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What’s behind the investment in Globality’s services sourcing solution?

Globality provides a procurement technology solution that uses AI to enable organizations to source complex services across multiple categories. At organizations across all industry verticals, services comprise, on average, 50%-60% of external spend. Most of these services categories are not well or comprehensively managed, and purpose-built technology solutions have been scarce.

Globality recently completed a $138 million Series E round from Sienna Capital, a wholly owned subsidiary of Groupe Bruxelles Lambert, and Softbank Vision Fund, bringing the company’s total funding to $310 million since its inception in 2015. This funding will support the company’s continued growth, including go-to-market and client-facing activities and, of course, product development, including user experience design (UX), industry vertical expansion, spend category additions, internationalization, etc.

To understand what is driving this investment, it is helpful to look back and examine Globality’s development as a business and its strategic momentum over the past 1-2 years. We were able to catch-up with Globality’s Chief Revenue Officer, Keith Hausmann and review what’s been happening at Globality and where it is headed.

How AI is transforming the ways companies source enterprise services

Services sourcing is being dramatically changed by AI — a previously untapped domain and significant opportunity for businesses.

The pace of change has never been faster. Companies are accelerating the digitization of business operations and processes, resulting in the re-engineering of work around the world. Nowhere is this more prevalent than in procurement. Companies are revisiting their digital strategies to ensure near- and long-term continuity and resiliency across the value chain, all of the steps needed to keep a business running.

This is where the power of AI comes in.

AI-powered solutions turn procurement into a catalyst for company value

In today’s fast-paced global economy, there is little doubt about the necessity for procurement’s digital transformation. However, many multinational companies are just starting their implementation journey, and they are realizing the benefits of having a digital business beyond just digitizing their processes. Regardless of what is being sourced, procurement teams need the ability to quickly draw from complex, compounding data pools, as well as process and analyze relevant information to mine insights. They also need to package findings into sharable, understandable recommendations. This enables business stakeholders to make fast, accurate decisions whether they are working to complete a one-off project or manage a long-term contract for complex services.