Searles Valley Minerals Amplifies the Impact of Procurement's Influence with Arkestro

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Jun 09, 2022, 09:01 ET

Arkestro Predictive Procurement Orchestration Slashes Sourcing Timeframes; Supports Enhanced Supplier Base and Saves Costs

SAN FRANCISCO, June 9, 2022 /PRNewswire/ -- Arkestro, the leading Predictive Procurement Orchestration platform, announced today that Searles Valley Minerals, a leading solution mining and production company, is using Arkestro to amplify the impact of their spare parts and Maintenance, Repair and Operations purchasing cycles to drive faster business impact. As a result, Searles Valley Minerals has been able to reduce their sourcing cycle time from eight months to four days, double the size of their network of qualified suppliers and achieve a 7 percent cost savings on their first Arkestro-powered transaction.

"It's just amazing how Arkestro has impacted our business. Our suppliers get faster feedback and we get improved process and impact from our procurement team's efforts. It supercharges the impact of our work across our entire supplier base," says Thomas Perkins, Purchasing Manager at Searles Valley Minerals. "We came away with more savings than we ever thought possible and look forward to continued cost reductions."

Searles Valley Minerals products – including salt, borax, pyrobor and sodium carbonate – are the raw materials used to make televisions, computer screens, Gorilla Glass for smartphones, wine and beer bottles, and more. To power their production, the company needs to source a large quantity of equipment (such as six miles worth of pipe, in addition to valves and fittings). But their buying process, which involves a request for quote (RFQ), would often take months at a time due to error-prone, highly manual processes powered by complex spreadsheets that are difficult to manipulate and analyze. This long lead time negatively impacted the potential cost reductions for the items the procurement team was purchasing. In one instance, a supplier's manual error led to Searles Valley Minerals overpaying for an item.

With Arkestro's Predictive Procurement Orchestration platform, Searles Valley Minerals was able to simulate the entire sourcing process before it began, leveraging behavioral science and predictive machine learning to drive substantial cost reductions and multi-sourcing optionality that reduces supply chain risk. Arkestro enabled the Searles Valley Minerals procurement team to embed preferred outcomes as suggestions for suppliers, and the instant supplier feedback removes the tedious back-and-forth out of the process for procurement. As an embedded platform, Arkestro offers a frictionless user experience with no login or profile creation required. "By turning to Arkestro, the purchasing team at Searles Valley Minerals is doubling down on their best practices and scaling their great supplier relationships across even more spend," says Edmund Zagorin, CEO, Arkestro. "As a result, everyone saves time aligning on great partnerships."

About Arkestro

Arkestro is the leading Predictive Procurement Orchestration platform. Built to amplify the impact of procurement's influence, Arkestro customers deliver a 2-5x lift on cost savings from everyday purchasing and sourcing cycles. Top enterprises leverage Arkestro's behavioral science, game theory and machine learning to predict and win faster value in every category of addressable spend. Learn more at arkestro.com.

SOURCE Arkestro