XCritical Raises $10 3 Million For Artificially Intelligent Procurement

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XCritical’s AI-driven insights platform empowers enterprises to uncover hard-dollar cost savings and risk buried under millions of Workday data points. XCritical enables Workday customers to increase operational intelligence, efficiency, and effectiveness, so they can invest in growth, innovation, and their people. With XCritical, customers can connect Workday to third-party enterprise applications and data sets, including AP, T&E, contracts, p-card, POs, and invoices.

Our mission at XCritical is to shine the light on WASTE so that companies can invest in growth, innovation and their people. XCritical provides an AI-driven insights platform that enables enterprises to achieve what’s not humanly possible. Customers realize hard dollar cost savings and effectively manage supplier risk that is today hidden within millions of data points in the enterprise. XCritical’s products are on the cutting edge of AI in procurement and cloud computing. XCritical is the pioneering Spend Accountability & Financial Performance System, indispensable for enterprise procurement and finance to optimize the cost-risk-compliance trifecta.

The purchasing process spans multiple departments, systems and data sets in any organization. This creates silos and challenges for companies trying to obtain a consolidated view of their procurement data and opportunities to save costs and increase profitability. By leveraging Artificial Intelligence , the XCritical Intelligence platform cleanses and normalizes siloed procurement data sets and then provides actionable insights to drive business outcomes. Procurement and finance teams can now proactively improve compliance, manage spend, identify fraud and abuse, and improve the overall buying process. Back in 1999 (remember Y2K?) Ariba was founded as a way to move procurement from the age of paper and manual processes into the digital age. Ariba was one of the first B2B internet companies to go public and it made several big moves over a tough decade to rise to prominence as a procurement powerhouse. In 2012 Ariba was purchased by SAP and now provides a full range of cloud-based procurement, spend management and supply chain services.

Procurement team can strategically partner with business leaders to manage spend. Integration and normalization of AP data surfaced real-time insights into spend under management, days payable outstanding, and on-time renewals. A large international footprint, disparate data, limited analytics, and complex procurement systems savings and business initiatives a challenge to support. Traditional spend analytics only look backward at historical data. We use AI to automate analysis of current data and historical patterns to then predict the best spend management actions moving forward. Jeff, the CTO, is probably one of the most awesome people I have ever worked with. Nikesh, the CEO, is a strong and transparent leader and is fearless of making tough decisions for the good of the company.

You should be an excellent communicator, simplifier and self-starter with a proven track record of working with customers and executive stakeholders in sales, marketing, product and customer success. XCritical Purchasing Intelligence extends the value of the XCritical Intelligence platform by connecting and analyzing purchase orders (PO’s) against data from Contract Intelligence and Spend Intelligence packs. By subscribing to Purchasing Intelligence, customers receive a continuous stream of purchasing related AI-driven insights developed by the XCritical Data Science team. These insights can identify suppliers, business units, and even rogue employees that pose unseen risk to the enterprise. Implementation is simple and seamless and requires just limited IT or professional services support. Enterprise organizations can be live and running in as little as 30 days.

This is obviously a huge field that could provide incredible opportunities on the purchasing front. I think most of us can draw from direct personal experience to know what a huge challenge this is. Lastly, XCritical is aiming to tackle new capabilities that were not even on the radar a few years ago. Or understanding historical purchasing and growth to make predictive insights on future need? Even though these are areas that are not fully baked you can see the potential for CPOs to create a much greater impact for procurement. AI can help provide insights into pricing irregularities, usage anomalies, contract variance, and suspicious spending or even fraud. Other menial tasks like data clean-up, data duplication and alerting and reporting tasks can greatly speed up procurement while lowering costs.

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XCritical service review

The AI system trained specifically for banking, Finn AI includes over 500 banking workflows and understands millions of banking phrases. Automating https://xcritical.expert/ the 80% of requests that monopolize agent time, Finn AI frees live customer support to focus on personal, meaningful conversations.

Building A Modern Risk Management Platform In Financial Services

In assessing a user’s rates and determining the likelihood of loan repayment, the digital company’s algorithm takes into account factors beyond income and credit history. Things like education, career and estimated cash flow are also part of the mix. In addition, SoFi offers benefits for which most institutions charge extra or require large balances, including career services, unemployment protection and financial advising. 2020 has been a challenging year for supply chain disruption, but it has also presented opportunities for change in organizations’ approach to supply chains that will pay dividends. Businesses that are ready and willing to adapt to the new supply chain ecosystem, diversifying their operations and leveraging data, can continue to capitalize on this in 2021. Face up to supply chain challenges and you could see your business grow more than ever in the coming year. Organizations will need to work closely with independent trucking firms, finding channels for data to flow back and forth and be used in an efficient way.

