Volkswagen, the largest German automaker, gathered a cross-functional executive team for a session highlighting successful and potential partnerships with top startups in Silicon Valley. As part of this Innovation Day, VW Group’s Meredith Gibbons took the stage with Arkestro Founder & CEO, Edmund Zagorin, to participate in a fireside chat around the role of AI/ML and predictive pricing in VW’s purchasing innovation program.
“Leveraging innovative technologies like Arkestro helps our team continuously improve the supplier experience and gives our stakeholders faster purchasing cycles,” said Gibbons. As the EV business grows and impacts the complexity of the supply chain, new technology like Arkestro helps ensure that commercial success doesn’t overload purchasing teams. In fact, category leaders can now spend more time focused on value-add activities like relationship-building and strategic negotiations.
Arkestro, the leading Predictive Procurement Orchestration platform, is an embedded platform that proposes predictive pricing and terms to suppliers using AI/ML, thereby delivering a faster and more automated purchasing experience. Even before COVID-19, Volkswagen saw an opportunity to utilize Arkestro to embed business logic for faster approvals and instant feedback in their purchasing cycles, helping to reduce cost and inefficiencies, automate their supply chain and even increase supplier diversity metrics.
“The Volkswagen purchasing team has been a terrific partner and I am thrilled to join Meredith on stage as part of their Global Innovation Day. For automotive supply chains dealing with the simultaneous transitions to electric, connected and autonomous vehicles, a forward-thinking approach is becoming a necessity,” said Zagorin. “Arkestro is proud and excited to support Volkswagen’s vision of a purchasing process that is as self-driving as their vehicles will soon become.”
Arkestro is the leading Predictive Procurement Orchestration platform. Built to amplify the impact of procurement’s influence, Arkestro customers deliver a 2-5x lift on cost savings from everyday purchasing and sourcing cycles. Top enterprises leverage Arkestro’s behavioral science, game theory and machine learning to predict and win faster value in every category of addressable spend. Learn more at arkestro.com