Nina Vellayan, President & CEO, Xeeva, INC
As an organization’s financial well-being directly indicates its overall level of success, it’s vital to perform spend management to stay in charge of finances. This practice can effectively help an organization to minimize expenses, support confident money-related decisions or investments as well as help provide high-quality services to customers. This directly supports better profitability, growth of the organization, and a stronger brand in the marketplace.
In 2020, the spend management process is assisted by specialized software because modern business can be too complex, time-consuming, and labor-intensive for human employees. The very best software available today tap into the power of technology to help organizations build a strong financial foundation. They can also help organizations achieve compliance, align resources or funds to business goals, and facilitate strategic growth. One of the most innovative and trusted spend management solutions available today in the Asia-Pacific is offered by Xeeva, an industry leader within indirect spend management.
Xeeva was initially set up in Michigan, USA in 2014 as an enterprise procurement software provider for the automotive and manufacturing industries, but soon the company noticed a problem. Although 25% of a company’s overall expenses are indirect costs, the C-suite had very little visibility into the actual purchases made, including from which vendors and at what price. To offer a solution to this challenge, the company started developing a data-driven platform supported by artificial intelligence (AI) to expertly address critical issues of modern spend management. They have since helped customers of varying sizes from diverse industries such as consumer packaged goods, energy and utilities, industrial manufacturing, pharma, health, transportation, and more to systematically gain control over their indirect spend.
Intelligent Solutions for Critical Challenges in Modern Spend Management
“Our mission and vision are to help organizations unleash greater savings through data-driven spend management, utilizing AI technologies to surface insights, realize savings, and control indirect spend,” Nina Vellayan, the company’s President and CEO, states. Xeeva applies advanced technology to resolve spend management’s major challenges such as indirect costs, spend leakage, and lack of visibility or accountability into expenses. Its solutions use AI to classify, categorize, and enrich data at an unprecedented speed down to the line level and thus facilitate clear, accurate, and strategic finance or procurement-related decision-making.
“Xeeva is a leader in indirect spend management solutions that optimize the entire procurement process from analyzing indirect spend data to surfacing savings opportunities to providing a sourcing platform that helps you realize those savings and much more,” explains Vellayan.
Xeeva offers an end-to-end spend management solution suite. The XVA Platform is its specialized cloud-based software-as-a-service (SaaS) platform that powers each of Xeeva’s solutions spanning Spend Analytics, Sourcing, Procure-to-Pay, and Supplier Marketplace. Supported by AI, the platform recommends the next best actions or automates key activities entirely. It also enhances data quality and integrity with great attention-to-detail, furnishing a clear and complete picture of an organization’s spend. Here are the four valuable advantages that the company offers:
- Spend Analytics: This application works on the data categorized, cleansed, and enriched by the XVA Platform. It then uncovers savings opportunities and suggests actionable insights to realize immediate cost savings, return-on-investments, and best practices across the enterprise—all in a consolidated view. To illustrate, spend leakage is a big challenge for many organizations today because managers don’t have visibility into their spend or they don’t have the proper controls in place. Xeeva Spend Analytics can make indirect spend much more visible, allowing them to track KPIs, such as purchase price variance, off-contract spending, and freight savings, and uncover actionable insights to improve their bottom line.
- Sourcing: The strategic sourcing solution leverages deep spend expertise and thorough supplier and product data to identify optimal suppliers, reduce time to contract, minimize indirect spend, and simplify compliance with corporate sourcing guidelines. Savings opportunities surfaced through Xeeva’s Spend Analytics software are seamlessly transferred into the Sourcing platform to create a sourcing event to realize the savings identified such as consolidating suppliers or moving a supplier from non-contract to contract to reduce maverick spend.
- Procure-to-Pay: “This is an intelligent indirect procure-to-pay solution offering a consumer-like shopping experience with a guided buying process for optimizing and managing complex procurement operations and ensuring best practices, compliance, and policy adherence,” Vellayan says. This easy-to-use software also facilitates better spend under management, easy punchout with Amazon Business, inventory management, budget management, multi-bid quoting, and more.
- The Xeeva Marketplace: This is a comprehensive supplier network that gives access to hundreds of thousands of approved vendors for buyers and enables suppliers to maintain, manage, and build buyer relationships.
Well-Positioned as a Leading Spend Management Solutions Provider Today
Today, Xeeva is the spend management solution of choice for many enterprises around the world because together with addressing critical challenges of modern spend management, the company is also a customer-centric service provider. “We have a smart, talented, and determined team that is always innovating and working to drive results for our clients,” Vellayan says.
In conclusion, Xeeva addresses modern spend management through a combination of world-class multi-disciplinary experts, industry insights, and hi-tech solutions and thus ensures that customers achieve their goals. Such an innovative approach allows all customers to reliably uncover value against the background of digital transformation, emerging technologies, and a constantly changing business environment.
“Over the next few years, we plan to continuously improve our modeling, add to our 40 million SKUs and our supplier universe, and keep building out the features and functionalities within our solutions. We will look at the future needs of our customers to best assist them in surfacing new savings opportunities and making better business decisions based on their spend data,” Vellayan concludes, hinting towards a brighter future.