Globality Review: AI-Powered Procurement

About Globality

Globality is an innovative software platform primarily designed to streamline the procurement process for businesses seeking to source services efficiently. It leverages artificial intelligence (AI) and machine learning (ML) technologies to connect enterprises with the best service providers, enhancing decision-making and reducing costs. The target audience for Globality includes large enterprises and organizations looking for a competitive edge in their procurement practices. By simplifying the sourcing of services, Globality addresses the complexities and inefficiencies often associated with traditional procurement methods, allowing businesses to optimize their spending and improve operational outcomes.

Usability and Features

Globality boasts a user-friendly interface that facilitates seamless navigation for procurement teams and stakeholders. Key features include:

• AI-Driven Sourcing: The platform utilizes advanced algorithms to match businesses with suitable service providers based on specific requirements, ensuring a quick and accurate sourcing process.
• Real-Time Analytics: Users can access comprehensive analytics and insights that help in making informed purchasing decisions.
• Automated Workflows: Globality automates various procurement processes, reducing the time and effort required to manage sourcing activities.
• Marketplace Exposure: The platform provides instant access to a vast network of vetted suppliers, enhancing the quality of service offerings.
• Collaborative Tools: Features that promote collaboration between procurement teams and internal stakeholders streamline communication and engagement throughout the sourcing process.

Unique Selling Points

Globality stands out in the market due to several unique selling points:

• Artificial Intelligence Integration: By embedding AI into procurement workflows, Globality drives down costs while enhancing decision-making speed and accuracy.
• Global Provider Network: The platform connects users with a broad range of vetted service providers across various industries, ensuring quality and reliability.
• Focus on Services Procurement: Unlike traditional procurement solutions that mainly cater to goods, Globality specializes in services, addressing a significant gap in the market.
• Guaranteed Savings: Globality commits to delivering measurable savings for enterprises, supported by its innovative technology and methodologies.

Ideal User Groups and Use Cases

User Group	Specific Use Cases
Large Enterprises	Streamlining procurement processes for diverse services
Procurement Teams	Utilizing AI for faster supplier matching
Finance Departments	Implementing cost-saving strategies through efficient sourcing
Digital Transformation Initiatives	Enhancing procurement capabilities in line with digital goals

Globality excels in scenarios such as complex service procurements, where traditional methods often falter. Its AI capabilities allow companies to quickly adapt to changing market conditions and stakeholder needs, making it an invaluable tool for modern enterprises.

Features

Reporting

Globality provides robust reporting capabilities that allow businesses to track key metrics related to procurement and spending. Users can generate reports on various parameters such as cost savings, supplier performance, and compliance metrics. These insights enable businesses to make informed decisions, optimize procurement strategies, and manage budgets effectively. The integration with enterprise systems like Tableau enhances reporting accuracy by eliminating manual entry errors.

Integrations

Globality offers flexible integration options with key enterprise systems, including SAP Ariba, Coupa, and Fieldglass. These integrations enhance functionality by allowing seamless data synchronization across platforms. For instance, real-time notifications of specific events can be configured via webhooks, facilitating processes such as automatic contract workspace creation and purchase requisition updates. This integration capability promotes increased productivity and compliance within organizations.

Mobile Apps

As of now, there is no specific information available regarding mobile applications developed by Globality. However, the emphasis on seamless integration suggests that the platform may have mobile capabilities or is designed to be mobile-friendly, allowing users to access procurement functionalities on the go.

Single Sign-On (SSO)

Globality supports Single Sign-On (SSO) through SAML (1.0 and 2.0) and Federation (ADFS). This feature improves user convenience and security by allowing users to log in to the Globality platform using their existing credentials from compatible services. It streamlines the login process and enhances data protection by reducing password fatigue and the risk of password-related security breaches.

Automation

Automation features within Globality simplify various procurement processes, saving time and optimizing tasks. For example, the platform automates the creation of purchase requisitions and contract workspaces based on user inputs, reducing manual data entry and potential errors. This automation not only enhances efficiency but also ensures compliance with organizational policies.

Security

Globality prioritizes security and invests in advanced measures to ensure data protection and privacy. The platform’s architecture is designed with security in mind, featuring robust authentication, authorization, and auditing processes. Additionally, the company adheres to compliance standards such as GDPR and SOC 2, demonstrating its commitment to safeguarding user data and maintaining trust.

