Suplari, the Spend Agility™ company, today announced a suite of pre-packaged Diversity Insights that use machine learning to help companies identify and manage opportunities to improve supplier diversity. The new modules will make it easier for companies to meet diversity spending targets, increasing their use of women-owned and minority-owned businesses, while also supporting green energy and waste elimination initiatives that are at the forefront of corporate change.
The new Diversity Insights are part of Suplari’s unique Insights Library, featuring hundreds of automated insights that make it easy to identify and prioritize projects that will help the business save money, optimize suppliers and/or improve performance. Procurement and finance leaders can then collaborate with budget owners to make smart investment decisions across IT, marketing, sales and operations. Unlike traditional spend management tools that look backward and require users to “figure it out,” Suplari uses its data model and insight generator to make predictive recommendations based on historical data and trends.
Diversity Insights combine a company’s own spend data with third-party diversity data from supplier.io, based on a new partnership announced today. By integrating supplier.io’s robust database of verified diverse businesses, Suplari customers can quickly determine their supplier diversity status – and develop an action plan and KPIs to meet corporate goals. Integration also ensures new opportunities to contract with diverse suppliers are front and center for finance leaders and budget owners as they develop monthly, quarterly and annual plans.
“Companies are striving to manage costs and reach diversity goals, while adapting to changing economics and world events,” said Nikesh Parekh, co-founder and CEO of Suplari. “We believe AI is the key to achieving spend agility – using clean data, automated insights, and predictive actions to continuously manage costs and cash flow. With Diversity Insights, we make it much easier for finance and procurement leaders to benchmark their progress, define category and cost center objectives, and then track assignments and results.”
“Integrating supplier.io data into Suplari’s Spend Intelligence Cloud is a powerful solution for finance and procurement leaders,” said Neeraj Shah, CEO of supplier.io. “Our partnership delivers diversity spend insights and visualizations at a category level and more advanced views such as inclusion opportunity areas. We’re excited about the impact this alliance will have in making it easier for companies to achieve supplier diversity goals, while having a positive impact on the business community as a whole.”
Suplari’s Diversity Insights can be turned directly into action by connecting to workflows via Suplari Connect. The automated insights provide finance and procurement leaders a forward-looking view to ensure ongoing diversity compliance, while also addressing broader needs to predict and manage costs and cash flow. Suplari’s diversity classification tags are routinely updated based on industry best practices, regulatory changes and customer feedback.
Suplari’s Spend Intelligence Cloud works in conjunction with a customer’s existing ERP systems, procure-to-pay suite, travel-and-expense applications, and/or contract lifecycle management system. Click here for more information about Suplari’s Spend Intelligence Cloud.
supplier.io is the leading provider of solutions that enable companies to manage and grow their supplier diversity programs. Working as a trusted advisor to the Supplier Diversity community, supplier.io’s mission is to support every program by providing innovative and superior end-to-end Supplier Diversity solutions. Equipped with unparalleled data intelligence, superior technology, and expert guidance, supplier.io’s customers can establish and advance their supplier diversity initiatives effectively and strategically. For more information, visit https://supplier.io.
Suplari is the Spend Agility™ company. We deliver the first-ever Spend Intelligence Cloud that enables finance, procurement and business leaders to continuously and collaboratively optimize sourcing, forecasting, risk and compliance. Built upon advanced machine learning, Suplari helps mid-size and large enterprises achieve spend agility by automating data, insights and actions to predict and manage costs, cash flow and investments across the enterprise. Suplari’s cloud-based software is quick to deploy and delivers value in less than 90 days. Learn more about Suplari at www.suplari.com and contact us at firstname.lastname@example.org.