HSBC partners Globality to offer AI-based self-serve procurement

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has entered into an agreement with in which is adopting its AI-based platform for sourcing and procurement of services. With ’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.

“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,” said Globality Co-founder, Chairman, and CEO Joel Hyatt.

“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 Hyatt.

Globality’s platform provides companies with a 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.

The company said that finding the best service provider at the right price for every project is impossible to achieve with legacy systems that are mostly analogue and are not continuously learning, capturing knowledge, or digitally sharing results and feedback. As a result, companies do not get the maximum value from third-party suppliers. Nor do they get the access to a worldwide network of highly qualified, carefully vetted firms that are members of Globality’s Service Provider Network.

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