holds a post-graduate degree in General Management from Harvard Business School and a bachelor's degree in Biochemical Sciences from Harvard University.