New and Exciting Product Features Powered by Summer Interns

For the last couple of months, Ignite Procurement has had the privilege of having talented interns working on new and exciting product features.

Ignite Procurement continued its annual internship program this summer with no less than 10 students joining us from recognized Norwegian and international universities.

Ignite Procurement - Summer interns 2020

Most of the summer interns have spent their time on developing new features in our spend management solution. Features that are driven by customer and market insights. Let's take a closer look at some of these projects - and the amazing results of all their hard work.

Please note that most features are still in beta and need additional testing prior to release.

Automated UNSPSC tagging and spend classification using ML/AI

The United Nations Standard Products and Services Code (UNSPSC) is a global, multi-sector taxonomy for classifying products and services.

What features have we been working on?

What challenges are we trying to solve?

  • Streamline and automate the classification process with more accurate spend classifications
  • Facilitate benchmarking and community intelligence across our users and customers

Teaser - Automated UNSPSC tagging

Revamping the classification (or grouping) module

The powerful, built-in grouping module provides our customers with endless opportunities for data classification, such as spend categories, prioritized suppliers, or simply replicating your organizational structure.

What updates have we been working on?

  • Visualization of data flows and classifications by implementing Sankey charts
  • Simplify the user's ability to update or change the rules used for data classifications

What challenges are we trying to solve?

  • Improve user experience, visibility, and flexibility in the classification process

Visualizing data and spend classification

Mobile app for sharing and collecting insights

A challenge that many procurement professionals experience is the ability to share information across the organization.

What features have we been working on?

  • Create and launch MVP of a mobile application targeted for internal users

What challenges are we trying to solve?

  • Share procurement information with relevant users internally, e.g. contract or supplier details
  • Collect critical procurement insights from users to be used in the strategic procurement work, e.g. user surveys or continuous supplier feedback
Ignite Procurement: Mobile app for internal users

Marketplace: Widget and dashboard library

Procurement analytics and insights should be easily available for all procurement professionals. Why should you need consultants or solution providers to do this for you?

What features have we been working on?

  • A brand new Marketplace containing assets that are easily accessible for all users, such as integrations, analytics and add-ons
  • Commonly used widgets and dashboards in an open library are the first assets to be included in the Marketplace

What challenges are we trying to solve?

  • Simplify the procurement analytics process - more focus on driving insights from the data
  • Share best practices, templates, and other assets across users and customers

Marketplace: Example of widgets library

Forecasting models to predict the future

Although understanding the past is important, leading procurement functions recognize the need to be more forward-looking.

What features have we been working on?

  • Time series forecasting models to predict future values or spend

What challenges are we trying to solve?

  • Leverage deeper insights from historical data by identifying trends, seasonal variations etc.
  • Use predictions to better estimate budgets and future profitability

Forecasting model for procurement

Alerts: Accelerating speed to action

All available information should help procurement professionals make smarter decisions. But more data may also increase the complexity, which highlights the importance of identifying the right data at the right time.

What features have we been working on?

  • Alert system allowing users to create, receive, and customize notifications for important events

What challenges are we trying to solve?

  • Identify important events or updates, such as new suppliers, spend compared to framework agreements or maverick spend in a category
  • Increase speed to action for procurement professionals in their day-to-day and strategic efforts

Smart alerts

 

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