Digitate Launches ignio™ Cognitive Procurement: Uses Power of AI to Monitor Purchase Transactions
April 27, 2020
Digitate, a software venture of Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS) a leading global IT services, consulting and business solutions organization, announced the release of ignio™ Cognitive Procurement to help enterprises make smarter purchase decisions and take action faster.
Global organizations with large and diverse procurement needs, can get superior outcomes by minimizing the number of purchase transactions that result in sub-optimal spend, non-compliance and processing fallouts. Traditionally, procurement organizations have tried to address this with tighter controls and regulations, which adversely impact the overall cycle time.
ignio Cognitive Procurement leverages AI/ML to bring speed and scale to this process, enabling enterprises to deeply understand procurement behavior, monitor purchase transactions in the background, and intervene when needed. It uses cognitive technologies to:
- Identify items being procured with significant price variance along with price recommendations
- Detect and flag purchase transactions exhibiting odd behaviors or undesirable price variances
- Mine behavioral patterns that explain different types of exceptions requiring human intervention
- Predict likely exceptions in purchase transactions ahead of time
- Provide out-of-box analysis of spend along multiple dimensions
“The mandate for procurement organizations today is to add value beyond spend optimization. Moreover, the evolving situation around Covid-19 is forcing organizations to make some hard, unconventional decisions under constraints to manage demand and supply,” saidAkhilesh Tripathi, Global Head, Digitate. “ignio Cognitive Procurement unlocks new value levers by making it possible to uncover hard-to-discern anomalies and delivers granular operational intelligence to help procurement experts make smarter decisions and take faster action. It will help organizations navigate through this crisis carefully and come out stronger. We are excited to launch this latest product in our suite of AI/ML-powered solutions for the enterprise.”
Mickey North Rizza, Program Vice President, Enterprise Applications and Digital Commerce, IDC, said: “With the pace of business increasing, it will become more critical for end users to have fast and accurate insights from their business data. ignio Cognitive Procurement software is an exciting offering from Digitate.”
ignio Cognitive Procurement marks the latest addition to Digitate’s AI product line, which includes ignio AIOps, ignio AI.WorkloadManagement, ignio AI.ERPOps for automating ERP support operations, and ignio AI.Digital Workspace.
Digitate is a software venture of TCS. Launched in 2015, Digitate’s ignio™ is an award-winning solution that reimagines enterprise IT operations with its unique and innovative design that blends artificial intelligence, machine learning, and advanced software engineering to quickly and autonomously resolve issues when they arise, and preempt incidents wherever possible. ignio has been adopted by large, global enterprises, mostly Fortune 500 and Global 2000 corporations, which are leaders and innovators in their respective industries. Digitate is headquartered in the heart of the Silicon Valley in Santa Clara, California, USA and Pune, India. To stay up-to-date on ignio news, follow us at @iam_ignio and visit us at http://www.digitate.com.
About Tata Consultancy Services Ltd (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 50 years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent AgileTM delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 448,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $22 billion in the fiscal year ended March 31, 2020, and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at http://www.tcs.com.
To stay up-to-date on TCS global news, follow @TCS_News.