Lytica, the world’s only provider of electronic component spend analytics and risk intelligence using real customer data, today announced the launch of the Trends plugin for its SupplyLens Pro™ platform. This new plugin enhances the market intelligence platform with historical pricing data and analysis to enable qualified customers to better assess their supplier relationships.
Lytica’s SaaS platform provides customers with the data, insight, and analysis they need to improve procurement and build better, stronger, more resilient supply chains. SupplyLens™ Pro empowers the world’s leading electronics companies to achieve unprecedented levels of cost reduction and risk intelligence, enabled by the world’s largest independent database of electronic component intelligence and real-world prices.
With the addition of Trends, Lytica customers can gain insight into their performance over time compared to market pricing. This tracking and performance data allows customers to rank and compare their suppliers to one another. This analysis shows which suppliers have been competitive in the market and which have not been providing appropriate cost reductions. Trends also compares manufacturers and suppliers on attributes such as design support, quality, delivery performance and other attributes to empower businesses with added negotiation leverage.
“Trends is an exciting product for us, as it unlocks significant opportunities for our customers especially during extreme market conditions like the shortages experienced during the COVID-19 pandemic. Trends sets you up to make more strategic decisions and avoid falling back into a “pain” scenario during market constraints. With the help of Lytica’s Trends analysis and insights, your sourcing and procurement teams can be more informed, more confident, and more empowered.” said Martin Sendyk, CEO of Lytica. “We’re always looking for new ways to tap into the real market data and pricing information we have at our fingertips, and we’re looking forward to providing additional value for customers with Trends.”
Since introducing its SupplyLens Pro platform last year, Lytica has seen rapid adoption from some of the top Fortune 500 companies that are looking to reduce costs and gain insight into their sourcing and procurement. Lytica recently announced a $3 million raise to scale its customer-facing teams and provide even more value for its customers, as well as bolster its AI and machine learning capabilities to expand into additional products and features. The Lytica team, which has embraced remote and hybrid work during the COVID-19 pandemic, is actively hiring.
Lytica is an electronic component spend analytics and risk intelligence company that uses real customer data to help companies make their supply chain more transparent, more resilient, and more predictable. Lytica’s advanced electronic component market intelligence platform employs machine learning and AI to analyze real-world pricing data, offering true market insights to reduce costs and mitigate supply chain risk. Fortune 500 and blue chip companies around the world rely on Lytica to find better prices and better manufacturers and suppliers. To learn more, visit Lytica.com.