MENLO PARK, Calif.--(BUSINESS WIRE)--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 revolutionizing sourcing by enabling its business stakeholders to do self-serve procurement utilizing 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 analog 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 do not result in strategic value. Utilizing AI technology and Globality’s “smart sourcing” process will ensure that all HSBC service providers, large or small, win projects in a transparent digital ecosystem 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 Platform provides companies with a highly secure and 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.
Globality is a Silicon Valley-headquartered tech company co-founded by Joel Hyatt and Lior Delgo to connect multinational companies with the world’s best service providers at the right price for every project. Through its AI-powered Platform, Globality is bringing digital transformation to the sourcing industry. Globality’s Artificial Intelligence efficiently matches companies with outstanding service providers that meet their specific needs, cutting the sourcing process from months to hours, and delivering savings of 20 percent or more for companies. In January 2019, Globality raised $100 million from the SoftBank Vision Fund, bringing to $172 million the total investment it has raised since its founding four years ago. For more information, visit Globality’s website.