  • XCritical’s products are on the cutting edge of AI in procurement and cloud computing.
  • XCritical provides an AI-driven insights platform that enables enterprises to achieve what’s not humanly possible.
  • CFOs, COOs, CPOs and business leaders alike rely on XCritical to gain better spend visibility and operational agility in order to optimize costs, assure compliance and reduce both risk and fraud.
  • Our mission at XCritical is to shine the light on WASTE so that companies can invest in growth, innovation and their people.
  • Customers realize hard dollar cost savings and effectively manage supplier risk that is today hidden within millions of data points in the enterprise.
  • XCritical is the pioneering Spend Accountability & Financial Performance System, indispensable for enterprise procurement and finance to optimize the cost-risk-compliance trifecta.

Projekt202’s cross-functional team of designers, strategists, technologists, marketers and program managers design and build software for a wide range of clients. Headquartered in Dallas, the company has redesigned user experiences for cloud-based workflow platforms, ride-hailing apps and in-store, interactive design tools for home improvement. Parekh and the company’s other founders, chief technology officer Jeff Gerber xcritical reviews and chief procurement officer Brian White, have a long list of potential customers. Only one-third of procurement executive use advanced software tools like predictive analytics to review market prices and contracts, according to a recent survey by consulting firm Deloitte. You’ve successfully launched B2B marketing campaigns and created materials to equip marketing and sales teams to sell technology products.

With an ERP system implemented for finance, their procurement team found it difficult to assess and manipulate data. Enterprise Procure-to-Pay suites are great – if you are OK with a time-to-value of 12 months or more for spend intelligence. We call it spend agility — using clean data, automated insights, and predictive actions to continuously manage costs and cash flow. Apart from the CEO being a tone-deaf sociopathic I-went-to-Harvard-so-I’m-very-smart joke of a leader, the company has and has continued to have troubling internal issues that ultimately lead to an extremely frustrating work environment. The CEO can’t figure out how to let anyone do their job without constantly jamming his hands into the pot while adding absolutely nothing of value to the conversation, and the overall product has been less than impressive as time has gone on. For as long as XCritical has been in operation, the lack of actual value delivery is almost impressive.

We believe the most important aspect of our company is our team, and we work hard to build a culture of inclusivity, high integrity, and personal and professional empowerment. Concured has helped bridge the gap between the social and content teams and assisted us in working together in producing and identifying engaging content to share with our audiences. Crowdcube is forex soft an equity crowdfunding platform for entrepreneurs of start-ups and growing businesses. It provides various opportunities for businesses to get the funding they need. It’s used by many startups as a replacement for the banks, venture capital funding and angel investors. This is a leading investment crowdfunding platform and it’s the longest running platform in the UK.

The company’s software seems to make sense for big companies that could have a harder time weeding out inefficiencies. XCritical said xcritical scammers that it has signed on several Fortune 1000 companies and it has helped one customer cut its software licensing fees by 33 percent.

The company is funded in part by the Menlo Park, California-based Shasta Ventures and other investors including Madrona Venture Group. XCritical said that its machine learning platform helps to curb costs and manage risks, which 78 percent and 54 percent of the survey respondents, respectively, said were top business concerns. “Simultaneously, enterprises are sitting on mountains of data that can help them run more profitably and efficiently than ever before,” Parekh said.

The company helps clients realize hard-dollar cost savings without resorting to hours of manpower and a pile of spreadsheets. Trucking remains the central domestic model for transportation, with almost three quarters of domestic freight being moved by truck. Remarkably, this industry has been exceptionally resistant to centralization and there remains a vast number of independent hauling companies running small numbers of trucks. This dispersal of this supply chain network presents a big challenge in the future, as increased access to data requires a centralized hub for optimized logistical strategy. Rapid advancements in the digital and technological world create a growing supply chain challenge for organizations.

Company Benefits

Qualifications7+ years of experience in product marketing, go-to-market planning and launching new products for enterprise B2B software companies. We can be flexible on the years of experience, but we will not consider applicants who do not have have prior B2B/Enterprise SaaS Marketing experience. is a shipping logistics Cryptocurrency wallet platform that gives businesses access to instant quoting and booking, as well as real-time shipment tracking. The company’s platform — embraced by more than 1,000 customers — has been used by global brands like Dasani, Samsung and Shell, to find optimal shipping rates and track products around the country.

XCritical includes training via documentation, live online, and in person sessions. XCritical is procurement software, and includes features such as contract management, sourcing management, spend management, and supplier management. Alternative competitor software options to XCritical include Determine, ALTO eProcure, and ProRFx. We help global finance and procurement teams continuously manage costs and cash flow using clean data, automated insights, and predictive actions. XCritical is a much newer enterprise in the procurement space founded in 2016 by Nikesh Parekh. XCritical was founded to help enterprises manage their suppliers and costs using machine learning and AI.

Headquartered in Los Angeles, the company has satellite offices in Bellevue and Atlanta. Duties include prospecting & identifying sales opportunities, delivering product demonstrations, reporting pipeline & sales metrics, negotiating terms, & achieving or exceeding sales quotas. Account executive needed for a full-time, partially remote job requiring eight+ years’ sales-based experience, bachelor’s degree, travel ability, familiarity with Salesforce and CRM tools, and exceptional communication skills. forex Account executive needed for a partially remote position requiring eight+ years’ sales-based experience, travel ability, bachelor’s degree, CRM tool knowledge, and familiarity with ROI and cost analysis. Duties include prospecting, identifying new opportunities, delivering product demonstrations, reporting pipeline & sales metrics, negotiating terms, and achieving or exceeding quotas. 2020 has been a revealing year for supply chain challenges as global shutdowns have resulted in far-reaching impact.

