New Reasoning Engine Fuels AI Platform for
Unified Procurement Process
SAN
FRANCISCO, May 21, 2024 /PRNewswire/
-- Levelpath, the AI platform for unifying procurement, today
unveils Hyperbridge, a new, proprietary AI reasoning engine that
can ingest, understand, and connect data from various enterprise
sources and publicly available datasets. By mapping relationships
and extracting insights, it enriches procurement data with
contextual intelligence from other business functions like legal,
finance, security, and IT to optimize workflows.
Making its debut at the Levelpath Connect customer
conference on May 21-22 in
San Francisco, Hyperbridge powers
the company's procurement platform. Hyperbridge facilitates more
informed decision-making, mitigates risks, improves
cross-functional collaboration, and streamlines processes.
Customers can expect Levelpath, with its Hyperbridge engine, to
drive substantial productivity gains, significant cost savings from
optimized supplier management, and enhanced business agility as
procurement continues to evolve into a strategic catalyst.
Recent research from Proxima, Bain & Co, has revealed that
Fortune 500 companies' external supplier costs account for an
average of 75% of their total spending and 65% of their revenue.
Additionally, Fortune 500 and FTSE 350 companies could expect to
see a 32% and a 27% surge in EBITDA, respectively, from just a 10%
cut in supplier costs.1
"A digital approach requires us to embrace new technology
systems, data management, and sophisticated analysis. 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," said Dr.
Elouise
Epstein, author and partner at Kearney.
"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," explained Stan Garber,
co-founder and president of Levelpath. "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."
Rooted in Supplier Engagement Expertise
Levelpath
co-founders Garber and Alex
Yakubovich are recognized experts in the procurement arena,
having previously founded Scout RFP, a cloud-based platform for
strategic sourcing and supplier engagement. Scout RFP was acquired
by Workday in 2019.
"Our work at Scout RFP and Workday gave us unique insights into
reimagining the procurement process," said Yakubovich. "While most
technology advancements focus on automating specific tasks, we
recognized 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 Need for Delightful Procurement
In an era where
productivity is paramount with constrained budgets and consolidated
teams, using the right procurement platform becomes the critical
link to achieving more with less. Traditional multi-solution
approaches to procurement often result in fragmented customer
experiences. The Levelpath AI-driven platform redefines procurement
productivity and creates a truly delightful procurement
experience.
About Levelpath
Levelpath is the AI-powered
procurement platform that connects workflows, data, people, and
devices to enhance productivity and collaboration across businesses
and their suppliers. Our AI platform unifies procurement, making
enterprise commerce faster and more transparent; reduces risk;
drives profitability; and delivers a delightful procurement journey
at every step. At the heart of Levelpath is our Hyperbridge
reasoning engine, which extracts and enriches data from hundreds of
thousands of sources, unifying the procurement process into a
single view on any device.
Headquartered in San Francisco,
Levelpath is backed by leading investors including Benchmark,
Redpoint Ventures, Menlo Ventures, NewView Capital, and World
Innovation Lab (WiL). For more information, visit levelpath.com,
email info@levelpath.com, or connect with us on LinkedIn.
1 According to The State of Spend
Report and Supplier Cost Reductions, Proxima a part of Bain &
Co
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SOURCE Levelpath, Inc.