PRINCETON, N.J. April 26, 2012 - In the recent past, spend analysis technology development has been all about increasing the speed, consistency and ease of getting accurate, up-do-date, rich spending data into the hands of skilled procurement and sourcing professionals. Going forward - with recently announced enhancements to its Spend Analysis Solution - Zycus is positioning procurement for something much greater.
The new iCost module, for example, is an advanced Zycus feature set that enables procurement organizations to analyze corporate spending trends in context of global market pricing dynamics and suppliers’ key cost drivers. “iCost represents a crucial first step in transitioning spend analysis from isolated corporate exercise into something with real implications for competitive business performance,” says Zycus Vice President of Global Marketing Anurag Dixit. “What is more, iCost provides both the structure and the content. We collect and aggregate market pricing and cost intelligence from all over world on a regular basis. Instead of burning resources scouring the globe for relevant market data, procurement groups can focus on converting opportunities into tangible business performance improvements,” Dixit adds.
While iCost enables a contextual understanding of corporate spending, the new advanced Zycus LiveConnect delivers the closest thing yet to forward-looking spend visibility. By embedding Zycus’ patented artificial-intelligence-powered spend-data classification engine within e-Procurement systems, LiveConnect enables instant free-text recognition and classification of items and services at point of requisition. “When you move the exercise of spend-data classification from after-the-fact up to point of requisition,” Dixit says, “it opens a whole new realm of possibilities for sourcing decision and demand management. Companies taking advantage of LiveConnect - indeed, the ones who pushed us to develop it - are some of the most advanced in the world in terms driving financial performance improvement through procurement.”
A third major enhancement to the Zycus Spend Analysis Solution - iMine - helps less mature procurement teams progress both rapidly and efficiently through the early stages of strategic procurement transformation. “iMine leverages the massive amount of global spend intelligence that Zycus has accrued over a decade of helping companies classify, analyze and mine their spend data for performance improvement opportunities,” Dixit says. “There is simply no reason for enterprise procurement groups to waste hours hunting for sourcing and spend management opportunities when iMine knows exactly where to look and how to recognize high-potential opportunities.”
Manager - Public Relations & Analyst Relations, Zycus Inc.
Direct: 1 866 563 9219