PRINCETON, NJ September 16, 2014 - Zycus, a world leader in Procurement Technology solutions across the source-to-pay cycle, announced today that one of the largest technological corporations in the world is adopting its advanced Spend Analysis Solution, which combines AI-powered classification of spend transactions with easy-to-use and globally distributed spend analysis and reporting capabilities.
The 2013 Fortune Global 500 company had been tasking its Bangalore, India-based global procurement organization with managing all spend classification and reporting processes. The move to Zycus will accelerate spend classification and minimize the need for the organization’s own procurement personnel to intervene in spend analysis processes (for example, by writing and continuously refining spend classification rules, validating data and addressing both routine and ad hoc spend reporting requirements).
“Zycus has been flexible in adopting our proprietary taxonomy and its easy-to-use analysis and reporting tools will enable us to put actionable spend information at the fingertips of everyone who needs it versus burdening our Bangalore team with tactical spend reporting tasks.”
“Through an extensive proof-of-concept (POC) process, Zycus has proven that it can very rapidly classify a massive number of the company’s spend transactions with a level of accuracy and validity that stands up to the scrutiny of our own internal spend classification and analysis experts,” says the company representative of world’s third largest PC vendor. “Zycus has been flexible in adopting our proprietary taxonomy and its easy-to-use analysis and reporting tools will enable us to put actionable spend information at the fingertips of everyone who needs it versus burdening our Bangalore team with tactical spend reporting tasks.”
“There is much that can be accomplished for a very long time by procurement teams using less than perfect – for example, less timely or less detailed - spend information,” observes Zycus CEO and founder Aatish Dedhia. “But advanced procurement teams always seem to reach an inflection point where timeliness, detail and accuracy of their spend data becomes increasingly important to sustaining their business-performance improvement trajectories. Zycus’ patented AI-powered technology, which is free of classification rules and has been gaining knowledge for well over a decade now, plus our deep domain expertise across all major industry segments, global geographies and languages, gives us the power to deliver the combination of speed, granularity and accuracy that mature procurement teams crave.”
Manager- Public Relations, Zycus Inc.
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