How Levelpath is Transforming Procurement with AI
Levelpath introduces Hyperbridge, its latest proprietary AI reasoning engine designed to seamlessly integrate data from diverse enterprise sources and public datasets.
Hyperbridge enriches procurement data by extracting insights and contextual intelligence from various business functions like legal, finance, security, and IT, thereby optimising workflows.
The power of Hyperbridge: Enhancing decision-making and collaboration
Debuting at the Levelpath Connect customer conference in San Francisco, Hyperbridge empowers the company's procurement platform.
It enhances decision-making, minimises risks, fosters cross-functional collaboration, and streamlines processes. With Hyperbridge, Levelpath aims to deliver significant productivity gains, substantial cost savings through optimised supplier management, and improved business agility as procurement evolves into a strategic enabler.
Recent research by Proxima and Bain & Co highlights that external supplier costs constitute a significant portion of Fortune 500 companies' total spending and revenue. Moreover, a modest 10% reduction in supplier costs could result in a remarkable surge in EBITDA for both Fortune 500 and FTSE 350 companies.
"A digital approach requires us to embrace new technology systems, data management, and sophisticated analysis," says Dr. Elouise Epstein, author and partner at Kearney.
"By leveraging AI and advanced analytics, we can transform procurement into a function that improves EBITDA margins, drives supply chain innovation, and enhances overall business agility."
Stan Garber, co-founder and president of Levelpath, adds: “Supplier spend represents the greatest expense within an enterprise. Siloed people, data, and legacy systems waste valuable resources and create unnecessary risks for legal and IT departments.
"The LevelPath AI platform ensures enterprise-wide engagement and adoption through its simplicity, while our Hyperbridge reasoning engine enriches data for maximum productivity and spend visibility across the business."
Expertise driven innovation: The journey of Levelpath's co-founders
Founded on extensive expertise in supplier engagement, Levelpath's co-founders, Garber and Alex Yakubovich, are distinguished authorities in the procurement sector. Prior to Levelpath, they established Scout RFP, a cloud-based platform specialising in strategic sourcing and supplier engagement. Their notable achievement includes the acquisition of Scout RFP by Workday in 2019.
"Our work at Scout RFP and Workday gave us unique insights into reimagining the procurement process," says Alex.
"While most technology advancements focus on automating specific tasks, we recognised the need for an AI solution that unifies procurement to enhance both employee experiences and business outcomes. The Levelpath built-from-the-ground-up procurement platform provides users with a solution that makes the procurement process truly delightful."
The importance of pleasant procurement
In an era prioritising productivity amidst budget constraints and streamlined teams, selecting the appropriate procurement platform becomes crucial for achieving more with less. Conventional multi-solution procurement approaches often lead to disjointed customer experiences. The Levelpath AI-driven platform revolutionises procurement efficiency and offers a genuinely delightful procurement journey.
Levelpath, the AI-powered procurement platform, is revolutionising how businesses manage their supply chains.
By seamlessly connecting workflows, data, and people, Levelpath enhances productivity and collaboration across organisations and their suppliers.
With its innovative AI platform, Levelpath streamlines procurement processes, making enterprise commerce faster, more transparent, and ultimately more profitable.
At the core of LevelPath lies the Hyperbridge reasoning engine, which consolidates data from numerous sources, offering a unified view of procurement activities accessible from any device. This groundbreaking technology promises to transform the procurement landscape, offering businesses a more efficient and delightful procurement experience.
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