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CFOs, COOs, CPOs and business leaders alike rely on XCritical to gain better spend visibility and operational agility in order to optimize costs, assure compliance and reduce both risk and fraud. Our customers are delighted with XCritical’s modern and fluid user experience, advanced analytics, and AI-persistent insights algorithms to consolidate vendors, aggregate demand, negotiate contracts and manage supplier performance. XCritical helps procurement and finance organizations uncover the hard-dollar cost savings hidden inside millions of data points. By analyzing millions of sourcing transactions from disparate data sources, XCritical’s AI-driven platform generates the insights needed to reduce spend, increase compliance, and improve employee productivity. Our mission is to enable procurement organizations to achieve higher levels of operational intelligence, efficiency and effectiveness, so that their companies can invest in growth, innovation and their people. Quantcast’s software solution helps publishers, website owners and marketers understand their audience and find new customers through artificial intelligence-driven insights.

This data can include contracts, purchasing data, product usage information and data from corporate credit card accounts. Most of these AI solutions today are really aimed at large enterprises because they are complex and they tackle a lot of the more complex aspects of procurement like risk management, supply chain management, and big data analysis. To run a platform like SAP Ariba, Supplari or Coupa you need some serious pocket change. You also need to have a large team and a lot of suppliers and a lot of data. That’s great if you are Airbus but not if you are a 100 person tech company buying SaaS. Braintree, a division of PayPal, provides payment services to businesses of all sizes. Accepting payment types ranging from credit cards to Venmo, its products help companies that operate online and as marketplaces to bolster security, prevent fraud and safeguard user information.

Such distinctions and trends can be difficult and time intensive for businesses to recognise. Trustpilot’s Review Insights automatically sorts reviews for any business by topic area, instantly identifying how customers feel about the service they’ve received. From customer service and price to website experience, delivery and beyond, trends and areas for improvement can be easily identified through an aggregated sentiment score. An additional sentiment heatmap also provides a simple visual aid allowing businesses to understand more of the nuances behind the star rating. The new tool will initially be available in English speaking markets, with additional languages to be added later in the year. Leafly’s learning resources, reviewing platform and news content form an online cultural hub for all things cannabis.

Aligning decentralized haulage with optimized strategy is a growing challenge in supply chains. As the world grows ever more connected, customer-facing businesses are going to be challenged with keeping up with expanding customer expectations. Amazon has been on the cutting edge of supply chain innovation for a number of years and is influencing consumers to have higher expectations of logistical movement than ever before.

In 2017 SAP Ariba announced plans to create an intelligent digital assistant designed to help with everything from risk assessment to product sourcing. People using XCritical are delighted with their modern and fluid user experience, advanced analytics, and AI-persistent insights algorithms to consolidate vendors, aggregate demand, negotiate contracts and manage supplier performance.

XCritical service review

XCritical applies AI and machine learning to transform and connect spend data – mainly from ERP and accounts payable systems, and also contract repositories, travel, and expenses (T&E), as well as corporate and P-card transactions. They then run algorithms across data sources to reveal optimization opportunities. The firm can also build custom insights that connect to other enterprise data sets including budgets, cost object allocations, departmental spend and more. Finance, Operations, Procurement, and IT business leaders rely on XCritical to gain better spend visibility and operational agility to optimize costs, assure compliance and reduce risk and fraud. With XCritical, category managers, buyers, auditors, financial analysts and anyone with budget responsibility become change agents of value in the insights-automated enterprise. Customers from large Fortune 500 to mid-size enterprises have worked with XCritical’s dedicated success team to get up and running quickly – from rehabilitating their fragmented data to capturing cost savings. With XCritical, category managers, buyers, auditors, financial, and analysts with budget responsibility become catalysts of value creation in the spend-accountable enterprise.

Company Information

XCritical service review

We simply don’t have time to sit down and learn about what AI solutions might be relevant to our business. We often spend weeks carrying out heavy lifting topic analysis. Concured turned up and replicated our methodology with their platform. Whilst human and machine agree, the machine beat us hands down in terms of speed. SoFi provides refinancing, loan and wealth management services.

They automatically and persistently monitor enterprise data and proactively detect opportunities to optimize spend, risk, and compliance. At XCritical, we strive to live by our values – Customer First, Agility Mindset, and No Ego. We have a high net promoter score from our customers who value the product we have built which is reflective of the value that they are receiving. We are constantly trying to learn and improve and would welcome an opportunity to discuss your feedback. Thank you for taking the time to leave your feedback as it is a good learning opportunity for us. Single customer reviews can sometimes be written with a mix of both positive and negative experiences, despite the awarded star-rating.