Unlock Procurement Potential with Arkestro

In today’s procurement landscape, Arkestro is leading the charge with its cutting-edge predictive procurement orchestration. This platform brings advanced AI, game theory, and behavioral science to streamline purchasing decisions, making procurement faster and smarter. Here's what you need to know about Arkestro and how it can transform procurement in your organization.

Key Features of Arkestro's Predictive Procurement Orchestration

1. Intelligent Counter Offer Arkestro's Intelligent Counter Offer function is a standout feature for procurement teams venturing into new purchasing territory. Even when there’s no historical data on a specific item, Arkestro uses AI to generate counter offers based on trends and past purchasing behavior. This tool helps companies launch new products or categories without the guesswork, bringing immediate value to sourcing efforts.
2. Seamless Supplier Engagement Suppliers can engage with Arkestro without needing to log into a separate portal—a feature that streamlines the bidding process and removes typical barriers suppliers face with procurement systems. With tools like direct email responses or a user-friendly platform, suppliers have an easier time participating in bids, resulting in more accurate and competitive pricing.
3. Data-Driven Pricing Insights Arkestro uses machine learning to predict the best price for items based on historical purchasing data, supplier relationships, and purchasing volumes. It also provides suggested starting prices for negotiations, creating a fair and efficient experience for both buyers and suppliers. This data-backed approach ensures that procurement teams can make informed decisions, maximizing savings and efficiency.

Success Story: Savings with Intelligent Counter Offers

One of Arkestro’s clients had a $10 million savings target for the year, which they managed to hit within the first seven months of using Arkestro’s platform. The key to their success was leveraging Arkestro’s Intelligent Counter Offer tool, which allowed them to optimize pricing even for new purchases with no historical data. This success led the company to expand Arkestro globally, achieving their international savings targets ahead of schedule.

What’s Next for Arkestro?

Arkestro’s vision is centered around using data to create better buying decisions, and they are continuously enhancing their platform to help organizations optimize procurement. With AI-powered recommendations and insights, Arkestro is pushing the boundaries of what predictive procurement can achieve, moving beyond just cost savings to create long-term value for companies.

Areas for Improvement: Looking Toward the Future

1. More Insights from Data While Arkestro excels in predictive pricing, there is room for growth in delivering even more insights from the data they collect. For example, offering alerts when a contracted supplier is being underutilized or opportunities for supplier consolidation could further empower procurement teams.
2. Enhanced Sourcing Questions Arkestro could further enhance its platform by offering predictive sourcing questions tailored to specific categories of spend. This would help procurement professionals ensure they are asking the right questions during the bidding process, optimizing supplier selection and ensuring compliance with organizational standards.
3. Customizable Award Scenarios While Arkestro’s award analysis is robust, adding more flexibility to the award scenarios would be a game-changer. Enabling procurement teams to customize award criteria, such as setting specific percentages for diverse suppliers or incumbents, would allow for more strategic sourcing decisions.

Final Thoughts

Arkestro’s predictive procurement orchestration is redefining how organizations approach procurement, offering a data-driven, efficient, and intelligent solution for managing supplier relationships and optimizing spend. Whether you're just getting started or scaling globally, Arkestro is a powerful tool for any procurement team looking to innovate and save.