Frequently Asked Questions

1.What does LevaData do?

LevaData’s AI-powered supply chain management platform enables supply chain and procurement teams to transform their direct material sourcing. The platform utilizes sophisticated AI algorithms and data-driven decision intelligence to provide actionable insights, mitigating risk at the part and supplier level, reducing costs, improving decision-making, and enhancing supply chain efficiency.

 

2.What are the key benefits of LevaData’s platform?

 The five key benefits of LevaData’s platform include the following:

Supply Chain Visibility: Gain real-time visibility into your supply chain, including supplier performance, risk assessments, and demand forecasting.

Sourcing Optimization: Identify the best suppliers to source your parts and materials and get the data-driven insights you need to negotiate optimal pricing.

Cost Management: Analyze costs across all your direct material spend, quickly identify savings opportunities, and get the information needed to act immediately.

Risk Mitigation: Proactively identify risks for all your standard and custom parts as well as your supplier sand implement strategies to minimize disruptions and ensure continuity.

Team and Supplier Collaboration: Increase productivity with your teamand efficiency with your suppliers as you streamline processes for better, faster results.

 

3.How do LevaData’s AI-powered insights work?

LevaData employs sophisticated AI and machine learning algorithms to process vast amounts of data from company, market, and community sources. Powered by AI, LevaData’s platform contextualizes and analyzes historical data, current trends, market dynamics, and other relevant factors to generate predictive insights and actionable recommendations.

 

4.How does LevaData uniquely help companies with risk management?

Unlike other solutions on the market, LevaData enables sourcing teams to assess and manage risks down to the commodity or part level for both standard and custom parts. LevaData’s proprietary part risk intelligence incorporates factors like cost, supply continuity, and lead times so sourcing teams can identify and proactively mitigate risks before they occur, saving invaluable time and resources.

 

5.How does LevaData enable companies to generate cost savings?

LevaData identifies cost-saving opportunities with its proprietary methodology blending company and supplier data and benchmarking prices from over 117 data sources. The platform optimizes sourcing decisions, negotiating better pricing, reducing excess inventory, and optimizing overall supply chain costs.

 

6.What kind of support and training will I receive as a LevaData customer?

LevaData provides onboarding and educational resources, so customers are successfully up and running in a matter of days. This allows sourcing teams to begin realizing cost savings and identify and avoid unnecessary risks with the parts and materials they source almost immediately. Customers receive dedicated access to our professional advisory team, onboarding sessions, training webinars, and our robust LevaData University with articles and videos to ensure your team is utilizing all of the key features of LevaData’s platform.

 

7.How does LevaData’s platform utilize AI?

LevaData’s platform and proprietary technology is built on AI, blending and contextualizing data to help supply chain, procurement, and product teams make better decisions faster. LevaData is reinventing how companies source their direct materials by providing the insights and intelligence they need to do their work with higher velocity and greater accuracy and results. This is the future of supply chain sourcing in action today. 

 

8. What makes LevaData’s use of AI unique in supply chain tech? 

There is a lot of hype around AI right now. LevaData’s easy-to-use AI-powered platform provides measurable value in every part of the platform. AI combs through massive amounts of aggregated and contextualized data to alert teams when things change (down to the MPN level across vendors) so teams can make better decisions about part pricing and avoid shortages. With the granularity of our data, LevaData knows more about your parts, plastic resins, metals, and other ingredients than anyone else.

 

9. How does LevaData train its models?

LevaData has been using AI for years to get unstructured data into our platform. We process, clean, blend, and contextualize billions of pieces of spend, market, supplier financial health, materials, and customer data so we can share it rapidly in a context that makes sense to our customers. Our models and algorithms do the following:

  • Involve constant and iterative review of part numbers, descriptions, and names to constantly update mappings of component classifications and company name normalization.
  • Are continuously detecting anomalous values (e.g., prices and lead times) to ensure our customers andLevaData maintain optimal data integrity, so customer spend aggregations are correct and market trends and benchmarks are using the best data points possible.

 

10. How is LevaData utilizing AI to impact the supply chain industry? 

Procurement professionals have been massively underserved for years. No one thinks twice about providing marketing teams with CRM tools and finance teams with ERP platforms. But procurement teams are stuck using spreadsheets and email. So, AI is helping transform procurement, providing procurement professionals ways to directly add more value to a company’s bottom line. It not only unearths millions in savings but also provides real career progression opportunities that did not exist before.

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