Name Change Emphasizes Capabilities to “Orchestrate” and Embed Preferred Outcomes and Instant Feedback in Any Process, Helping Customers Leverage Behavioral Science, Game Theory and Predictive Machine Learning in Procurement Operations
Today at its Optimal ’22 conference, Bid Ops, the leading Predictive Procurement Orchestration platform, announced that it is changing its name to Arkestro. The new name highlights Arkestro’s capability to embed preferred outcomes and instant feedback in any process across procurement, sourcing and supplier management.
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The Arkestro name change comes with an expansion of the company’s value proposition, moving beyond predictive sourcing, contracting and bidding to influence spend within everyday purchasing activities, including tail spend. Using a proprietary combination of behavioral science, game theory and predictive machine learning, procurement teams use Arkestro to deliver a 2-5x lift on cost savings from everyday procurement and sourcing cycles.
Arkestro runs on autopilot in the background in customers’ existing systems. Perhaps most significantly, non-procurement users and suppliers never need to login or navigate an “app.” Arkestro is also announcing a set of out-of-the-box integrations with Coupa, SAP Ariba, Zycus and Jaggaer as well as SAP S4 HANA, Oracle Cloud, Infor and Microsoft Dynamics. The Arkestro platform is ideal for any enterprise that experiences data quality issues in procurement operations, especially related to fast-moving, complex or constrained buying channels. Case studies and speakers at Optimal ’22 point to benefits in Indirect Services, CapEx, Direct Materials, Logistics, Packaging and Materials and Repair and Operations (MRO) spend categories.
“Our customers told us we should consider changing the company’s name to reflect our expanded set of capabilities,” said Edmund Zagorin, Founder & CEO of Arkestro. “While we began as a humble AI-driven bidding platform, customers are now using our PPO platform to influence purchasing, contracting, tail spend, renewals and even p-cards. Customers see a powerful lift on cost savings alongside improved supply chain performance and greater alignment with corporate initiatives like ESG, supplier diversity, cybersecurity and regulatory compliance. When it comes to the business benefits of simply touching more spend on autopilot, the numbers speak for themselves.”
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Arkestro also announced several new use cases for specific types of procurement cycles, including predictive tail spend. For most enterprises, spend is classified based on transaction size into “A” spend (strategic), “B” spend (tactical) and “C” spend (tail). Unlike similar solutions focused on tail spend, Arkestro bypasses the need to collect multiple quotes from suppliers by simulating the cycle before it happens and suggesting pricing to suppliers. Thus, Arkestro’s platform can create business impact in “tail spend” purchases that are single-sourced, fast-moving and highly complex in both services and materials. The benefits to customers include improving compliance with enterprise contracting policies since preferred Terms & Conditions are also pre-populated.
“We remain committed to giving our customers what they want most: supercharged value creation on autopilot with a seamless user experience. Arkestro is all about amplifying the impact of our customers’ best purchasing decisions across more spend,” said Ben Leiken, Arkestro’s CTO. “In this way, we are elevating the role of procurement as both a trusted advisor and engine of dramatic value creation across the enterprise.”