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Turn-key solution for enterprise procurement transformation
Save your procurement budget with AI and advanced analytics via:
  • Price forecast and analysis
  • Savings opportunity pipeline
  • Risks analysis
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Recognized by
Solution

Price prediction

  • Red Flag:
    Inflation and currency volatility
    Affect base price of procurement contract, which leads to tender delays, fines and reputation risks
    Outcome:
    More accurate budget and procurement planning
  • Red Flag:
    Lack of economic savings identification
    Get email notifications on tenders and contracts that can be optimized for savings
    Outcome:
    Economic savings pipeline, better tendering process
Features of price prediction
  • Flexible price change scenarios
  • Transparency and accuracy of budget planning
  • Analysis by product categories to reveal the factors of price growth
This ensures budget savings, minimizes the risk of fines, and increases the percentage of “closed” tenders without price revision

Procurement price analytics

  • Red Flag:
    Overpricing of the goods
    Identify which goods were procured for a higher price to avoid artificial budget inflation
    Outcome:
    Economic savings (up to 15% of entire budget)
  • Red Flag:
    Outdated supplier register
    AI automatization of commercial requests gathering and other business processes within your procurement department
    Outcome:
    Budgeting time optimization (up to 60% manual labour automation)
Features of price analytics
  • Automation of collection of commercial proposals from suppliers, formation of a register of active suppliers for different goods
  • Most accurate price estimation using both historical data, open data and proposal parsing
  • Budget optimization by comparing prices with the real market
This ensures budget savings, minimizes the risks of price dumping or artificial price inflation.

Procurement risk analytics

  • Red flag identification
    The solution employs advanced algorithms and AI techniques to automatically identify red flags in procurement processes. These red flags could indicate potential fraud, corruption, or inefficiencies in the process. Examples of red flags include overpricing, single-source contracts, unusual bid patterns, conflicts of interest, unusually high or low bids, change orders or contract amendments
  • Risk scoring and prioritization
    The system calculates risk scores for each procurement based on the identified red flags, taking into account factors such as the value of the contract, the complexity of the procurement, and the potential impact of the risk. This risk scoring enables the prioritization of procurements for further investigation or audit
Our Customers' Outcomes
Savings Opportunities
Last year, redflags.ai identified
200K+ savings opportunities worth over
$405 Million
reported by our customers
Realized Savings
Maximum amount of savings, reported by our customers
$100 Million
by utilizing redflags.ai
Why use redflags.ai?
You can't manage what you can't measure
  • -1-
    Data Doesn't Automatically Create Value

    Simply having data and analytics doesn't automatically create value for an organization.


    You might invest a significant amount of time and money in data engineering, reporting, and data visualization, but if no decisions are made and no actions are taken, then it would all be a waste of resources.



  • -2-
    People Create Value
    Using Data

    The real value comes from employees making decisions and taking action.


    A company's most valuable resource is its managers' attention.


    You need to focus business users' attention on the most promising savings opportunities with the highest possible financial impact

  • -3-
    Ensure People Make Decisions and Take Actions

    Automate savings insights generation using various corporate data sources


    A management framework is essential for creating hypotheses about using data to spot and realize savings opportunities.


    And implement it in a workflow tool to track your progress and outcomes.

How It Works?
Connect Any Data Source
The system can aggregate data from various internal and external data sources such as CRM, ERP, DWH, API, Excel, Open Data, and others to gather information about Customers, Suppliers, Tenders, Contracts, Purchase Orders, Invoices, Payments, etc.
Create Hypotesises
Define business rules to effectively manage and scale the generation of savings ideas (hypotheses).

Use our database of savings ideas for inspiration.
Automatically detects savings opportunities
Automatically examine all records and transactions to detect savings opportunities based on red-flag business rules created by users.
Implement workflows
to ensure no opportunity is missed
The system supports custom workflows for managing savings opportunities:
  • assign a responsible business user for each opportunity
  • track decisions they made
  • trigger actions in external systems
  • track the outcomes
Report realized savings
Customizable dashboards to track:
  • How many ideas have we created about how to use data to realize savings?
  • How many savings opportunities were identified based on these ideas?
  • Which ideas showed the best performance?
  • What is the amount of realized savings?
Empower AI to save time reading documents
In the age of Generative AI, the system allows the use of state-of-the-art LLM models to extract data from unstructured information (text fields, PDF files, etc.) and help users with complex reasoning scenarios.
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Case Studies
redflags.ai saved 10% of JSC Kazakhtelecom's procurement budget
Kazakhtelecom JSC - largest TeleCom corporation in Central Asia.

Using AI, we developed an application that “reads” suppliers’ CPs and extracts the necessary product attributes from the purchase order. We then matched contract items and product attributes with purchase orders, optimizing the organization’s budget.
Watch
Using Big Data for Detecting Economic and Corruption Crimes by Vitaliy Trenkenshu
Join Vitaliy Trenkenshu, Chief Executive Officer of redflags.ai and Enterprise Big Data Framework Alliance Ambassador, as he delves into the challenges and innovations in detecting economic and corruption crimes using big data.
How Active Intelligence approach helps to save taxpayers’ money
Governmental auditors of Kazakhstan are equipped with a powerful award-winning tool that boosts their efficiency and helps them prevent losses in procuring entities from purchasing overpriced products, saving taxpayers money. As a result, over US$ 86 million of taxpayer's money has been saved in 2021
OCP Red flags global webinar
Open Contracting Partnership red flags global webinar worked through the methodology and how to use the indicators to detect suspicious behaviour. Joining up theory with practice, you get to hear from our partners who are successfully using these methodologies in the field. We hope to provide actionable and approachable steps that practitioners from across the globe, from researchers to procurement agencies to fellow data dorks, can take to begin analyzing their procurement data through the lens of integrity
Recognition
Redflags.ai have been shortlisted at the 2024 DataIQ AI Awards
Redflags.ai have been shortlisted for the two nominations:
  • Transformation with AI — vendor-side
  • Best Use of AI for Non-Profit or Non-Commercial Purposes
Check the advantages of using our platform for your organization
See our award-winning solutions in Action
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