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  Post Covid, geo-political turmoil and looming recession have increased the complexity and expectations of CPO or Procurement function at large - with high visibility at CEO and board levels - as procurement function have become more strategic.

Apart from Right Product, Right Price and Right Quantity, ensuring the Right Value is becoming critical for companies. Companies need to invest in next-gen procurement technologies to bring in analytics/ visualization, predictive analytics, deployment of RPA for recurring or transactional activities with AI / Cognitive capabilities.. these are not buzz words anymore.

With the number of "recurring" purchases, the transactional volumes have gone up significantly and effective solutions are required to help with both transactional as well as strategic part of procurement.

I am excited about the approach Krayo is taking to solve the problem. As a procurement practitioner, I love the fact that they look at Corp Spend holistically from a procurement lens which is more strategic than transactional. Done right, this could be transformational for companies. 

  The ability to access data-based benchmarks is critical for any finance professional. Today, these benchmarks are often not readily available, requiring me to resort to informal information checks sourced manually through my network. To have a curated, more real-time benchmark feed would be game-changing and I would pay for that service in a heartbeat. 

  Today most companies have signed up for a long list of SaaS/software vendors. During sign up the contracts are primed for maximum usage to get best discounts, rates etc. Over the years the actual usage of the SaaS products forms a very small portion of the contracted capacity.

I have seen cases where 300 employees were issued a subscription for a product and less than 50 of them had logged into the product in a year and only 10 were regular users. For a Finance/Commercials team it is difficult to realize who are using various subscriptions if we are paying more than what we are using for. Complicating the matters further, most SaaS billings are auto-charged to credit cards or are renewed annually there by cutting out the review mechanism from the payment for the product.

This is where a product like Krayo can play a key role by bringing together all spends and linking it to the usage across the organization.

The data comes from Krayo is independent from the vendor or end-user team, both of which usually do not provide usage data to finance easily.  

  As we were growing, adoption of technology and tools became a natural choice for us in various aspects of running business. And thanks to multiple providers which made this really possible for me, be it in the field of development, HR, finance, sales etc. you think of it and the tool exists with more than a dozen provider. But eventually it became a challenge for me to manage so many vendors, track billing, track usage within organisation and justify using the services. The more I think, the larger the problem occurs to me. And then I encountered Krayo and it’s founder who had just picked a piece from my mind and were working on it. And this is just an initial part of their broader platform story.

I would describe Krayo as a great productivity tool that uses AI to bring real time decision making at one's fingertips. Technology driven integrations provides deeper understanding of diverse data sets. I am waiting for full blown versions of Krayo to come out.  

  At Innovaccer, we manage a broad swathe of requests across functions and regions (US, UAE, INDIA), and keeping pace with the business groups is always a priority. Needless to say, Procurement needs to cut across other support functions i.e., Finance, Legal, IT, and Compliance, in order to fulfill these requisitions.

At times it becomes hard for us to drive visibility across the teams on the process and serve the BUs to the best of our abilities. Krayo brings in a lot of promise to completely turn things around for us. A single platform for Corp Spend sounds like a dream which I really wish to see as a reality soon.
From full cross-functional visibility to defining the policies we want and getting its compliance; from parallel workflows to automated reports and analytics; there's just a lot to look forward to and embrace. This is the future of Corporate Spend.