We are thrilled to announce that Levelpath has been named a leader in the prestigious IVP AI 55, a testament to our status as a top-tier AI innovator in the procurement space. This accolade underscores the transformative power of Levelpath’s AI Platform for Unifying Procurement, revolutionizing the role of the Chief Financial Officer (CFO) and driving unprecedented efficiency and agility in the business world.
Revolutionizing Procurement with AI In today’s fast-paced business environment, CFOs are constantly seeking ways to enhance efficiency. Levelpath’s AI-powered platform is at the forefront of this revolution, enabling companies to drive substantial productivity gains, realize significant cost savings from optimized supplier management, and unlock enhanced business agility as procurement evolves into a strategic catalyst.
The transformative potential of Levelpath’s platform was recently highlighted in a discussion with Dan Ives, Managing Director of Equity Research at Wedbush. He posed an insightful question: “What sets Levelpath apart from vendors offering traditional procurement tools?” In response, our CEO, Alex Yakubovich, shared our vision of building an AI platform for unifying procurement that delivers a connected supplier system of record:
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Unified Data Model: Levelpath uses a single data model to provide a centralized view of supplier data, offering comprehensive insights across the business.
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Hyperbridge AI Reasoning Engine: The proprietary Hyperbridge engine enhances data insights and accelerates workflows, reducing the time required for business tasks from days to mere hours or minutes.
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Multiple Interfaces: With native mobile apps for iPhone and Android and a robust desktop experience, users can manage procurement tasks from anywhere.
The IVP Enterprise AI 55: A Benchmark of Excellence The IVP Enterprise AI 55 represents the cream of the crop in AI innovation, carefully curated based on feedback from enterprise operators. This list is a valuable resource for companies looking to leverage AI for tangible productivity gains.
AI’s Rapid Ascent in Enterprise The past year has seen remarkable advancements in AI, with Karthik Ramakrishnan, IVP landscape co-author, noting that “The AI landscape has advanced as if twelve years of innovation happened over the past twelve months.” Key statistics highlight this trend:
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GenAI’s share of IT budget projected to nearly triple from 1.5% in 2023 to 4.3% by 2025
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26% of enterprises with over $5 billion in revenue plan to invest more than 10% of their IT budget in AI by 2025
Levelpath: Driving Procurement’s AI Revolution Procurement’s complexity and far-reaching impact make it an ideal candidate for AI optimization. Levelpath addresses a critical gap in enterprise operations, the lack of a centralized supplier system of record. By powering these systems with AI, we’re ushering in a new era of procurement capabilities.
As Manuk Ozcan, Head of Financial Planning & Analytics at InnovaCare Health, attests: “At InnovaCare, we’ve seen Levelpath drive significant cost savings through better spend visibility and approval workflows. With Levelpath’s AI platform, the team was able to easily share request details, collaboratively evaluate and ultimately avoid an unnecessary $50K cost.”
Looking Ahead
This recognition in the IVP Enterprise AI 55: 2024 Edition is a testament to Levelpath’s commitment to innovation and customer-focused development. We are dedicated to continually enhancing our AI solutions to empower procurement teams and drive enterprise success.
Join us in shaping the future of procurement AI. Discover how Levelpath can transform your procurement processes and drive real business value.
-Michaela