Rasa Raoufi is a passionate procurement practitioner. In the last decade, Rasa has been at the forefront of procurement transformations, leading analytics programs and establishing procurement centres of excellence with a focus on spend, category and supply management.
Rasa co-founded Mithra-Ai, aiming to revolutionize category strategy execution, making it both accessible and a strategic edge for businesses and their procurement teams.
But how can Mithra-Ai create a strategic edges for its clients? Over to Rasa for the detail.
Rasa, what is Mithra-Ai?
Mithra-Ai is a B2B Saas solution that transforms the plan to strategy (P2S) process for category owners by augmenting spend data across the organization with new market insights providing superior data as a competitive edge to create heroes of their organizations.
What issue does your solution solve?
Category owners struggle to get an accurate and complete picture of their spend necessary to define and effectively execute strategies. Most companies have only limited trustable visibility so struggle to formulate a winning strategy and achieve expected business goals, hence losing the confidence and trust of business stakeholders to pursue new initiatives while jeopardizing revenues and increasing risk.
Who is your solution aimed at? What does your perfect client look like?
Mithra-Ai offers solutions for business from mid-sized market (revenues over $500 million) to large multinationals. Our users are mainly Chief Procurement Officers, Heads of Procurement, Heads of Procurement Centres of Excellence, as well as Category managers, analyst. Our clients come from a broad spectrum of industries as well as multiple continents.
What is the biggest challenge Mithra faces?
Biggest challenge is to change the perception of procurement teams to try and trust the technology with human in the loop instead of traditional approaches. The is the leap that procurement organizations need to take to fully embrace and benefit from the applications. We are proud that some of our clients with less mature procurement organizations started small, assessed the results and ROI, and scaled our solution across their business. Our challenge is to continue building and sharing these use cases so more organizations can benefit embracing our new approach to category management.
Why pick Mithra?
We have invested years into large language models (LLM) and supervised machine learning algorithms to address the problem of blurred category spend visibility, especially for companies using different taxonomies making it even more complex. We also use our own web scraper and large supplier database to collect and enrich supplier information and recommend an optimized taxonomy based on benchmarks.
This has positioned us to provide superior results in data cleanup and harmonization across direct and indirect categories. Since last year, due to client requests, we have invested in multi-Ai agents to run opportunity assessment and business case generation aligned with the set of defined strategies. Having the data foundation, we can help category owners and their stakeholders spend their time on business case validation, socialization, and proactively monitor the execution of those strategies.