Procurify, a Vancouver-based platform specialising in AI-powered spend management for mid-market businesses, has announced the launch of its new analytics feature, Spend Insights. According to the company, this tool aims to assist finance and procurement teams in making quicker, more informed decisions by transforming complex spending data into actionable intelligence. The platform centralises company-wide spend data and utilises AI-driven analysis to offer real-time insights into purchasing, expenses, and accounts payable. This capability allows leaders to identify spending trends, flag anomalies, and exercise greater control over financial resources.
In conjunction with previous enhancements, the debut of Spend Insights follows the introduction of Procurify’s standalone Expense and Card module. Together, these features are intended to create a flexible, modular platform that meets the needs of growing organisations without compromising on usability or implementation speed. “Spend Insights shows what’s possible when you bring AI and analytics together,” said Chad Gaydos, CEO of Procurify, emphasising the innovative synergy of these tools in facilitating better decision-making processes.
The launch includes the implementation of interactive dashboards alongside a conversational AI assistant known as Spend Analyst. This feature enables users to interact with their data through natural language queries, thereby streamlining access to vital financial information. The new capabilities are set to enhance teams’ ability to surface important trends and act swiftly, further minimising the reliance on traditional reporting methods.
To complement the new Spend Insights feature, Procurify has also released the 2025 Procurement Benchmark Report. This inaugural analysis, derived from over $20 billion in proprietary spend data, offers finance and operations leaders valuable insights for benchmarking against key procurement performance indicators. Such data-centric reports are increasingly seen as vital tools for identifying potential areas for improvement, in alignment with broader industry trends.
However, the market for spend management tools is competitive, with many providers vying for a share of the growing demand for intelligent financial management solutions. While Procurify positions itself as a leader, other platforms are also enhancing their offerings through similar AI integrations. This suggests a rapidly evolving landscape, where organisations are increasingly looking for innovative ways to gain visibility and control over their finances.
In support of its ongoing innovation efforts, Procurify has recently secured significant funding, including a $50 million Series C round led by Ten Coves Capital, which aims to facilitate global expansion and the introduction of new payment capabilities. This financial backing underscores the increasing interest in AI-enhanced procurement tools, poised to reshape how businesses manage their expenses.
Overall, as the demand for smarter, more efficient spend management solutions grows, Procurify’s latest offerings may position it well within the mid-market sector. The evolving technologies not only highlight the role of AI in financial decision-making but also reflect a broader shift in the industry towards leveraging data for competitive advantage.
Source: Noah Wire Services
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