In his own words Adriano Garibotto is a “curious author about innovation in supply chain digitization who loves sharing his thoughts and findings with others in the field”. Having been directly supporting supply chain and procurement digitization programs of numerous multinational companies over the past 20 years and as Co-Founder of Creactives, he offers the inside track on the value of ‘good data’ and AI driven ‘real time analytics’.
Adriano what is Creactives?
Founded in 2000, Creactives SpA is a company that specializes in providing solutions for procurement and supply Chain digitization. We offer services such as MMD Cleansing and Governance, Spending Categorization, as well as AI solutions for real-time analytics, inventory management, procurement optimization, and data migration.
Creactives SpA started as a cost reduction consulting company and has evolved to develop supervised AI-powered technologies to address complex real-life business problems in data management for the supply chain.
What issue does your solution solve?
Our technology’s ultimate goal is to ensure data quality in the procurement and supply chain processes for materials and services.
For us, quality data means:
– Harmonized categorization – grouping materials and services under a by-nature taxonomy.
– Identification – recognizing two or more materials as identical, similar or equivalent based on their technical attributes.
Current ERPs and S2P solutions do not have native tools to ensure the above data quality definition. This can create many consequences and is not limited to:
– Excess of inventories due to duplicated master data.
– Avoidable downtime due to inefficient parts search.
– Inaccurate spend analytics reports that require manual data improvements.
– Extensive usage of “Free text orders”.
– Missed savings opportunities.
– Weak centralized master data teams.
Who is your solution aimed at? What does your perfect client look like?
Companies with more than USD $1 billion in spend looking for ERP harmonization, multiple taxonomy amalgamation, MDM/MMDC, enhanced analytics, and/or multi-lingual challenges. Typically large multinational companies with either a significant spend or minimum 150k material and services in master data.
What is the biggest challenge Creactives faces?
Creactives faces the challenge of educating procurement professionals about the misconception of calculating ROI on data quality initiatives. The key point they aim to convey is that when it comes to data quality, which is foundational to the functioning of any business, asking for a specific ROI may not be the most appropriate approach. Here’s an elaboration on this concept:
Foundational Nature of Data Quality: Data quality forms the bedrock of effective decision-making, operational efficiency, and strategic planning within any organization. Without accurate, consistent, and reliable data, all subsequent analyses, procurement strategies, and business decisions could be compromised.
Value of Data Quality: Emphasizing the intrinsic value of data quality is crucial. High-quality data ensures better insights, reduced errors, improved compliance, and enhanced overall performance across various business functions. It enables businesses to operate smoothly, make informed decisions, and maintain credibility with stakeholders.
Challenges with ROI Calculation: Trying to quantify the ROI of data quality initiatives may prove challenging because the impact of data quality is pervasive and continuous. Unlike specific projects or investments with measurable outcomes, the benefits of good data quality often manifest in subtle yet significant ways throughout the organization’s operations.
Shift in Perspective: Instead of seeking a direct ROI on data quality initiatives, procurement professionals should consider data quality as a fundamental necessity that underpins all their activities. Viewing data quality as an essential investment in the integrity and reliability of business operations can lead to a more holistic understanding of its value.
Long-Term Benefits: While immediate ROI calculations may not capture the full value of data quality initiatives, focusing on the long-term benefits such as improved decision-making, operational efficiency, and risk mitigation can provide a more comprehensive perspective on the importance of investing in data quality.
By shifting the perspective from expecting a specific ROI on data quality initiatives to recognizing data quality as a foundational element essential for business success, Creactives aims to help procurement professionals appreciate the intrinsic value that high-quality data brings to their operations.
Why pick Creactives?
Creactives is the solution that ensures an appropriate Data Foundation when the context is as complex as in large multinational corporations.
It is well recognised and agreed by all experts in the field that without an appropriate data foundation it is almost impossible to achieve business goals, which is why working with data is the first step towards success.
The paradigm of our solutions is: “Get Clean & Stay Clean”.
Powered by the customized AI engine, there are three vertical solutions:
•TAM: Inventory optimization and governance to cleanse, enrich, deduplicate, and govern MMD to get a single version of the truth connecting multiple ERPs/PLM/S2P.
•TSV: Spend Analytics cube with wide out-of-the-box dashboards and predictive saving simulations.
•Data Assistants: API for item searching and categorization in existing master data or catalogues
We customize the AI engine through these pillars:
•Cloud Platform for AI personalization on “as is” customer data to understand specific company jargon, with low customer effort
•Multiple Taxonomy categorization capabilities with the highest accuracy available on the market
•Ability to natively manage datasets in 25+ languages
•Crowd learning capabilities to automatically update AI engine and predict future data by learning from evolving meanings
By selecting Creactives, customers can leverage cutting-edge AI and semantic technologies to get the data foundation, optimize their procurement and supply chain operations, and achieve significant cost savings and operational efficiencies.