Procurement has long been a tedious, manual process. Technological developments over the last few decades have provided incremental improvements, making procurement processes more streamlined and efficient. But as the needs of procurement have evolved, so has the technologies that solve them. Procurement is currently in the midst of a digital transformation, with many disruptive technologies emerging on the scene and changing the way procurement is done. As a global provider of intelligent procurement and sourcing software, Xeeva is leading this transformation with its patented artificial intelligence.
Xeeva’s vision is to harmonize business commerce, which it is achieving through its innovative technology. Its specialized procurement AI automates the source-to-pay process, helping organizations realize unprecedented efficiency and savings.
According to the company’s Chief Revenue Officer, David Kenneson, the idea for Xeeva came from the need for a complete end-to-end procurement software powered by AI. “Many procurement tasks are time-consuming and repetitive,” said Kenneson. “Advanced AI technology, however, is capable of automating these tasks, speeding up processes, and uncovering previously hidden insights.”
These AI-powered insights provide Xeeva’s clients with unparalleled spend visibility, allowing for more informed decision-making, hyper-efficient procurement operations, a centralized platform for sourcing, and streamlined collaboration with suppliers. Underlying Xeeva’s software is a platform with AI at its core. Built as an AI-first technology, Xeeva provides deep analytics to surface insights throughout the procurement process.
Xeeva’s software utilizes two proprietary technologies that enable it to deliver unprecedented savings and efficiency. These groundbreaking technologies are embedded throughout its complete source-to-settle product suite: procurement imperfect data management & procurement domain digitization. These technologies are what allow Xeeva to go beyond the basic tasks performed by other procurement software, such as task automation and workflows.
When it comes to what makes Xeeva’s technology unique, Kenneson notes, “Our tech is able to cleanse, categorize, and enrich granular data, and does so faster than other solutions – allowing you to make better decisions that truly transform your business.”
Keys to Xeeva’s success
Earlier this year, Xeeva was awarded its third patent for the rapid enrichment of imperfect data using its AI. This is an expansion of the multiple patents Xeeva has already been granted for its spend classification abilities, and further adds to the solution’s capacity to drive massive savings for procurement teams. With Xeeva’s unique AI technology, spend data can be cleansed, classified, deduplicated, and enriched. Enrichment is completed at the line-item level, as opposed to just the supplier level – and it’s done in a matter of minutes or hours, versus the weeks it would take to analyze the traditional way. This granularity provides users the ability to view immediately actionable insights and uncover incremental savings opportunities that make a real impact on their business. With this level of visibility, buyers no longer have to get caught up in the minutia and are able to instead focus their attention on more strategic efforts.
These patents and the advanced technology behind them are what caught the attention of investors and allowed Xeeva to raise $40 million in funding last year, which it has used to further develop its technology and grow the company. With more innovation to come and additional patents pending, it’s proven that Xeeva will continue to drive positive change in procurement. Kenneson agrees, stating, “We’re confident that AI is the future, and we’re excited to pioneer the path for AI in procurement with our innovative technology. The funding and industry recognition we’ve received proves we’re on the right track, and empowers us to keep working towards our vision of harmonizing business commerce to drive hyper-efficiency and massive savings for our customers.”
Leading the way
Respected for his sales leadership and insight, David Kenneson is Xeeva’s Chief Revenue Officer. As CRO, he is responsible for helping Xeeva become the leading procurement solution globally. David has a vast knowledge of driving and streamlining operations strategies, building essential relationships, and increasing value for customers.
David has more than two decades of experience in sales and management roles in the manufacturing, supply chain, and software industries. Prior to Xeeva, David served as the CRO of Quintiq, a Dassault Systems company. There, he led the strategic alignment of all global revenue-related functions and dramatically increased Quintiq’s global revenue due to the adoption of his sales best practices. He’s also held various leadership roles in software, consulting, and supply chain within multiple organizations, including SAP, Ernst and Young, and Grant Thornton.
David received an MBA in Supply Chain Management from Lehigh University and also holds a bachelor’s degree in Production and Operations Management from University of Scranton.
"Our tech is able to cleanse, categorize, and enrich granular data, and does so faster than other solutions – allowing you to make better decisions that truly transform your business."
"We’re confident that AI is the future, and we’re excited to pioneer the path for AI in procurement with our innovative technology."