30 Most Innovative Companies 2018
Everyone in the tech world is familiar with artificial intelligence. Itâ€™s the new big thing people are talking about.
For some, AI is still a thing of the future. While for others, AI is very real and many enterprises are infusing their offerings with AI today.
In procurement, AI seems to be making its grand entrance recently. Those late to the game have added AI to their 18 month product roadmap. Those at the forefront, however, are already putting AI to work in their products.
Procurement software plays a critical role in modern business. An organizationâ€™s profitability depends upon the strategic functioning of the procurement software. The right procurement software and platform can help in reducing the overall â€œbottom lineâ€ of business. And when you mix AI with that, the results are even more apparent.
This is nothing new to one of the prominent experts emerging in procurement and sourcing, Xeeva. The companyâ€™s global presence is changing the game with its patented AI, vast domain expertise, and enhanced understanding of client business objectives. The AI-based technology in Xeevaâ€™s full suite of procurement software automates the source-to-pay process with open communication for procurement, sourcing, and supplier management. The end result is increased productivity, improved compliance and control, and an immediate and sustainable bottom-line impact.
It all started in 2014, when Dilip Dubey, the founder and CEO of Xeeva, recognized the need for a complete end-to-end procurement software powered by AI â€” and so Xeeva was born. True to its Detroit roots, it started in the automotive industry, where itâ€™s had tremendous success and has since expanded into other industries. In just a few years, it has advanced to become a global provider of intelligent procurement and sourcing software; its technology and solutions are used in more than 45 countries with availability in 18 different languages.
â€œWe stay relevant by being ahead of the curve.â€
Thatâ€™s what Dilip and his team are passionate about: changing the future of procurement with AI. Procurement can often be repetitive and require a lot of time, so Xeeva developed technology to improve this process. What makes Xeeva stand apart is its patented AI, which it refers to as Xeebot. Although there are many procurement software companies working on developing AI as part of their technology, not many hold multiple patents and have additional patents pending for the AI in their tech!
Xeeva encourages its users to think of Xeebot as a coworker, rather than just another tool for their team. He does more than just the procurement basics such as spend analytics and automating tasks. He also increases speed of processes, provides a granular view into spend data by classifying and categorizing it down to the line level, guides buyers in real time by evaluating supplier bids, and eliminates overpayment by uncovering insights that were previously hidden. Xeevaâ€™s advanced technology allows organizations to focus on what matters most and discover new ways to save.
As a software-oriented company, Xeeva uses over 50 pieces of tech and software across the organization every day. Xeeva employees rely on technology to effectively do their everyday jobs, and each piece of tech or software utilized provides a distinct benefit to their daily activities.
But the road to reach this sweet success isnâ€™t always easy. Xeeva is still a budding startup and in this environment, Dilip believes that thereâ€™s no such thing as â€œbusiness as usual.â€ Every single day is a new opportunity to learn more. â€œYou must stay true to your vision and mission but be flexible enough to get there in a way you may not have initially planned,â€ he advises.
Key Innovators: The Employees
At Xeeva, transparency and openness among the employees are encouraged, which allows for brainstorming and creativity to flourish in every corner of the organization. â€œInnovation occurs because our employees feel empowered and arenâ€™t afraid to share their ideas and opinions,â€ expresses Dilip. He adds, â€œOur employees have the ability to train in new areas, develop new skills, and get professional certifications, leading to greater knowledge for cutting-edge concepts.â€
When it comes to hiring, Xeeva goes beyond the resume and pays more attention to the applicant as an individual, learning what drives them, what are they passionate about, and who they are as a person. Xeeva looks for people who will apply their unique personality and outlook to what the company does, as each person who joins the team contributes new ideas and innovative ways of doing things.
Innovating for the Future
Looking to the future, Dilip sees Xeeva as a top leader in AI-driven procurement and at the forefront of procurement technology. â€œCurrently, our focus is on enhancing our existing product suite, making sure that weâ€™re constantly improving the technology that runs it to best suit the needs of our current and future customers,â€ he explains.
In other words, Xeeva is all set for explosive growth in the future! Recently, the company raised more than $40 million in funding that has enabled it to further enhance its product suite and accelerate its sales and marketing efforts. The funds will also surely elevate the Xeeva brand to new levels. Dilip expresses, â€œWe 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.â€
Meet the Mastermind of Xeeva
Dilip Dubey, Founder and CEO
Dilip is a subject matter expert in using growing technologies such as AI, machine learning, blockchain, cloud, and drones to improve businesses. His innovative mindset and leadership skills have earned him multiple awards, including Ernst & Young Entrepreneur of the Year and Automation Alley Emerging Leader of the Year.
Heâ€™s been inducted into the Automotive Hall of Fame for his professional work and has been featured on WDIV TV, WJR AM, and National Public Radioâ€™s Morning Edition.
Dilip received his BE in mechanical engineering from Maulana Azad National Institute of Technology and his MSE in engineering from the University of Michigan. He also attended S.P. Jain Institute of Management & Research.
â€œWe believe passionately in delivering immediate results.â€
â€œOur patented AI is what powers our software and what assists us in driving theÂ results that we do for our customers.â€