Scout RFP, which works in cloud-based sourcing and supplier engagement, has integrated with artificial intelligence (AI)-driven analytics platform Suplari in a bid to let customers access better spend visibility and analytics, according to a press release.
The integration comes after Scout RFP's acquisition by Workday last December, the release states. In that case, the acquisition was made due to Workday's desire to digitize in a more efficient way, according to Workday Chief Products Officer Petros Dermetzis.
The new integration with Suplari will "combine sourcing, contract, vendor management and pipeline with industry-leading spend analytics and sourcing insights" for a better experience for customers, the release states.
Stan Garber, co-founder of Scout RFP, said that it is "critical" for companies to have data-driven decision making during "challenging times."
"The Office of Finance needs real-time visibility across the enterprise to easily mitigate risk and reduce costs — that data is often found sprinkled across disparate departmental systems," he said, according to the release. "We’re excited to integrate Suplari data into the Scout RFP platform to help procurement teams identify, accelerate and execute on strategic sourcing opportunities."
Some of the other new features include proactive insights that generate better strategies, cash flow and tracking; combined analytics allowing for better productivity in the office; and automated spend visibility, analytics and tracking for key performance metrics, according to the release.
Suplari CEO Nikesh Parekh said the strategies being implemented would be a help any company.
"The integration of the Suplari platform with Scout RFP automates category management and strategic sourcing," he said, according to the release. "We are excited to provide this advanced strategic sourcing suite with AI-driven insights to our joint procurement customers."
Joe Patchett, director of Procurement at Gemological Institute of America, praised both Scout RFP and Suplari. He said in the release that the companies together "aim to dramatically increase the productivity and effectiveness of strategic sourcing teams."