LevaData will publicly release a new generative insight report each month.

PLEASANTON, Calif--( BUSINESS WIRE )-- LevaData, the company behind the industry-leading AI-powered supply management platform, today announced it has been recognized for the third year in a row as a Sample Vendor for Autonomous Sourcing and Prescriptive Analytics in the Gartner Hype Cycle for Procurement and Sourcing Solutions, 2023 report (July 2023).

LevaData has made it easier for clients to track spending and lead time.The supply management firm has updated its artificial intelligence (AI)-powered platform that lets customers get deeper insights “down to the parts and ingredients level,” LevaData announced in a news release Monday (April 3).“Unprecedented volatility and ongoing economic uncertainty have forced companies to look closely at how they can gain complete data visibility and, most importantly, turn all this information into meaningful insights to make intelligent decisions about their direct material sourcing,” the company said in the release.To that end, LevaData said in the release it has enhanced its lead time visibility, offering to give customers a deeper picture of evolving trends.“When armed with this insight, users can review manufacturer lead times within the same commodity areas and proactively identify alternative suppliers to ensure supply continuity and resiliency,” the company said in the release.LevaData has also updated its spend intelligence solutions so clients can get a broader view of the breakdown and flow of spending to help them determine places they can save, according to the release.Businesses across the economy suffered from supply chain breakdowns during the pandemic. Now, those companies are increasing their investments in upgrades to prevent, or at least lessen, disruptions to their procurement processes.That’s according to research in PYMNTS and Corcentric’s March report, “Digital Payments: Modernizing Procurement Processes,” which found that investments in logistics and supply chain management innovation should be at the top list for businesses that wish to bolster their procurement functions and drive greater operational resiliency.Businesses in industries that depend on supply chain stability to get their products to customers said they plan greater investment in modernizing their procurement functions, especially manufacturers and retailers at 55% and 54%, respectively.Executives in the finance, insurance and healthcare fields also told PYMNTS they recognize the importance of a smooth procurement process to their businesses’ success.Roughly a third of healthcare companies (34%) said they plan to invest further in their logistics and supply chain management systems, as did 40% of finance and insurance companies.For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter