Leading AI-powered platform for sourcing direct materials gives global enterprises the part risk intelligence they need to tackle supply chain visibility and resource challenges
LevaData, the company behind the industry-leading AI-powered supply management platform, today announced it has been recognized for the third year in a row as a Sample Vendor for Autonomous Sourcing and Prescriptive Analytics in the Gartner Hype Cycle for Procurement and Sourcing Solutions, 2023 report (July 2023).
According to the report, “Procurement technology leaders should use this Hype Cycle to understand the maturity, adoption and benefit of sourcing and procurement technologies.” According to Gartner, “Driving forces such as the economic volatility, supply chain disruption and talent scarcity put pressure on procurement to deliver more automation, efficiency and resiliency in their processes.”
Gartner named LevaData a Sample Vendor in the Autonomous Sourcing category. Gartner describes that “autonomous sourcing solutions use AI and advanced technologies to streamline and automate the sourcing process and facilitate decision support for awarding spend to suppliers. Capabilities vary but can include automated event creation, lot/line structuring, dynamic event timing, automated supplier feedback, response scoring, analysis and award.” The report explains: “Autonomous sourcing solutions reduce the cycle time to execute sourcing events and increase capacity without adding to staff.”
Gartner also listed LevaData as a Sample Vendor for the Prescriptive Analytics category. “Prescriptive analytics is critical to making data-driven, fact-based decisions. It generates actionable recommendations using statistical and mathematical techniques, taking into account procurement data, spend and relevant constraints, conditions, and costs.” According to Gartner, prescriptive techniques support “strategic, tactical and operational decisions to forecast, reduce risk, maximize profits, minimize costs or more efficiently allocate scarce or competing resources.”
“From production delays of automobiles to air conditioners, the shortage of parts has persisted to take down supply chains around the world, impacting the bottom line for companies,” said Keith Hartley, CEO of LevaData. “Organizations’ limited visibility into risks on parts and materials has forced procurement teams into overtime without the tools they need to get ahead of problems before they impact their business and customers. The domino effect of one missing part hurting production and the workforce, with significant cost and revenue implications, highlights the need for autonomous sourcing and prescriptive analytics. For the past three years, Gartner has identified these procurement technologies as having high Benefit Rating for good reason. That’s why we believe that companies need part risk intelligence and custom part intelligence to maintain resiliency and efficiency.”
Gartner previously recognized LevaData as a Cool Vendor in Cool Vendors™ in Strategic Sourcing Applications, 2018 and as a Sample Vendor for Autonomous Sourcing and Prescriptive Analytics in the Hype Cycle for Procurement and Sourcing Solutions, 2021 and 2022. The company was also recognized in the 2018, 2019 and 2020 Gartner Hype Cycles for Procurement and Sourcing for different categories. The Gartner Hype Cycle for Procurement and Sourcing Solutions, 2023 is available online for Gartner subscribers here.
To learn more about LevaData’s AI-powered platform, including a self-guided tour of the spend and risk intelligence capabilities utilized by leading companies around the world, visit https://www.levadata.com/.
Gartner, Hype Cycle for Procurement and Sourcing Solutions, 2023, Kaitlynn Sommers et al., 19 July 2023
Gartner, Cool Vendors in Strategic Sourcing Applications, Patrick Connaughton et al., 24 April 2018 (This research has already archived.)
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