Global 2000 Leverage AI to Slash Costs & Boost Productivity

AI-driven autonomous sourcing is slashing costs by 20%
AI-driven sourcing and spend management is reducing costs by 20% and increasing productivity by 70%, according to research by HFS Research and Globality

With the rapid expansion of technology across the industry, CFOs, and other finance leaders are seeking opportunities to create even better operating efficiencies and savings in order to boost investment and growth.

One of the tools being used by leaders is AI-driven autonomous sourcing, which is slashing costs by 20%, boosting productivity and increasing speed-to-market for leading enterprises, according to new research from HFS Research and Globality.

Globality is an AI solution that is guaranteed to empower employees, bolster the bottom line, and improve business outcomes. Globality’s enterprise customers are achieving 10%–20% cost savings, 70% efficiency gains, and 20x ROI.

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    Autonomous sourcing goes mainstream

    The report, ‘Freedom within Fences: Autonomous Sourcing Goes Mainstream’ explores how leading global 2000 companies such as Fidelity Investments, T. Rowe Price and UCB Pharma are leveraging the game-changing technology, enabling CFOs and Chief Procurement Officers to increase visibility and control of every dollar they spend.

    "We now require only eight resources instead of 50,” says Matt Prichard, CPO, Fidelity Investments. 

    Matt Prichard, CPO, Fidelity Investments

    “We have achieved over 20% savings compared to standard rates. It took about three months to break even and after that, it was all pure savings resulting in the company's bottom line.”

    Key findings in the report:

    • Cost savings – Automated spend management is delivering immediate savings of 20% and enabling enterprises to competitively manage more spend, even with lower procurement headcount.
    • Efficiency and speed – Traditional RFx processes often take up to six months but autonomous sourcing enables companies to go to market in as little as 23 minutes and complete 64% of projects in less than a day.
    • Strategic impact – AI-driven spend management automates many aspects of the corporate buying model, allowing procurement teams to shift focus from transactional tasks to strategic initiatives that help drive business growth.

    Globality harnessing AI

    Globality is no stranger to AI, as Seth Catalli, the Chief Revenue Officer of the company, spoke to Procurement Magazine to discuss the use of AI-powered autonomous sourcing software.

    Catalli explains how they helped one of its flagship clients, BT, to drive efficiencies and savings across its multi-billion pound annual spend.

    This is in addition to launching generative AI use in its procurement bot, which Globality say can streamline various processes including replacing time consuming RFP, identifying suitable and diverse suppliers, enforcing company sourcing policies, and guiding users along a buying path to consider different sourcing options.  

    “CFOs are seeking to deploy AI to reduce costs and capture operating efficiencies,” adds Joel Hyatt, Globality Chairman, Co-Founder and CEO.

    Joel Hyatt Co-Founder, CEO and Chairman of Globality, Inc (Credit - Globality)

    “The procurement function is the low-hanging fruit for achieving that objective because deploying AI-powered sourcing and procurement is the quickest and easiest way for Global 2000 enterprises to generate substantial value.

    “Our customers are saving hundreds of millions of dollars through the use of AI-driven sourcing technology and making faster, smarter spending decisions.”

    AI-powered autonomous sourcing platforms can transform organisations into what HFS Research calls the "Generative Enterprise", where spend management means going beyond cost savings to creating new value through innovation and agile responses to market changes.

    HFS Chief Research Officer, Tony Filippone concludes, “As organisations navigate a complex and competitive landscape, integrating a top-tier AI autonomous sourcing platform like Globality offers substantial advantages, positioning the spend management function as a critical enabler of innovation, cost savings, and competitive differentiation.”

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    HFS is a leading global research and analysis firm trusted at the highest levels of executive leadership, respected for independent, no-nonsense perspectives based on thorough research, demand-side data, and personal engagements with industry leaders. 

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