Cognitive Procurement – Leveraging Machine Learning for Smarter Purchasing

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I think it’s safe to say that digital transformation made substantial changes to how we approach procurement. Procurement is no longer just about cost savings and supply chain efficiency; it’s about strategic value and data-driven decision-making. Cognitive procurement, at the intersection of AI and procurement, is reshaping the way businesses approach their purchasing processes, moving […]

Why Vendor Management is Essential for IT Cost Savings

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The rapid advancements in the Information Technology (IT) sector have brought forth a myriad of solutions that organizations can leverage. However, managing costs effectively remains a tough challenge to beat.   In this environment, effective Vendor Management emerges as an indispensable tool for ensuring significant IT cost savings. This article illuminates the vital role Vendor […]

Predictive Analytics in IT: Forecasting Future Costs & Needs

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One of the critical tools empowering organizations to anticipate future challenges and opportunities is predictive analytics. This advanced analytical technique uses historical data, statistical algorithms, and machine learning to identify the likelihood of future outcomes, providing IT departments with a telescopic view into their operational future, particularly concerning costs and resource requirements. And, let’s be […]

Tail Spend in Procurement: What is it and Why Should You Care

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In the intricate landscape of procurement, it is common to fall prey to sneaky non-strategic expenses —usually known as ‘tail spend‘—which can quietly nibble away at a company’s finances. These minor yet cumulative costs often evade the attentive gaze of procurement and finance professionals, resulting in unseen financial leakage and missed savings opportunities.   Characterized […]

7 Tips and Tricks for managing SaaS subscriptions: How to effectively manage SaaS subscriptions, optimize costs, and maximize ROI

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Software-as-a-Service (SaaS) subscriptions have become an essential tool for businesses across a range of industries. They offer numerous benefits like helping eliminate the need for businesses to invest in expensive hardware, software licenses, and infrastructure. The subscription-based pricing also allows companies to pay only for the services they need, leading to reduced costs and more […]

Cost Optimization Solutions – How do They Work?

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You’re probably expecting an answer that involves AI, Machine Learning, <insert fancy tech here>. Well, yes. But instead of “sprinkle fairy dust, magic happens”, we have a more comprehensive breakdown of the capabilities involved in this article. Cost optimization solutions are becoming increasingly popular as companies look to reduce expenses and improve their processes to […]

The Benefits of Process Automation and How to Achieve It

Automation has become a buzzword in the world of business, and for good reason. The term was already familiar as far 1946, used in the automobile industry at the time to describe the increase use of automatic devices and controls in mechanized production lines. Manufacturing industries started using automatic devices and robotic machines at the […]

Comparing TEM and IT spend optimization platforms

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Technology Expense Management (TEM) and IT spend optimization platforms are both solutions that companies can use to manage and reduce their expenses. TEM platforms are a well-established solution category that for many years was the only solution capable of handling enterprise requirements, including invoice processing, contract management, and usage reporting. This reporting has helped companies […]

TMS

TMS is an AI company that creates cost savings from Telecom expenses.

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