RAPid One-Click Spend Analytics is the world’s first and only automated spend analytics solution for procurement professionals. The solution provides actionable business insights such as cost saving opportunities, cash flow and supply chain risks within minutes of loading data into the RAPid Analytics Platform.
This unprecedented speed to insight is possible due to a technological breakthrough by the company, including the development of machine learning and Natural Language Processing (NLP) techniques that automatically cleanse, classify and enrich data into information for immediate visualization, analysis and data mining.
“We are grateful that the judges of the National Tech Awards have recognized RAPid One-Click Spend Analytics and the benefits to procurement professionals who rely on the highest quality data to deliver the greatest business value as possible,” said Roger Bullen, CEO, Rosslyn Data Technologies.
Since its global launch in late 2016, RAPid One-Click Spend Analytics has redefined the customer experience for speed and ease of use of analytics to support better, timely decisions by simplifying data access and data transformation for decision-makers.
RAPid One-Click Spend Analytics has helped many companies respond faster to business threats and opportunities. It also delivers business efficiencies.
One customer used the solution to significantly reduce the time and cost of preparing data for reporting and analysis. Instead of manually cleansing data, which would take many people, and many days, the global procurement organization self-loaded 165,000 suppliers into the RAPid Analytics Platform. In just an hour, 68% of the more than $400 billion in spend was automatically mapped, classified and ready for analysis in a pre-built interactive dashboard.
“RAPid One-Click Spend Analytics has made business insight from data more accessible than other traditional business intelligence solutions that require major investment in technology and people to design, deploy and manage,” added Roger Bullen.