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"Spend Management"
Zycus improves spend visibility for Norwegian giant
Zycus' spend analysis solution has enabled one of Scandinavia's biggest companies, Orkla, to improve spend visibility across its operations in 13 countries, the company has said.
The Norway-based company implemented Zycus' artificial intelligence-based spend data management software solution, AutoClass, as part of a drive to reduce purchasing costs by $165m by 2009 compared to 2005.
The new spend analysis system, known as SMART, allows Orkla an insight into all purchases made by individual companies within its network.
"This system will make it possible for Orkla to create substantial value and revolutionize the possibilities for collaboration between group companies," Edgar Heitmann, project manager at Orkla said.
"We can see what each company buys, on what conditions and from which supplier. Until now, procurement and strategic sourcing has largely been carried out by individual companies, without exploiting our aggregate strength as a group in relation to the supplier market."
Aatish Dedhia, Zycus CEO, described Orkla as a "unique challenge" due to its significant presence in both Western and Eastern Europe and the wide range of languages used across its purchase order, materials management and accounts payable systems.
"Zycus - with its AI based software that is language agnostic and can classify spend from multiple, disparate ERP, legacy, e-procurement systems - is uniquely positioned to cater to the spend analysis challenges posed in Europe," he said.
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