Specright Introduces Innovative Packaging IQ Feature
8 December 2017
Specright, a leading provider of SaaS Solutions for specification data management, announced today a significant update to its platform. The new IQ feature leverages machine-learning algorithms to uncover cost-saving opportunities that are immediately actionable to its customer base.
Specright's platform is made for companies that purchase packaging and raw materials. It is designed by all stakeholders in the supply chain, making it superior to traditional solutions. Specright is continuously innovating its platform to ensure it provides the most effective way to control specifications. With the adoption of the latest advances in AI, Specright builds on the foundation of specification data management to drive an even higher ROI.
Today, the Specright platform manages specifications for customers across Food & Beverage, CPG, Cosmetics, Automotive, Chemicals, Packaging Distribution, and Manufacturing. Through an intelligent interrogation of this data and third party data, IQ proactively identifies ways to reduce costs and increase efficiency within each packaging commodity type. The IQ tool is launching with corrugated packaging January 1st and will expand to additional categories in early 2018. The automated analysis of this customer data provides Specright customers with actionable insights that were previously unattainable.
CEO Matthew Wright said, "We are very excited about IQ. Specright's first venture into artificial intelligence is driving double-digit percentage cost savings for customers while increasing efficiency for suppliers at the same time. One customer has already found over $2 million in potential savings on a $25 million corrugated spend."
The IQ tool is launching with corrugated packaging January 1st and will expand to additional categories in early 2018. Currently, a set of Specright customers are using a Beta version of IQ.
If you would like to learn more about all of the benefits of using Specright, please visit specright.com for a free trial.
Specright is a leading provider of cloud-based SaaS software for specification data management. Whether it's packaging, formulas or other specifications, Specright helps companies reduce costs and empower efficiencies by sharing, analyzing and auditing specifications.
Specright's intelligent Specification Data Management Platform is available anytime, anywhere from any device. Founded in late 2014, Specright is privately held and headquartered in Irvine, CA. To learn more, please visit specright.com