Bath, UK (Oct 4, 2019) – Claritum awarded AI Knowledge Transfer Partnership* (KTP) funding from Innovate UK
Claritum are pleased to announce that, in conjunction with University of Bristol, we have been awarded Innovation funding to accelerate the practical application of AI in the Procurement domain.
“This is really good news for Claritum to win this award, in what is a highly competitive funding process” said Prof. Richard Hillum, Executive Chairman at Claritum. “This funding will allow us to enhance our capability to create a disruptive sector change. Delivering on our key objectives to lower cost and provide higher value management information for our customers.”
The funding is focused in the key area of Machine Learning enhancements for Claritum’s product. Applied to the consolidation of purchases and suppliers to maximise on cost savings. An issue that is currently addressed by mostly manual processes and requiring large consultancy projects to wade through mases of data to identify similar products and suppliers.
“This is an excellent use case for AI,” said Dr John Cartlidge, Faculty of Engineering, University of Bristol. “Partnering with Claritum, we can already see the potential for better Business Information from the wealth of Procurement data that is accessible.”
The funding focus is on maximising savings opportunities on an ongoing basis, as opposed to quarterly or yearly manual reviews of data. Procurement Professionals will be able to use the solution to identify opportunities and the key suppliers to focus their efforts.
“Many buyers are unaware of the potential to provide products, materials or services with greater efficiency, lower cost or better quality,” said Prof. Richard Hillum, Executive Chairman at Claritum. “Plus, their potential suppliers are unaware of potential additional business for their products, materials or services.”
AI, applied in this way, will produce the best return on investment for Claritum’s customers.
University of Bristol
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Claritum's eProcurement solution streamlines the procurement process. By enabling employees to purchase goods through catalogues easily. While at the same time providing the tools for Procurement to efficiently and effectively manage suppliers into the catalogue; analyse and optimise the cost of goods and services, and apply governance to the overall process.
* Transfer Partnerships is a UK-wide programme that has been helping businesses for the past 40 years to improve their competitiveness and productivity through the better use of knowledge, technology and skills that reside within the UK Knowledge Base. A Knowledge Transfer Partnership serves to meet a core strategic need and to identify innovative solutions to help that business grow. KTP often delivers significant increased profitability for business partners as a direct result of the partnership through improved quality and operations, increased sales and access to new markets.
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