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AI for Procurement: A CEO's Vision at the Wedbush Conference

As the CEO, I recently had the privilege to represent Levelpath and speak at the Wedbush Private Company Software Conference where I joined Dan Ives, Managing Director of Equity Research at Wedbush Securities, and Yaz Koujalgi, Managing Director at Wedbush Securities an AI expert. Our discussion centered around the transformative power of AI in procurement, a topic that has become increasingly relevant as more and more CEOs pursue AI initiatives.  

In today's business landscape, spend management is primed for an AI-driven transformation. Market-leading companies are doubling down on AI-powered procurement platforms, recognizing them as the ultimate competitive weapon. But why is AI so crucial in this domain?

Procurement: The Heartbeat of Every Business

Procurement touches every corner of a business, making it ripe for AI optimization. From sourcing and managing supplier relationships to negotiating contracts and streamlining workflows, procurement is a complex web of interconnected processes that impact every aspect of operations. 

However, despite the critical role procurement plays, many companies lack an up-to-date view of their supplier ecosystem. While businesses thoughtfully maintain systems of record for customers, employees, and financial data, a centralized supplier system of record is overlooked. According to a study by Deloitte, companies spend between 60% and 80% of their revenue on suppliers, yet only 6% have full visibility into their supplier base. This lack of visibility can lead to inefficiencies, increased risks, and missed opportunities for cost savings and strategic decision-making. 

That’s where our vision for Levelpath comes in. When we power these supplier systems of record with AI, we enter a new era for procurement with unprecedented capabilities and possibilities.

Yaz Koujalgi asked me an important question about what sets Levelpath apart from vendors offering traditional procurement tools. I was thrilled to share our vision of building an AI platform for unifying procurement that delivers the a connected supplier system of record:

  1. Unified Data Model: Levelpath uses a single data model to provide a centralized view of supplier data, offering comprehensive insights across the business.

  2. 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.

  3. Multiple Interfaces: With native mobile apps for iPhone and Android and a robust desktop experience, users can manage procurement tasks from anywhere.

The result is an end-to-end procurement platform that ensures enterprise-wide engagement and adoption through its simplicity and a modern user experience. One of Levelpath’s standout features is its ease of integration. With single sign-on integration completed in minutes and minimal setup required, Levelpath ensures that customers can get started quickly without significant IT involvement.

Our customers agree. A large financial client leveraged the Pathfinder module to streamline their procurement process. The Levelpath implementation was completed within a month and significantly improved visibility and efficiency, showcasing the quick deployment and substantial benefits our AI platform offers.

Tuesday’s session concluded with some lighthearted banter. Dan, known for his fashion sense and colorful style, teased me about my Levelpath “Delightful” jacket, which I debuted at the Wedbush Private Company Software Conference conference.  To me, this jacket symbolizes our mission: Make procurement not just efficient but enjoyable (but you have to admit, the jacket is great!).

Jokes aside, it’s clear from discussions with these experts that the market for AI in procurement is vast, and Levelpath is uniquely positioned. With a focus on democratizing spend management, Levelpath is making it accessible and beneficial for a broad range of customers globally.

The time for AI-powered procurement is now, and we’re thrilled to see Levelpath taking center stage. Replay session here.

– Alex


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