iQuantum is a full source-to settle eProcurement solution. iQuantum’s RFx solution has predictive analytics which is considered to be advanced technology and makes assumptions about future opportunities. Predictive analytics uses many techniques from data mining, statistics and modeling to analyze current data to make predictions about the future. iQuantum takes historical and transactional data to identify risks and opportunities for the future, such as pricing and other supplier profile data. We use data to create predictive intelligence to uncover patterns in both structured and unstructured data to make assumptions about the future.
iQuantum eliminates errors associated with managing your RFx process using large spreadsheets. iQuantum allows the buying organization to utilize intelligent automation which eliminates errors in large spreadsheets as the buyer attempts to measure RFQ’s against target pricing. Also, the buying organization benefits from iQuantum’s predictive automation as it compares RFQ’s to each area in the RFQ breakdown to the market returns and then presents the buyer with hyper-optimized pricing. The hyper-optimized pricing allows the buying organization to see could-be pricing based on empirical data and prepares the organization for future negotiations and provides strategic direction for cost reduction planning. Each of these advantages allows the organization opportunities to enhance their buying experience by utilizing the features and functions of iQuantum’s RFx solution.
Another benefit to deploying iQuantum as a solution is it creates procurement files as the RFQ’s are submitted by the suppliers invited to the RFQ event. The digital procurement files are useful for SOX and Federal audits and provides information to prove full and open competition is deployed for all RFQ events.