Procurement software company Xeeva is strengthening its technology portfolio through the acquisition of artificial intelligence-related patents, the company announced Friday (Oct. 6).
The patents relate to its Virtual Data Manager and Virtual Catalog Manager solutions. For the Data Manager, the AI relates to the ability to quickly classify data records, and is used to target unstructured, fragmented – or “imperfect” – data that is stored across multiple systems. The Virtual Data Manager categorizes all of that data to provide a clearer view of a company’s spending, Xeeva explained. The AI patent related to its Virtual Catalog Manager creates catalogs based on data from strategic sourcing initiatives, the company noted. It enables procurement professionals to take negotiated prices and contracts and turn that into a catalog to simplify order placement.
“These patents serve as additional validation of our differentiated technology that creates massive savings and hyper-efficiency in the procurement and sourcing functions,” said Xeeva CEO Dilip Dubey in a statement. “With the addition of our unique procurement software, organizations are saving time and money, and can now identify opportunities that were completely hidden before. This technology changes the game completely.”
Procurement companies have begun exploring AI use cases in recent years, with some firms, like SAP Ariba, developing AI-based chatbots for procurement professionals. Others, like Transcepta, use artificial intelligence to similarly streamline and enhance business processes and decision-making. Earlier this year, Transcepta announced that it would be leveraging AI and predictive analytics for its own procurement tool, targeting invoice validation and processing.
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