Zycus receives a patent for its financial savings tracker system, iSave
Princeton, NJ | 11 January, 2022 | Zycus, the pioneer in Cognitive Procurement software, announced today that it had received a patent for its savings tracker system, iSave. In total, Zycus has 30 patents filed across the source-to-pay suite till date.
The patent received is titled “AN INTEGRATED SYSTEM FOR CALCULATING SAVINGS AT SEVERAL STAGES OF PROCUREMENT CYCLE BY AUTO-FETCHING SPEND DATA INTO SAVINGS TRACKER SYSTEM”.
According to The Kelley School of Business Survey, “Only 27% of CFOs consider that procurement has a positive effect on enterprise profitability.” This notion is majorly because of lack of collaboration on savings tracking, thus leading to a huge procurement and finance disconnect.
iSave can estimate spend data (baseline spend) at each stage to calculate the savings by comparing baseline spend and actual spend. This baseline spend data within iSave is fetched automatically from different integrated systems, i.e. spend analysis system, contract management system; sourcing system and eProcurement at each different stage of the procurement cycle. And saving for each stage is displayed within iSave application.
iSave, a collaborative platform allows you to develop, track & facilitate procurement savings by auto-converting procurement savings into financial measures. Thus the finance team can measure the contribution of procurement to the bottom line of the company.
“This patent is not just another important milestone in developing cutting-edge and innovative savings tracker system but also underlines our commitment and focus towards sustained investments in R&D.” said Aatish Dedhia, Founder and CEO of Zycus.
Zycus invests almost 50% of company resources towards research & development (R&D) each year, which is by far the highest in the industry, with 25% of them specifically dedicated towards Artificial Intelligence (AI) based offerings.
Zycus is the pioneer in Cognitive Procurement software and has been a trusted partner of choice for large global enterprises for two decades. Zycus has been consistently recognized by Gartner, Forrester, and other analysts for its Source to Pay integrated suite.
Zycus powers its S2P software with the revolutionary Merlin AI Suite. Merlin AI takes over the tactical tasks and empowers procurement and AP officers to focus on strategic projects; offers data-driven actionable insights for quicker and smarter decisions, and its conversational AI offers a B2C type user-experience to the end-users.
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Manager – Marketing, Zycus Inc.