New Reasoning Engine Fuels AI Platform for Unified Procurement ProcessSAN FRANCISCO, May 21, 2024 /PRNewswire/ -- Levelpath , the AI platform for unifying procurement, today unveils Hyperbridge, a new, proprietary AI reasoning engine that can ingest, understand, and connect data from various enterprise sources and publicly available datasets. By mapping relationships and extracting insights, it enriches procurement data with contextual intelligence from other business functions like legal, finance, security, and IT to optimize workflows.Making its debut at the Levelpath Connect customer conference on May 21-22 in San Francisco, Hyperbridge powers the company's procurement platform. Hyperbridge facilitates more informed decision-making, mitigates risks, improves cross-functional collaboration, and streamlines processes. Customers can expect Levelpath, with its Hyperbridge engine, to drive substantial productivity gains, significant cost savings from optimized supplier management, and enhanced business agility as procurement continues to evolve into a strategic catalyst.Recent research from Proxima, Bain & Co, has revealed that Fortune 500 companies' external supplier costs account for an average of 75% of their total spending and 65% of their revenue. Additionally, Fortune 500 and FTSE 350 companies could expect to see a 32% and a 27% surge in EBITDA, respectively, from just a 10% cut in supplier costs.1"A digital approach requires us to embrace new technology systems, data management, and sophisticated analysis. By leveraging AI and advanced analytics, we can transform procurement into a function that improves EBITDA margins, drives supply chain innovation, and enhances overall business agility," said Dr

Earlier this year, a big French tech company started requiring an email to the CEO for every purchase above €1,000. That’s because they didn’t have the right tool to manage procurement.Meet Pivot, a new French startup that wants to overhaul spend management solutions. Pivot wants to work with young companies that are growing fast and feel like they need a procurement solution. Instead of picking a legacy business spend management system from an ERP vendor, Pivot wants to be the first (and last) procurement system for these companies.At the helm of the startup, you will find three experienced co-founders. Romain Libeau was one of the first employees at Swile and more recently acted as the Chief Product Officer for the French unicorn. Marc-Antoine Lacroix has spent several years working for Qonto as the Chief Technology Officer and then Chief Product Officer