Automatic Spend Classification Helps Overcome the Challenge of Unreliable Spend Data
RESEARCH TRIANGLE PARK, N.C. and VIENNA, Austria, Nov. 27, 2019 (GLOBE NEWSWIRE) -- JAGGAER has developed a next-generation artificial intelligence solution that addresses one of the biggest challenges faced by procurement professionals: unreliable spend data. The solution is being presented by Emir Ombasic, a JAGGAER Data Scientist, at the WeAreDevelopers Congress in Vienna.
JAGGAER Automatic Spend Classification takes a text description or product number from an invoice or other document and uses natural language processing (NLP) techniques to predict the European standard eCl@ss product classification. The same procedure can also be used to predict the US UNSPSC product classification. This can be done on-demand or via batch processing.
The solution was initially integrated with the JAGGAER eProcurement module but has been developed as an independent module in its own right. “Since JAGGAER Automatic Spend Classification relies only on product names, it can be integrated with any other JAGGAER solution,” explains Ombasic.
“This greatly assists product classification segmentation and gives JAGGAER customers better insight into their spend, as it allows them to view data at new levels of granularity. And this in turn supports better strategic decisions,” adds Ombasic.
The most recent fast neural network prototyping capabilities make it much easier for data scientists like to try out different approaches in resolving real-life challenges for various businesses. In his presentation to the WeAreDevelopers Congress, Ombasic explains how the JAGGAER team used Keras Tensorflow to resolve the challenge of spend management of unclassified articles.
“Once companies are able to match articles to categories, it is much easier to check the spend per category and spot increasing procurement costs. This is especially true for large corporations where the orders are made in large volumes and range from stationery up to laboratory equipment and specialized parts,” says Ombasic.
The WeAreDevelopers Congress at the Vienna Hofburg, November 28-29, is Europe’s leading event for developers interested in technologies such as AI, Cloud, Blockchain and IoT, attracting 2,000 developers and 60 speakers from around the world. Emir Ombasic is presenting on Friday, November 29 at 14:00 h (2 p.m. CET) on the main stage.
About JAGGAER: Procurement Simplified
JAGGAER is the world’s largest independent spend management company, with over 2000 customers connected to a network of 4 million suppliers in 70 countries, served by offices located in the Americas, APAC, Asia and EMEA. JAGGAER offers complete SaaS-based Source to Pay eProcurement solutions with advanced Spend Analytics, Sourcing, Supplier Management, Contract Lifecycle Management, Savings Tracking, and intelligent workflow capabilities all on a single platform, JAGGAER ONE. JAGGAER has pioneered spend solutions for over two decades and continues to lead the innovation curve by listening to customers and stakeholders in all industry sectors, public services and academia. Additionally, JAGGAER holds 37 patents–more than any other spend management company.
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