With its patented AI-powered spend-classification engine that learns data idiosyncrasies for entire industries such as pharmaceutical, Zycus offers both standard and custom taxonomies that can be leveraged to accelerate spend analysis and drive classification accuracy across all categories to 90% and beyond. The complete Zycus Spend Analysis solution (iAnalyze) empowers pharmaceutical companies to:

• Refine spend classification taxonomies to be useful for critical pharma categories such as clinical testing, specialty and fine chemicals
• Gain greater control over noncompliant spending
• Identify more opportunities for placing services and other complex categories under management by procurement
• Perform powerful multidimensional spend reporting to understand how spending rolls up across product lines, costly operational processes, complex services (such as tax/legal advisory and marketing) and across major organizational barriers such as direct production versus R&D spending for the same items and services

The Zycus e-Sourcing solution (iSource) is built for speed and collapses sourcing cycle times, enabling pharmaceutical companies to take full advantage of market competition, even on relatively small, infrequent and unpredictable buys, without adding significant time and cost to the sourcing process. The solution offers RFx templates that are specific to the pharmaceutical industry and also fully configurable for virtually any item or service being sourced, including complex services such as clinical testing and contract manufacturing. The solution empowers pharma companies to:

• Quickly build sourcing events and solicit supplier bids from anywhere in the world
• Solicit input easily from authoritative spend stakeholders
• Analyze complex inputs from suppliers and award business both promptly and optimally

With its unique blend of supplier information management, performance management and collaborative performance improvement capabilities, the Zycus Supplier Management solution (iPerform, iSupplier) enables pharmaceutical-industry procurement teams to:

• Obtain and maintain accurate and timely information around supplier credentials and certifications (for example FDA, CGMP, HACCP etc.) and manage risks associated with supplier compliance to laws and regulations
• Employ KPIs customized for pharmaceutical supplier categories and important parameters such as environmental outreach, sustainable packaging, supplier diversity, social responsibility and so forth
• Enhance supplier development programs by comparing supplier performance on SLAs and other contractual obligations

The Zycus Contract Management solution (iContract) minimizes risk exposure in contracts and empowers pharmaceutical industry procurement teams to:

• Ensure use of proper standard clauses for a wide variety of purchase types (for example clinical trials, market research etc.)
• Match transactions to contracts to assure utilization and compliance to pricing and other performance terms
• Make sure that contracts are never renewed automatically without proper due diligence