HSBC, a London-based multinational banking and financial services holding company, as per recent reports this week, has chosen Globality, a Menlo Park, California-based provider of smart sourcing technologies, for its AI-optimized self-serve procurement platform to enable cost-cutting, accelerate the decision-making process, and have a direct access to the industry’s best suppliers.
Globality connects companies to their global Service Provider Network of vetted firms, enabling users to scope out projects in mere hours, identify the right suppliers based on their unique requirements, and altogether avoid the limitations that mar the analog legacy systems.
“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 do not result in strategic value,” states Joel Hyatt, Co-Founder, Chairman & CEO of Globality.
Adding further, Hyatt says, “Utilising AI 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.”
According to Silicon Valley-based Globality, its solution allows for real-time collaboration, giving HSBC’s internal stakeholders access to low-cost, high-quality services.