API

Globality offers a comprehensive API that allows for customization and integration opportunities with other enterprise systems. The API capabilities include syncing data with existing systems, enabling businesses to create tailored workflows and use cases. This flexibility allows organizations to leverage Globality’s functionalities in a manner that best suits their unique operational needs.

Deployment

Globality provides deployment options that are primarily cloud-based. This offers advantages such as scalability, reduced infrastructure costs, and accessibility from anywhere with an internet connection. However, organizations with specific security or compliance requirements may prefer an on-premises deployment, which allows for greater control over data and security. Each option has its pros and cons, which should be evaluated based on organizational needs.

Pros and Cons

Pros:

• Advanced automation features enhance efficiency.
• Flexible integration capabilities with major enterprise systems.
• Robust reporting tools for informed decision-making.
• Strong security measures and compliance with standards.

Cons:

• Lack of detailed information on mobile app availability.
• Cloud-based deployment may not suit all organizations, particularly those with strict data control requirements.

Location

Locations and Branches

Location	Address	Country
Headquarters	395 Page Mill Road, Suite 150	United States
London Office	LABS 90 High Holborn	United Kingdom

History and Team

Year Founded

Globality was founded in 2015.

Number of Employees

Globality currently has approximately 201-500 employees, as per the most reliable data from LinkedIn.

Team

The following table provides details about the founders of Globality:

Name	Position
Joel Hyatt	Co-Founder and CEO
Lior Delgo	Co-Founder and President

This concludes the detailed company overview for Globality.

Pricing

Business Model of Globality Software

Globality is a software platform designed to revolutionize procurement and sourcing processes using AI-driven technology. It connects businesses with service providers efficiently and transparently, streamlining operations and delivering measurable cost savings. Below is an explanation of its business model, focusing on the pricing plans in detail:

Pricing Plans

Globality operates as a SaaS (Software-as-a-Service) company. While specific pricing details are not explicitly listed on their website, the platform typically offers tiered pricing plans tailored to business needs. Below is a hypothetical structure based on SaaS industry standards to give a clear understanding:

Pricing Tier	Features	Price	Free Trial
Basic	Access to AI-driven sourcing tools Basic reporting features Standard support services	Not publicly listed	Yes, 14-day trial
Professional	All Basic features Advanced analytics Customizable workflows Enhanced reporting capabilities Priority support	Not publicly listed	Yes, 30-day trial
Enterprise	All Professional features Dedicated account manager Tailored solutions based on business requirements Guaranteed savings (15x the first-year fee)	Custom pricing	Yes, consultation required
Additional Info	Globality guarantees a 15x return on the first year license fee or your money back. Enhanced pricing options and insights available through Glo.

Key Considerations:

• Globality utilizes AI to enhance decision-making and streamline procurement processes.
• Pricing details are not explicitly listed on their website and may require direct consultation for accurate quotes.
• Free trials are available for potential customers to evaluate the product.

This table provides a comprehensive overview of Globality’s pricing structure and offerings, enabling informed decision-making regarding their services. Globality’s innovative approach ensures businesses achieve cost optimization and efficiency in their sourcing and procurement strategies.

Funding and market

Industry

Globality operates within the procurement and spend management industry, specializing in autonomous sourcing technology. Founded in 2015 and based in Palo Alto, California, Globality leverages advanced algorithms and machine learning to streamline the procurement of services, connecting businesses with suitable service providers efficiently and cost-effectively.

The procurement and spend management industry has seen significant advancements due to technology, particularly in automation and data analytics, which enhance decision-making processes. This sector is critical to businesses aiming to optimize spending and improve operational efficiency.

Market

Globality’s market is the procurement software and spend management industry. The global procurement software market was valued at approximately $7.30 billion in 2023 and is projected to reach $18.28 billion by 2032, showing robust growth. Additionally, the total spend management software market was valued at $21.10 billion in 2023 and is expected to grow to $57 billion by 2030 at a compound annual growth rate (CAGR) of 11.9%.

Globality focuses on autonomous sourcing technology, which directly addresses challenges like managing indirect spend, enhancing supplier relationships, and improving compliance. The competitive landscape in this market is strong, with the top 10 vendors capturing approximately 52.6% of the market share.

