New Reasoning Engine Fuels AI Platform for Unified Procurement Process
Levelpath, the AI platform for unifying procurement, 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.”
Read More:Â SalesTechStar Interview with Eran Hollander, Chief Product Officer at HungerRush
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.
