SOUTHFIELD, MI, Dec. 15, 2020 (GLOBE NEWSWIRE) -- Xeeva, Inc., the leading platform for indirect spend management solutions, today announced that it has released significant improvements and enhancements to its full suite of products.

Xeeva’s latest product release includes a variety of upgrades and enhancements to its software applications, the data assessment components, the guided buying process, and its sourcing strategy. It added additional analytics, improved user experiences, and simplified processes for end users across its entire software suite. The data-driven company continues to evolve its platform to drive cost savings, visibility, and efficiency.

“This is our most exciting product release to date,” said Bob Anson, VP of Product at Xeeva. “It is the result of hard work, focus, listening to our customers, and addressing the pain points of the market. The three major themes across this release include the end-to-end data journey, improving the user experience, and the seamless integrations. With each release, we get a step closer to our mission of unleashing greater visibility and savings through data-driven spend management. At the end of the day, we simply want to empower our users to utilize AI to surface insights, realize savings, and control indirect spend with a faster time to value.”

Key improvements in Xeeva’s latest product release include, but are not limited to, the following:

SPEND ANALYTICS

Xeeva Spend Analytics delivers highly accurate and actionable insights that provide immediate ROI in a unified view by surfacing cost-savings opportunities against industry benchmarks across disparate and siloed spend data. The goal of this release was to make spend analysis a core function in spend management, present analysis and insights intuitively, and increase adoption in financial and procurement areas.

Recent enhancements include:

• Utilizing an industry-based taxonomy to identify industries and classify products and services better while providing improved benchmark and peer KPIs
• Expanding the item & supplier universe using multiple external data sources, including Dun & Bradstreet, to enable the discovery of suitable suppliers for sourcing
• Improved data enrichment capabilities leveraging Xeeva’s AI technology to automate classification and empower future benchmarking
• New insights focused on the data journey for item quality, item enrichment, supplier family, and supplier categorization. This release provides more detailed analysis as to how the data was cleansed and classified by Xeeva’s AI for better spend management
• Additional filtering capabilities that allow a user to search for data at a more granular level, including by region, sub-category, item number, item description, and business unit as well as data scoping by location
• Enhanced user experience to increase ease of use, navigation, and intuitiveness across the platform, making it easier for users to access the insights and analysis faster

SOURCING

Xeeva Sourcing leverages deep spend category expertise and superior supplier and product data to identify optimal suppliers, reduce time to contract, minimize indirect spend, and simplify compliance. The objective of this release was to make it easier to quickly define and execute tactical sourcing events to rapidly realize savings.

Recent enhancements include:

• Integration with Xeeva Spend Analytics so that insights identified can be directly actioned upon as a new sourcing opportunity
• In-app Excel RFQ experience to enable users to view, edit, or respond to quotation items in the web UI with a familiar and efficient experience with built-in error checking, data validation, and edit columns and calculations ability
• Built-in master data synchronization for sourcing teams to leverage Xeeva or company data quickly and easily
• Open Marketplace for supplier discovery to improve incumbent or key supplier arrangement or to enhance the supply base by identifying appropriate new suppliers
• Auction improvements for both forward and reverse auction modes with configurable business rules for bidding requirements that are easily defined and executed

PROCURE-TO-PAY

Xeeva Procure-to-Pay is a simpler procurement software with full visibility, control, and management of indirect spend. The mission of this release was to make the platform more flexible and intuitive to enable a simple, consumer-like buying experience.

Recent enhancements include:

• Category-specific guided forms powered by AI for more flexibility, collaboration, and compliance to guide the user through the requisitioning process
• Guided forms editor that provides an easy-to-use drag-and-drop interface for organizations to create and manage any type of procurement request
• 1-click checkout & simplified cart checkout to greatly improve the time it takes to check out and to provide a more efficient process
• Quick PO to reduce REQ-to-PO time and to decrease processing cost-per-PO
• Dynamic approval chain to provide visibility and flexibility for requesters
• Auto-billing to eliminate invoice variances and reduce workload for suppliers
• Enhanced punchout setup & execution to make it extremely simple, self-driven, and scalable for a variety of suppliers

Additionally, Xeeva made the critical business decision to migrate its systems and products to AWS. This move was put in place to ensure a stable environment with the capability and reliability to scale while still meeting the heaviest demands with no loss of performance.

Prior to its latest product release, Xeeva received numerous accolades for its indirect spend management solutions this year. Spend Matters included Xeeva on its “50 Providers to Watch“ list for 2020 and its SolutionMap for eProcurement and Spend Analytics in both the spring and fall editions. Xeeva was also recognized by Silicon Review as one of the “50 Fastest Growing Companies” and by CIO Applications as a Top Procurement Solution Provider, among others.

To learn more about Xeeva’s spend management solutions, click here.

About Xeeva
Xeeva is the leader in indirect spend management solutions that optimize the entire procurement process. From delivering unparalleled data quality and completeness to intelligent guided buying for managing complex procurement operations, take advantage of Xeeva’s unique combination of AI-powered technology, industry insights, and domain expertise to maximize your procurement efficiency and savings. Xeeva transforms indirect spend management with best practices around spend analytics, data enrichment, sourcing, and procure-to-pay solutions that drive better, more strategic decision-making and deliver real financial impact to the enterprise. For more information, visit www.xeeva.com.