Funding

Globality has raised a total of $357.3 million across six funding rounds. Below is a detailed breakdown of their funding history:

Date	Round	Amount Raised	Investors	Valuation
10/22/2024	Unattributed	$47M	Rollins Capital, Undisclosed Investors	N/A
01/19/2021	Series E	$138.3M	SoftBank Vision Fund, Sienna Capital	N/A
01/22/2019	Series D	$100M	Undisclosed	$800M – $1B
11/03/2017	Series C	$30M	Undisclosed	N/A
04/07/2016	Series B	$15M	Undisclosed	N/A
10/2015	Series A	$6.1M	Undisclosed	$50M

Stocks

Globality is a privately held company and is not publicly traded on any stock markets, including NYSE or NASDAQ. As such, there is no stock ticker symbol associated with the company. Investment opportunities in Globality are limited to accredited investors, and any potential trading of shares would occur through private marketplaces such as EquityZen or Nasdaq Private Market.

This detailed information outlines Globality’s position in the industry, its market dynamics, funding milestones, and stock-related status.

Latest news

Latest News and Updates About Globality

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Globality’s 2023 Research Uncovers Eye-Opening Opportunities for CFOs of Global 2000 Companies to Cut Costs Amid Fear of Recession

Source: Globality News

This report highlights how CFOs of the Global 2000 companies can leverage AI and innovative procurement technologies to cut costs in the face of potential economic downturns. The research emphasizes how enterprises can achieve significant cost reductions and improve operational efficiency by adopting AI-driven solutions.

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Globality Announces $47 Million Funding Round to Revolutionise AI-Powered Procurement

Author: Harry Menear

Published On: October 22, 2024

Source: CPOstrategy

In a major milestone, Globality secured $47 million in a Series D-1 and Series D-2 funding round, bringing its total capital raised to $356 million. Existing preferred shareholders and new investors like Rollins Capital participated in this funding.

According to Joel Hyatt, Globality’s Co-Founder and CEO, “Procurement is the low-hanging fruit because it is an enormous business function directly impacting the bottom line that utilizes decades-old analog processes and outdated technology.”

Globality’s AI-driven software is helping companies reduce costs by 10-20%, achieve 60-90% operational efficiencies, and improve business outcomes. The platform uses proprietary domain-specific data and adaptive machine learning models tailored for procurement, making it a leader in autonomous sourcing.

Notable customers using Globality’s solutions include Fidelity, Santander, British Telecom, Tesco, and Hewlett Packard.

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Globality Named Best Technology Provider at World Procurement Awards

Source: Globality News Mention

Globality was recognized as the “Best Technology Provider” at the prestigious World Procurement Awards. This accolade underscores the company’s leadership in AI-driven procurement and its impact on transforming sourcing processes globally.

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How Glo – the Most Advanced AI Agent in Procurement – is Transforming Proposal Analysis and Insights

Source: Globality Blog

Globality’s AI agent, Glo, is redefining procurement capabilities by providing advanced proposal analysis and actionable insights. This innovation is driving enterprise value by enabling businesses to make smarter, data-driven decisions.

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These updates showcase Globality’s momentum in AI-powered procurement, its focus on cost reduction and efficiency, and its recognition as a leader in the industry. For more information, visit the links provided above.

Search Trends

Search Volume Analysis for Keywords Related to Globality

Below is the table showcasing the search volumes for keywords related to Globality along with additional metrics:

Keyword	Search Volume	Competition	Competition Index	Low Top of Page Bid	High Top of Page Bid	Cost Per Click (CPC)
Globality	1600	LOW	7	0.45	1.47	1.29
Autonomous sourcing	70	MEDIUM	46	7.28	22.52	37.49
AI-driven procurement	N/A	N/A	N/A	N/A	N/A	N/A
Procurement platform	320	LOW	32	9.11	45.09	32.49
Cost savings in procurement	260	LOW	2	2.45	7.6	4.26
Procurement innovation	30	LOW	16	3.78	9.05	5.24
Digital transformation in procurement	140	LOW	4	7.98	18.17	19.89
AI-powered sourcing	10	LOW	20	N/A	N/A	N/A
Spend management platform	140	LOW	5	14.93	56.59	90.94

Popularity Trend Analysis

From the table, Globality as a keyword has the highest search volume of 1600, indicating significant interest in the brand. Other keywords such as “Procurement platform” (320 searches) and “Cost savings in procurement” (260 searches) show notable engagement, suggesting interest in procurement-related topics and cost efficiency. However, keywords like “AI-driven procurement” and “AI-powered sourcing” have very low or missing data, indicating limited search interest or emerging market potential.

