The Silicon Review
Not all spending is created equal. Various categories require different processes, communities, and levels of supplier collaboration. Only a truly integrated source-to-settle process on a digital platform of established business networks for all categories of spend can be used to drive value for organizations and lead to intelligent procurement. Unifying business spend management with technology is a change program that can fetch good effects for the organization. With effective spend management in place, you can reduce the overall cost of goods and services. Procurement professionals will receive complete data, and it frees up their time to pursue more valuable activities.
The complexity of indirect procurement has left many companies with vast quantities of siloed spend data that is incomplete, inaccurate, and imperfect. The result is decision-making that lacks true insight. Xeeva solves the data problem so that companies can take full advantage of the value locked within their indirect spend data.
Xeeva was started in 2014 as a business service and enterprise SaaS software company selling procurement software to the automotive and manufacturing industries in Detroit. Xeeva realized that 25-30% of a company’s overall spend is on indirect items and the correlation it has to overall profitability of the organization. However, executives have very limited visibility into these indirect purchases that are needed to operate the business, such as marketing, IT, capital equipment, temporary labor, audit, travel, and telecommunications. Based on Xeeva’s understanding of this business need in the market, it started developing its data-driven, AI-powered XVA Platform to help mid-sized to large enterprise companies solve the challenge. By combining cutting-edge software and solutions utilizing AI technologies to cleanse, categorize, and enrich spend data based on a global taxonomy, Xeeva is able to provide line-level granularity and analytics for easy visibility into actionable insights and realization of savings through a managed sourcing event.
Data-driven solutions to spend challenges
Xeeva is a leader in indirect spend management solutions that optimize the entire procurement process from analyzing indirect spend data to surfacing savings opportunities to providing a sourcing platform that helps you realize savings utilizing its supplier Marketplace to finally providing a consumer-like shopping experience for requesters and buyers with a compliance and policy engine and catalog updates in Xeeva’s Procure-to-Pay platform.
Xeeva Spend Analytics visualizes processed, cleansed, categorized, and enriched data from Xeeva’s AI-powered XVA Platform. Its Spend Analytics software surfaces savings opportunities across multiple targeted insights that deliver immediate ROI, cost savings, and best practices across the enterprise – all in a consolidated view. As an add-on, Xeeva Data Enrichment enriches imperfect data with granularity down to the part number and description, providing the company with a clear and complete picture of their spending. The enhanced transparency and standardization can drive significant savings.
Xeeva Sourcing is a strategic sourcing solution that leverages deep spend category expertise and superior supplier and product data to identify optimal suppliers, reduce time to contract, minimize indirect spend, and simplify compliance with corporate sourcing guidelines. Savings opportunities surfaced through Xeeva’s Spend Analytics software are seamlessly transferred to create a sourcing event to realize the savings identified from consolidating suppliers or moving a supplier from non-contract to contract to reduce maverick spend.
Xeeva Procure-to-Pay is an intelligent indirect procure-to-pay solution that offers a consumer-like shopping experience to simplify the way you buy. It allows you to control spend, generate savings, and enforce compliance and policy adherence by driving user adoption across your organization.
Xeeva also has its Xeeva Marketplace, which is a comprehensive supplier network. For buyers, it delivers access to hundreds of thousands of approved vendors. For suppliers, it enables them to maintain, manage, and build buyer relationships.
Realizing value from indirect spend management
Purchases that are made outside the defined procurement process fall under dark purchasing. Such uncontrolled spending can ultimately be expensive for businesses. Spend leakage is a big challenge that many organizations face. From off-contract or maverick spending to excessive spot buys, this frequently occurs because the organization lacks the right visibility into spend or because they don’t have the proper controls in place.
Suppose you don’t know what you’re spending, on what, or with whom, then you’re never going to have a good handle on spend. That being said, 20-30% of your spend is always going to be non-compliant because it’s tail-end spend or special circumstances, or the like. But by increasing visibility into spend, you can track KPIs such as purchase price variance, off-contract spending, freight costs, payment terms, and more. That’s where Xeeva’s customers find its Spend Analytics solution to be helpful because it surfaces actionable insights that can make a positive impact on their bottom line.
From a control and compliance standpoint, Xeeva’s Procure-to-Pay solution allows organizations to maximize their spend under management by running all of their indirect spend through one easy-to-use tool. When software is simple and offers a consumer-like buying experience, user adoption tends to be much higher across organizations. Additionally, the increased transparency helps procurement leaders reign in maverick spending and ensure compliance across all locations because they have complete visibility into the entire procure-to-pay lifecycle.
As the procurement process continues to become more strategic and collaborative, organizations are starting to realize the benefits of having a solid procurement strategy according to their needs. Xeeva transforms indirect spend management with best practices around AI-powered spend analytics, sourcing, and procurement solutions that drive better, more strategic decision-making and deliver real financial impact to the enterprise. Xeeva’s AI technology, the XVA Platform, takes over some of the most tedious tasks of the source-to-pay lifecycle, automating them to save time, reducing the opportunity for human errors, and enabling team members to deliver more value through strategic projects.
Meet the leader behind the success of Xeeva
Nina Vellayan is the President and CEO of Xeeva. With over 25 years of experience, Nina has a successful background with private and public companies, large and small companies, enterprise SaaS, and building high-performance management teams. Nina has a unique entrepreneurial leadership style that has repeatedly shown measurable results due to her effective planning, organizational, and communication skills, as well as her solution-oriented approach to problem-solving. Prior to joining the team at Xeeva, Nina was an investor and acting CEO of Stewardship Technology, Inc. She has also held multiple senior-level executive and investor positions within financial, payments, and software technology organizations, including CEO of FrontStream Payments, Inc., COO of Official Payments, Inc. (Nasdaq: OPAY), and a divisional President at Sallie Mae (Nasdaq: SLM).