Digitate, a software venture of Tata Consultancy Services (TCS), announced the release of ignio Cognitive Procurement to help enterprises make smarter purchase decisions and take action faster.
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