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Financial Services
leveraging AI for sustained competitive advantage
Goal
Having always sought to lead and innovate within the financial industry, Fidelity Investments initially adopted autonomous sourcing to manage the high volume of transactions handled through manual processes. The company wanted to streamline these processes in order to achieve significant cost savings and improve supplier rates.
Solution
Fidelity Investments reported that Globality’s autonomous sourcing platform reduced time to contract by about 50%, indicating a substantial improvement in process efficiency. In the professional services category, they experienced a 20% savings rate with little to no involvement of procurement professionals.
20%
savings on competitively sourced events
84%
Reduction of original Resources
3 MONTHS
to achieve substantial ROI
We now require only 8 resources instead of 50. We have achieved over 20% savings compared to standard rates. It took about three months to break even, and after that, it was all pure savings that boosted the company's bottom line.
Our suppliers can now quickly assess whether they will win or lose a bid without investing much time and resources.
20%
savings on competitively sourced events
84%
Reduction of original Resources
3 MONTHS
to achieve substantial ROI
Pharmaceutical
tapping the power of AI to drive business transformation
400
PROJECTS COMPLETED ON PLATFORM
700
PROCUREMENT AND BUSINESS USERS
50%
REDUCTION IN SOURCE-TO-CONTRACT TIME
Adopting a procurement platform reduced our contracting time by 50%, transforming our procurement with its powerful AI capabilities and ease of use.
Goal
As part of UCB’s digital transformation journey, the €5bn Pharma company was driven by the need to streamline sourcing processes and minimize the involvement of the sourcing team in routine tasks.
Solution
By implementing Globality’s autonomous procurement platform, UCB saw a significant reduction in the contract cycle time and marked improvements in user satisfaction.
Leveraging continuous learning, our AI platform smart maps suppliers according to their abilities, competencies, and business needs. These advancements have optimized UCB’s procurement operations, aligning them with modern digital practices.
Life sciences
aI-powered spending to
do more with less
Goal
IQVIA, a health technology and clinical research leader with $15 billion revenue, needed to transform its procurement operating model and processes to meet the challenges of continuing to reduce costs and increase efficiencies, while also delivering more value to the wider business.
Solution
To help achieve this, IQVIA adopted Globality’s AI-powered platform to support its ambition of delivering truly autonomous sourcing across the enterprise. In the past year, IQVIA employees ran more than 400 sourcing events worldwide with a spend value of $150M. Crucially to achieving its aim of implementing a new type of sourcing model, 70% of these events were business-led and more than 60% of projects took less than 45 minutes for users to scope.
70%
of sourcing events business-led
60%
of projects scoped in less than 45 minutes
18.5%
average savings on competitively sourced events
Globality delivered immediate results in terms of quicker speed-to-market and double-digit cost savings, enabling our procurement team to do more with less and help drive better business outcomes.
The success that we have achieved with Globality has laid the foundations for us to significantly increase the scope of autonomous sourcing across IQVIA in 2024 and beyond, with the aim that our employees are empowered to source what they need, when they need it, in the most competitive and compliant way possible.
70%
of sourcing events business-led
60%
of projects scoped in less than 45 minutes
18.5%
average savings on competitively sourced events
Retail
transformING retail procurement
Our business stakeholders are able to source their needs autonomously in a consumer-like experience, and yet procurement is able to proactively influence spend to achieve all of our sourcing goals. We've entered a new world in procurement, and Globality has made this vision come true for us.
Goal
For Tesco, improving management of its indirect spend was a natural way to stay ahead in the highly competitive European retail market, so they sought an autonomous, AI-driven solution to give them an advantage.
Solution
Tesco became the first multinational retailer in Europe to utilize Globality’s AI-enabled sourcing platform. Globality helped Tesco transform their procurement function and saw Glo adopted as a beloved virtual team member, guiding the buying process through intelligent, natural language interactions and enhancing sourcing quality and cost-effectiveness.
Rapid adoption
of ai for all indirect spend
90%
of tenders receive Glo’s market intelligence
Significant
time and spend savings
Hours, not weeks
to scope projects
Double-digit
cost savings (%)
Billions
in annual purchases (£)
Our team saw immediately that Globality’s autonomous sourcing platform is the complete suite, perfectly meeting the needs of all indirect categories.
telecom
Cutting costs & empowering its business stakeholders
Goal
BT’s forward-looking procurement operation wanted to introduce self-serve technology to its sourcing process, lowering costs, simplifying the overall process, and making it more digital, sustainable, and value-creating.
Solution
In February 2021, Globality’s platform went live throughout BT’s operations.
Globality’s AI technology has enabled both BT Procurement team members and business end users to get what they need. With Glo’s help, self-serve users have been able to precisely scope requirements and avoid overbuying and discover new suppliers in real time in addition to BT’s existing suppliers.
Users also effectively collaborated with colleagues and suppliers and significantly reduced costs through increased competition, data-driven insights, and intelligent analysis.
Hours, not weeks
to scope projects
Double-digit
cost savings (%)
Billions
in annual purchases (£)