LTIMindtree Launches Navisource.AI, A Revolutionary Autonomous Sourcing Platform

20 Feb 2024 , 10:35 AM

In a bid to revolutionize procurement processes, LTIMindtree Limited unveiled Navisource.AI, a cutting-edge autonomous sourcing platform powered by GenAI. The announcement sent the company’s shares trading 1% higher to ₹5,566 in morning trade on February 20, signaling investors’ optimism about the platform’s potential to reshape the procurement landscape.

Navisource.AI is designed to streamline indirect procurement processes, offering simplification, predictability, and significant time savings by automating manual tasks. LTIMindtree aims to leverage the platform to drive a notable reduction of 10-15% in overall procurement costs, delivering tangible benefits to businesses.

Amidst the growing reliability and trust in artificial intelligence (AI), LTIMindtree anticipates a surge in the adoption of autonomous AI-driven business processes. Navisource.AI empowers procurement teams with advanced functionalities such as market research, pricing intelligence, and recommendations, all centered around driving cost efficiencies.

Despite the recent stock performance, where LTIMindtree shares have dipped over 12% since the beginning of the year, the launch of Navisource.AI injects a new wave of optimism among investors. The platform’s potential to enhance procurement efficiencies and deliver cost savings underscores its significance in today’s competitive business landscape.

In the December quarter, LTIMindtree reported robust financial performance, with a 17% year-on-year rise in net profit to ₹1,169 Crore. However, the company’s revenue from operations witnessed a modest increase of 4.6% to ₹9,016 Crore during the same period.