Insight & Analysis

Press release: HSBC uses ‘smart sourcing’ AI to simplify procurement

Published: May 2019

21st May 2019 – One of the world’s leading and largest banking and financial services firms to use “smart sourcing” to save costs, improve results, increase collaboration, and accelerate decision-making.

Globality, Inc. announced today that it has entered into an agreement with HSBC, one of the world’s leading banking and financial services companies, in which HSBC is adopting Globality’s innovative AI-based platform for sourcing and procurement of services.

HSBC is at the forefront of revolutionising sourcing by enabling its business stakeholders to do self-serve procurement utilising Globality’s artificial intelligence, real-time collaboration and intuitive user experience. With Globality’s AI-based platform, HSBC users will be able to scope projects in hours rather than days, and intelligently match their unique requirements to the best suppliers around the world.

Finding the best service provider at the right price for every project is impossible to achieve with legacy systems that are mostly analogue and are not continuously learning, capturing knowledge, or digitally sharing results and feedback. As a result, companies do not get maximum value from third-party suppliers. Nor do they get the unprecedented access to a worldwide network of highly qualified, carefully vetted firms that are members of Globality’s Service Provider Network.

“We are very grateful for the opportunity to work with HSBC’s procurement team to advance their vision of a fully automated procurement process that enables their internal stakeholders to source higher quality, lower cost services. HSBC is a leader in creating a vision for the future of procurement, understanding that the legacy systems of paper-intensive RFPs, and sole source negotiations that do not result in strategic value. Utilising AI technology and Globality’s “smart sourcing” process will ensure that all HSBC service providers, large or small, win projects in a transparent digital platform where decisions are based solely on the merits of quality, results, costs and performance,” said Globality Co-founder, Chairman, and CEO, Joel Hyatt.

Globality’s marketplace provides companies with a highly secure digital way to fully scope projects, engage qualified suppliers, assure pricing and quality competition, effectively evaluate proposals, and make informed sourcing decisions. In addition, using Globality’s Platform significantly accelerates the entire procurement process, enabling far faster speed-to- market.

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