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SAN FRANCISCO, May 21, 2024 ~ Levelpath, the leading AI platform for procurement, has announced the launch of its new proprietary AI reasoning engine, Hyperbridge. This innovative technology is designed to revolutionize the procurement process by seamlessly connecting data from various enterprise sources and publicly available datasets.
Hyperbridge is set to make its debut at the Levelpath Connect customer conference in San Francisco on May 21-22. This powerful engine will be integrated into the company's procurement platform, providing customers with a more informed decision-making process, risk mitigation, improved cross-functional collaboration, and streamlined workflows.
According to recent research from Proxima and Bain & Co, external supplier costs account for an average of 75% of total spending and 65% of revenue for Fortune 500 companies. By utilizing Hyperbridge, these companies could see a significant increase in EBITDA by cutting just 10% of their supplier costs.
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Dr. Elouise Epstein, author and partner at Kearney, emphasized the importance of embracing new technology in procurement. "A digital approach requires us to embrace new technology systems, data management, and sophisticated analysis," she said. "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."
Stan Garber, co-founder and president of Levelpath, explained how traditional approaches to procurement can be costly and inefficient for enterprises. "Supplier spend represents the greatest expense within an enterprise," he said. "Siloed people, data, and legacy systems waste valuable resources and create unnecessary risks for legal and IT departments."
Garber went on to highlight how Levelpath's AI platform simplifies the procurement process while Hyperbridge enriches data for maximum productivity and spend visibility across all business functions.
More on The Californer
The co-founders of Levelpath have a wealth of experience in the procurement industry. Stan Garber and Alex Yakubovich previously founded Scout RFP – a cloud-based platform for strategic sourcing and supplier engagement – which 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."
In today's fast-paced business world, productivity is crucial, especially with limited budgets and consolidated teams. The Levelpath AI-driven platform aims to redefine procurement productivity and create a delightful experience for users.
Traditional multi-solution approaches to procurement often result in fragmented customer experiences. However, Levelpath's built-from-the-ground-up platform offers a unified solution that streamlines the procurement process and provides a truly delightful experience for users.
With the launch of Hyperbridge, Levelpath is set to revolutionize the procurement industry by providing enterprises with a powerful AI-driven platform that optimizes workflows, mitigates risks, and drives substantial cost savings.
Hyperbridge is set to make its debut at the Levelpath Connect customer conference in San Francisco on May 21-22. This powerful engine will be integrated into the company's procurement platform, providing customers with a more informed decision-making process, risk mitigation, improved cross-functional collaboration, and streamlined workflows.
According to recent research from Proxima and Bain & Co, external supplier costs account for an average of 75% of total spending and 65% of revenue for Fortune 500 companies. By utilizing Hyperbridge, these companies could see a significant increase in EBITDA by cutting just 10% of their supplier costs.
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Dr. Elouise Epstein, author and partner at Kearney, emphasized the importance of embracing new technology in procurement. "A digital approach requires us to embrace new technology systems, data management, and sophisticated analysis," she said. "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."
Stan Garber, co-founder and president of Levelpath, explained how traditional approaches to procurement can be costly and inefficient for enterprises. "Supplier spend represents the greatest expense within an enterprise," he said. "Siloed people, data, and legacy systems waste valuable resources and create unnecessary risks for legal and IT departments."
Garber went on to highlight how Levelpath's AI platform simplifies the procurement process while Hyperbridge enriches data for maximum productivity and spend visibility across all business functions.
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The co-founders of Levelpath have a wealth of experience in the procurement industry. Stan Garber and Alex Yakubovich previously founded Scout RFP – a cloud-based platform for strategic sourcing and supplier engagement – which 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."
In today's fast-paced business world, productivity is crucial, especially with limited budgets and consolidated teams. The Levelpath AI-driven platform aims to redefine procurement productivity and create a delightful experience for users.
Traditional multi-solution approaches to procurement often result in fragmented customer experiences. However, Levelpath's built-from-the-ground-up platform offers a unified solution that streamlines the procurement process and provides a truly delightful experience for users.
With the launch of Hyperbridge, Levelpath is set to revolutionize the procurement industry by providing enterprises with a powerful AI-driven platform that optimizes workflows, mitigates risks, and drives substantial cost savings.
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