by Angela Guess

According to a recent press release, “Privately held LevaData today announced the debut of its flagship product, Leva™, the world’s first AI advisor for strategic sourcing and procurement. Leva is purpose-built for strategic supply chain and procurement professionals and uniquely combines multiple AI technologies with intelligent assistance to drive savings throughout the supply chain. Leva’s most significant and transformative innovation is in the area of negotiations. Leva is designed to provide supply chain and procurement professionals with maximum purchasing leverage for a given situation. Leva draws on a proprietary ontology of over 40 negotiation levers, used in thousands of sourcing events, to recommend the most effective lever and its use – in the right context and sequence – to dramatically improve negotiation strategy and outcomes. This application of machine learning results in an optimized negotiation process that includes evaluation of response behavior, an ongoing search for value-based outcomes, and the enablement of semi-autonomous or even autonomous sourcing events.”

The release goes on, “Leva is built on LevaData’s Cognitive Sourcing Platform™ and enables a ‘cognitive sourcing cycle’ that guides strategic supply chain and procurement professionals through sourcing risks and savings opportunities. It evaluates each risk or opportunity and offers prioritized actions, ranked by financial impact and time horizon. It ingests hundreds of thousands of sources of insights, including changes to enterprise spend and forecast information, as well as market intelligence, benchmarking, and more than 5,000 news sources, to deliver actionable insights.”

Read more at Business Wire.

Photo credit: LevaData