Innovation is the essence of a revolution conceived from reformative ideologies. It can change the course of development of an individual, a society, an industry or a nation. There have been occurrences of eminent innovative ideas in various industrial sectors since ages. Some perished through the passage of time, while some became disruptive.
Disruptive innovations have the power to replace outdated practices of certain industrial disciplines that display a gradual dysfunction and need to undergo changes. Truly disruptive innovations have the potential to reinvent the very basics of their respective industries.
Xeeva is an organization on a mission to redefine the procurement software industry.
Xeeva is a global provider of intelligent procurement and sourcing software. It was founded in 2014 with the vision to harmonize business commerce. The organization believes in delivering results quickly and efficiently so its clients can streamline their operations. Through patented AI technology and a full suite software offering, it is able to simplify the source-to-settle process and drive massive savings for them.
The company combines its patented artificial intelligence technology, vast domain expertise, and an understanding of client business objectives to design its solutions. Xeeva then customizes them to the specific needs of each client through a 3 step process: Assess – Assemble – Deliver.
A Commendable Leader
Dilip Dubey is the Founder and CEO of Xeeva. He received his BE in Mechanical Engineering from the Maulana Azad National Institute of Technology and his MSE in Engineering from the University of Michigan. He has also attended the S.P. Jain Institute of Management & Research.
He is a subject matter expert in the use of emerging technologies such as artificial intelligence, machine learning, blockchain, cloud, and drones to improve businesses. His innovative mindset and leadership skills have earned Dilip multiple awards, including Ernst & Young Entrepreneur of the Year and Automation Alley Emerging Leader of the Year. He has been inducted into the Automotive Hall of Fame and has been featured on WDIV TV, WJR AM, and National Public Radio’s Morning Edition.
Dilip is also the co-founder and executive chairman of Netlink, pioneering its IT-based technology platform. Under his leadership, Netlink was named an Inc. 500 company multiple times and recognized as the fastest growing company and largest privately-held company in Michigan by Crain’s Detroit Business.
Treading towards Zeniths
With large volumes of data and extensive processes, it becomes difficult for businesses to figure out in real time what transactions mean on a granular level. Misalignment of data with stakeholders creates friction in spend visibility and spend management of organizations.
“The AI platform that we have built allows our customers to eliminate friction points in their procurement process and gives stakeholders real-time visibility,” says Dilip.
While explaining Xeeva’s strategy to tackle both industry issues and the competition, Dilip adds, “Other solutions can take a long time to deploy and provide results, or only define about 70% of spend data. We have multiple patents in AI, and we push the envelope to be a step ahead and develop innovative tech. Through our focus on artificial intelligence and emerging technologies, we’re able to cleanse and categorize the granular data, directly impacting how businesses make decisions.”
Disrupting the Concepts of Innovation
With disparate data sources, an absence of resources, and a lack of focus on technology, businesses often find themselves swimming in a sea of data. This problem is particularly acute when it comes to indirect spend data which has complex needs that many organizations struggle to manage properly.
Xeeva recognizes the need to improve the quality of procurement data and use intelligent technology to quickly identify savings opportunities that otherwise might have been neglected. The company’s solution is Xeebot, a unique artificial intelligence that is accurately blended with embedded domain expertise to power the Xeeva platform.
With Xeebot, procurement steps are reduced and minimal human intervention is required to manage procurement and sourcing effectively. Putting his machine learning technology to work, Xeebot learns while he performs.
“There’s an issue of true AI versus AI. For example, a chatbot that can reply to questions based on pre-programmed rules is very different from truly intelligent AI tech that can simulate human thinking, find patterns, or make decisions on its own,” explains Dilip as he describes how advanced Xeebot is.
Xeebot functions as a part-human, part-robot co-worker as he picks suppliers, automates tasks, provides recommendations, and finds ways to save resources. He does the heavy lifting by taking unstructured spend data scattered across various systems and quickly cleanses and categorizes it to transform detailed visibility into savings opportunities. He converts strategic sourcing initiatives into usable catalog items and ensures the user gets the best deal.
Foresight of New Horizons
Xeeva has encountered obstacles common to all startups that experience a fast growth stage. To become a successful startup, it focused heavily on two areas – hiring the right people and building advanced tech to fulfill its mission.
Xeeva has recently raised over $40 million in funding, which has helped to further enhance its product suite, accelerate its sales and marketing efforts, and elevate the Xeeva brand to new levels.
When asked about what can be expected from Xeeva in the next few years, Dilip states “To put it simply: explosive growth. We believe the future of procurement is AI and we intend to stay at the forefront of it by continuing to develop our AI technology to make the source-to-settle process more efficient.”
Source: The Companies with Most Disruptive Innovation
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