SEATTLE, May 24, 2021 /PRNewswire/ -- Suplari, the Spend Agility™ company, today announced Agile Performance Management, the new solution that enables 360° procurement planning of the spend, purchase order, suppliers, risk management, and diversity initiatives critical to drive savings and improved financial performance. Agile Performance Management enables clear visibility and cross-functional accountability of strategic goals built on connected and timely spend, purchase order, and contract intelligence extracted from a variety of enterprise systems. It also provides AI-based automated actions, results tracking, and rich collaboration tools for managers to achieve those goals.
Finance, procurement, and business performance leaders have long struggled with planning financial, savings, and business performance goals based on incomplete data. Spend and purchase order data, supplier information, contract terms, and more are typically located in different systems that don't speak to each other. Drilling down into line-item detail is difficult; there is no source of truth, and companies use cobbled together solutions of spreadsheets, emails, and documents to plan, set financial targets, and manage initiatives. As a result, companies struggle with financial improvement accountability and cross-team collaboration. Quickly changing market conditions can catch procurement, finance, and stakeholder organizations off-guard, with unidentified and unrealized savings left on the table. Risk and performance management are also challenged with fractured data and inconsistent processes and execution.
Agile Performance Management gives procurement, finance, and business teams an efficient, agile and systematic way of delivering value. By enabling leaders to Plan, Execute, and Measure their initiatives, Agile Performance Management transforms procurement performance across large organizations:
Plan. Create initiatives that are tied to clean, real-time data based on predictive insights.
- Performance and Goal Setting - set your savings goals for the year or quarter, and stay top of your progress
- Planner - plan your projects and pipeline of savings to meet that goal in an agile/responsive way
- Executive Performance Dashboard - customizable dashboard for executive level visibility and drive accountability
Execute. Suplari automatically executes plans leveraging automation for efficiency and consistency, and enables collaboration with team members.
- Automation - automate repetitive tasks and workflows, freeing up time for higher value activities
- Collaboration - collaborate with business stakeholders, including alerts, notification and direct participation for faster decision making
- Customizable workflows - best practices based workflows that can further be customized
Measure. Automated goal tracking enabled by normalized data across all integrated systems.
- KPI/Savings Calculators - dial-in savings calculation formulas for various types of savings (e.g. hard vs soft) with frequency (one time vs recurring)
- Savings Forecast - forward-looking savings forecast and amortization with realized savings capture when the spend actually happens.
"The rapid pace of business transformation since the beginning of the pandemic means that procurement and finance leaders need modern performance tools to hold company-wide teams accountable," said Suplari CEO Nikesh Parekh. "Using clean data from all systems and AI-based insights, Agile Performance Management automates planning, analyzing, and delivering results across the organization."
"As the head of our procurement team, I'm held accountable for accurate spend projects and savings results across the company," said Michael Shields, Director of Procurement at Qualtrics. "Setting accurate business performance goals and holding other teams accountable to them was challenging because we had data in different systems, and there was little visibility and ability to collaboratively plan. With Suplari I can now see clean data, set clear goals, check daily progress, receive AI based savings recommendations, and pro-actively collaborate cross functionally to improve results. It's a game changer."
Suplari and Suplari Agile Performance Management can be implemented in less than four weeks. Suplari's Spend Intelligence Cloud includes a library of hundreds of automated insights that predict and manage costs, cash flow, and investments across the enterprise. Suplari Insights use advanced algorithms and industry best practices to distill thousands of data points about suppliers, contracts, purchase orders, and budgets into actionable "opportunities" for finance and procurement leaders.
Suplari is the Spend Agility™ company. Suplari delivers the first-ever Spend Intelligence Cloud that enables finance, procurement and business leaders to continuously and collaboratively optimize sourcing, forecasting, risk and compliance. Built upon advanced machine learning, Suplari helps mid-size and large enterprises achieve spend agility by automating data, insights and actions to predict and manage costs, cash flow and investments across the enterprise. Suplari's cloud-based software is quick to deploy and delivers value in less than 90 days. Learn more about Suplari at www.suplari.com and contact us at [email protected].