**London**: Kodiak Hub is set to revolutionise procurement in the U.S. with a $6 million investment, addressing supply chain challenges. The AI-driven platform enhances transparency and efficiency, supporting businesses facing rising costs and operational hurdles amid evolving market demands.
Kodiak Hub, an artificial intelligence-driven supplier relationship management (SRM) platform, has announced its expansion into the U.S. market, supported by a $6 million investment from Oxx. This strategic move comes amid escalating pressure on companies to develop resilient and transparent supply chains due to regulatory changes, emerging tariffs, and an increasing demand for accountability in sourcing practices.
The timing of Kodiak Hub’s entry is particularly pertinent as many organisations are grappling with significant financial and operational hurdles stemming from recent supply chain disruptions. These issues are projected to cost businesses between 6% and 20% of their revenues this year, with potential impacts on earnings before interest, taxes, and amortisation (EBITA) reaching up to 50%. Current challenges, such as microchip shortages and rising energy and food prices, further highlight the urgency for improved procurement strategies that effectively manage both costs and risk.
According to Malin Schmidt, founder and CEO of Kodiak Hub, “At Kodiak Hub, we don’t just help companies keep up with change—we enable them to lead in redefining their procurement strategies and building future-ready, high-performing supply chains.” Schmidt highlights the mounting demand for transparency and fair-trade practices, indicating that organisations must bolster their supply chains to safeguard their reputation and profitability.
The Kodiak Hub platform aims to address these challenges by providing procurement teams with real-time insights into supplier risks and opportunities, allowing them to navigate an increasingly volatile market with agility. The platform’s modular, user-friendly design contrasts with traditional systems that can be cumbersome and labour-intensive, delivering quick value with shorter implementation periods.
The funds from the recent investment will also facilitate the scaling of Kodiak Hub’s commercial and data analytics capabilities tailored for U.S. customers. Enhanced features will include Natural Language Processing (NLP) and Optical Character Recognition (OCR) systems that streamline data extraction from compliance documentation, thereby boosting efficiency during supplier audits and visits. Furthermore, predictive analytics will enable procurement teams to anticipate supplier behaviour and uncover hidden risks, essential for navigating complex regulatory requirements.
The platform already manages over 250,000 suppliers across 20 industries, showing significant results such as a reduction in supplier onboarding times by 80% and improved supplier engagement by 90%. Users reportedly save around 10 hours per week through the automation of essential SRM tasks, underscoring the platform’s potential to transform supplier management for businesses.
Kodiak Hub’s innovations in SRM have recognised it as a leader in the field, being featured in the ProcureTech 100 rankings for three consecutive years and listed among the “50 Providers to Watch” by Spend Matters. The company aims to continue empowering procurement and sustainability leaders with the tools to make informed decisions, thus redefining customer-supplier dynamics in a shifting marketplace.
Source: Noah Wire Services
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