The complex nature of Marketing Materials often makes it difficult for the buyer to identify the price that they should expect to pay at any point in time. High volumes and relatively low average order values have traditionally dictated that tactical or spot buying processes are used to establish a ‘market price’ before placing an order. Axiom’s research shows that this buying process results in very significant price variation over time, causing huge budget wastage. Axiom’s AI tools are able to help buyers eradicate this problem by very accurately predicting the price that they should expect to pay for any specification before they ask their supply chain to quote.
Using advanced statistical modelling techniques Axiom is able to predict the price that an organisation should pay for any specification, based on their own supply chain and buying history. We call this a TruePrice. This TruePrice puts the control in the hands of the buyer and allows them to automatically publish a fair reserve price when asking their supply chain to quote, removing unnecessary price fluctuation above this level and automatically reducing budget wastage.
Standalone or in tandem with other systems
Axiom’s platform is able to instantly provide a TruePrice on any specification raised directly on our platform or via an API link to other procurement platforms which offer the facility to properly specify an item with the required level of detail.