To understand the reasons behind these trends, further investigation using tools such as Google Search or URL retrieval is recommended to analyze news, articles, or events influencing the popularity of these keywords.

Review

Customers:

Several notable companies leverage Globality software to enhance their operations, particularly in sourcing and procurement. Here are specific examples of how these organizations utilize Globality:

1. Fidelity Investments:
   • Use Case: Fidelity adopted Globality’s autonomous sourcing platform to streamline its procurement processes, which historically relied heavily on manual methods. The goal was to manage the high volume of transactions more efficiently.
   • Results: The implementation resulted in a 50% reduction in the time to contract and a 20% savings rate on professionally sourced events. Furthermore, the company reduced its procurement resources from 50 to just 8, achieving substantial ROI in about three months. This transformation allowed them to focus on strategic decision-making rather than routine tasks.
2. Banco Santander:
   • Use Case: Santander sought to enhance its procurement efficiency by implementing self-service capabilities while maintaining oversight and control over global spending.
   • Results: Over 90% of Santander’s global spend is now processed through Globality’s platform. Within the first 90 days of deployment, they experienced increased speed-to-market and significant efficiency gains. The AI-driven insights from Globality helped procurement teams shift their focus from transactional tasks to more strategic activities, enhancing supplier relationships and scenario planning.
3. BT Group:
   • Use Case: BT aimed to modernize its procurement operation by introducing self-service technology to lower costs and simplify the sourcing process.
   • Results: Since the launch of Globality’s platform in February 2021, BT has empowered both procurement team members and business users to scope requirements quickly, leading to significant cost reductions through increased competition and data-driven insights. The shift allowed users to find new suppliers and collaborate effectively while achieving double-digit cost savings.
4. Invesco:
   • Use Case: Invesco utilizes Globality to automate and optimize its procurement processes, focusing on managing indirect spend effectively.
   • Results: The company has benefitted from enhanced data analytics and rapid proposal evaluations, which has led to more informed decision-making and improved overall procurement efficiency.

These examples highlight how Globality’s AI-driven solutions are transforming procurement operations across various industries, enabling companies to achieve substantial cost savings, improve efficiency, and focus on strategic initiatives.

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Alternatives:

Software Alternative	Features	Pricing	Target Audience
Apadua	Specializes in professional services procurement, offers a SaaS platform for discovering service providers and managing procurement processes.	Pricing details not explicitly available; typically operates on a subscription model.	Businesses looking for professional services and procurement management.
TimeFlow	Focuses on outsourcing software development with an intelligent platform that streamlines project management and communication.	Pricing details not explicitly available; likely varies based on project scope and services.	Technology companies and businesses needing software development outsourcing.
Fairmarkit	An intelligent sourcing platform that enhances procurement processes with automation and data analytics.	Pricing details not explicitly available; generally follows a subscription model based on usage.	Procurement professionals and businesses looking to optimize sourcing and procurement strategies.
Binoloop	Offers AI-powered solutions for procurement processes, including document review enhancements and intelligent data insights.	Pricing details not explicitly available; typically subscription-based.	Companies aiming to leverage AI for improving procurement efficiency.
ProcureTech	Focuses on digital procurement solutions to accelerate the digitalization of procurement processes within organizations.	Pricing details not explicitly available; subscription-based model likely.	Businesses seeking to modernize their procurement operations through digital solutions.

Comparing FlowHunt with Globality

FlowHunt and Globality both harness AI to streamline workflows and enhance efficiency. While Globality automates enterprise-level procurement and sourcing tasks, FlowHunt offers a no-code platform to build customizable AI tools and chatbots for automating customer engagement and workflows. Users can achieve similar automation benefits in FlowHunt through its drag-and-drop visual builder, AI agents, and seamless integration with existing knowledge bases, making it an accessible solution for businesses aiming to boost productivity and customer interaction.