LevaData, the industry-leading supply management software company that delivers an integrated artificial intelligence (AI) platform to transform direct material sourcing and accelerate new product development, announced today that it made generally available a new suite of applications. This innovation comes immediately following a $47 million fundraise led by Banneker Partners with participation from Tola Capital and after the company experienced significant global revenue growth during the first half of 2021.
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@LevaData introduces the world’s first integrated solution for direct material sourcing, with distinct modules to optimize costs and mitigate risks throughout the product lifecycle. #sourcing #procurement #ai
This new suite is the world’s first integrated solution for direct material sourcing. It includes four distinct modules to help manufacturers optimize costs and mitigate risks through all stages of the product lifecycle. This revolutionary platform delivers competitive advantages, including:
- Market Intelligence: Integrated external and outside-in market intelligence with insights about each customer’s unique direct material spend and supply chain network.
- Community Intelligence: Exclusive community intelligence on supply trends, such as parts availability, pricing, lead times, and holistic supplier performance.
- Predictive Intelligence: Ability to scan millions of news sources and supplier continuity scenarios at a site-level for insights regarding disruption events around the globe before they impact supply.
- Product Velocity: Ability to accelerate new and existing product launches by optimizing costs and risks with digital collaboration between engineering, sourcing, and supplier networks.
- Negotiation Playbook: Prioritized recommendations for availability, costs, and risk mitigation strategies for products, components, and individual commodities.
An important driver for these innovations is the distinct lack of software and automation tools specifically designed for global manufacturing companies’ direct material sourcing and procurement teams. Heavily customized ERP systems, cumbersome manual processes, or procurement software designed for indirect fulfillment are no longer effective or sustainable.
LevaData has embraced this challenge by collapsing millions of different data elements into a single source of truth. This new application suite removes blind spots and creates deeper supply awareness. More specifically, LevaData captures relevant market and community intelligence for unparalleled visibility into supply and sourcing data trends. This includes an immediate assessment of costs and parts availability in the context of potential supplier risk scenarios for both new and existing products. By utilizing AI and machine learning (ML), the new platform analyzes procurement objectives against market activity to generate accurate predictions and customized recommendations.
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With an integrated executive center, critical trends and recommendations are under constant analysis and presented to users in one holistic view. This streamlined experience empowers quick collaboration and more decisive actions.
“We’re thrilled to offer a comprehensive and data-driven platform that provides outside-in, actionable insights,” says Rajesh Kalidindi, Founder and CEO of LevaData. “This new platform is yet another step in our relentless mission to turn direct material sourcing into a competitive advantage for enterprises.” LevaData’s latest offering gives supply management teams everything they need to improve margins and ensure a resilient supply of direct materials. “LevaData is the only integrated platform purpose-built for direct materials sourcing optimizations,” says Adeel Najmi, Chief Product Officer at LevaData. “It analyzes proprietary insights, as well as industry and community intelligence to provide actionable cost reduction and risk mitigation recommendations.”
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