Procurement technology firm Xeeva has announced a new patent pertaining to enhanced spend analytics, the company said in a recent press release.
Xeeva has been issued a patent for its Virtual Data Manager technology, which integrates artificial intelligence to strengthen the quality and consistency of "imperfect" data. The technology enables the cleansing and classification of spend data as well as the ability to analyze line-item data.
The technology "provides an unparalleled capacity to get insights from spend data and uncover savings opportunities, ultimately driving massive savings for procurement teams," the company said in its announcement.
"It's exciting to see our world-leading procurement software evolve as we add even more advanced technology into our product suite," said Xeeva Founder and CEO Dilip Dubey in a statement. "Our growing list of AI patents highlights how innovative our solution is and how it's capable of delivering incredible results for our customers."
Xeeva secured additional patents in 2017 that were also related to procurement data. The firm's Virtual Data Manager and Virtual Catalog Manager technologies deploy artificial intelligence to classify data, categorize information and create catalogs based on strategic sourcing data.
At the time, Dubey said the patents create "massive savings and hyper-efficiency in the procurement and sourcing functions."
Last year, Dubey told PYMNTS that companies can struggle to manage procurement data and enable advanced analytics, leading to a lack of visibility in procurement spend and actionable insights.
"It's very hard for businesses to figure out, in real time, what business transactions need," he said. "It leads to pressure everywhere in the procurement process. Because there is so much complexity and so much data that all come together in procurement, it creates friction in the ability for a business to understand, at a granular level, what's happening.