Zycus receives a patent for its robust spend reporting application, iAnalyze

Princeton, NJ | 13 January, 2022 | Zycus, the pioneer in Cognitive Procurement software, announced today that it had received a patent for its spend reporting application, iAnalyze. In total, Zycus has 30 patents filed across the source-to-pay suite till date.

The patent received is titled “A SYSTEM AND METHOD FOR CHANGING CATEGORISATION DATA, IN RELATION TO SPEND ANALYSIS REPORTS, IN REAL TIME”. This patented feature will benefit users by allowing them to change the category of wrongly classified spend item in real time, thus helping them achieve the desired level of accuracy. It also allows an administrator to verify the requested change in order to make or authorize recommended changes.

According to The Hackett Group’s Annual Key Issues Study, spend-cost reduction has been among the top 2 priorities for CPOs since 2018. Spend analysis can help cut costs by 3-5% annually. Both cost reduction and savings are a major area of concern and focus for organizations of all sizes and geographies due to ongoing recession.

Zycus’ patented AI-powered spend technology enhances procurement performance, reduces maverick spend, increases compliance and generates actionable savings opportunity.

“We are gratified to be recognized yet again for the uniqueness of our spend technology and receive this patent. It further strengthens the differentiation of Zycus’ AI-powered spend technology against its competitors and provides us with a competitive advantage in the market.” 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.