About Derive

This platform streamlines the procurement process, automating requests and contract management for faster and simpler buying cycles. By providing better visibility into spending before purchase orders, the platform helps businesses meet compliance standards and optimize their procurement workflows.

```xml <problem> Many businesses struggle with fragmented procurement processes, leading to a lack of visibility into spending, increased compliance risks, and missed opportunities for cost savings. Existing systems often lack the necessary automation and integration to effectively manage approvals, purchase orders, vendor contracts, and accounts payable in a unified manner. This results in manual effort, errors, and delays in the procurement cycle. </problem> <solution> Derive offers a procurement and accounts payable (AP) platform that provides finance teams with complete visibility and control over B2B spending. The platform automates vendor intake, approvals, purchase order management, contract renewals, and invoice processing within a single, integrated system. By orchestrating every step of the spending process, Derive ensures compliance, eliminates manual administrative tasks, and enables data-driven decision-making. The platform's AI agents and co-pilot assist with cognitive tasks such as reviewing contract terms, comparing supplier quotes, and providing real-time insights from financial data. </solution> <features> - Automated routing of approval requests based on spend, amount, department, and other criteria - Purchase order management to track committed spend and ensure budget adherence - Vendor, contract, and renewal management with automated alerts to prevent missed renewals - Automated invoice processing with 3-way matching (invoice, PO, receipt) to ensure compliance - Duplicate vendor and error detection to prevent fraud and inaccurate payments - Automatic synchronization of approved invoices with ERP and accounting systems - Multi-entity and multi-currency support for streamlined AP workflows across different business units - AI Agents for automated review of T&Cs, comparison of supplier quotes, and risk flagging - Co-pilot functionality providing ChatGPT-like access to financial data and business processes - Integrations with Finance, Legal, IT, InfoSec, and HR systems to sync data and trigger workflows </features> <target_audience> Derive is designed for finance teams in mid-sized to large businesses seeking to streamline their procurement and accounts payable processes, improve spend visibility, and enforce compliance. </target_audience> <revenue_model> Based on customer data, Derive's platform leads to an average annual cost savings of $380,000 through improved supplier leverage and process efficiency. </revenue_model> ```

What does Derive do?

Where is Derive located?

Derive is based in Sydney, Australia.

When was Derive founded?

Derive was founded in 2023.

Location

Sydney, Australia

Founded

2023

Employees

7 employees

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Derive

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Executive Summary

derive.bi 100+

Founded 2023 – Sydney, Australia

Funding

No funding information available.

Team (5+)

No team information available.

Company Description

Problem

Many businesses struggle with fragmented procurement processes, leading to a lack of visibility into spending, increased compliance risks, and missed opportunities for cost savings. Existing systems often lack the necessary automation and integration to effectively manage approvals, purchase orders, vendor contracts, and accounts payable in a unified manner. This results in manual effort, errors, and delays in the procurement cycle.

Solution

Derive offers a procurement and accounts payable (AP) platform that provides finance teams with complete visibility and control over B2B spending. The platform automates vendor intake, approvals, purchase order management, contract renewals, and invoice processing within a single, integrated system. By orchestrating every step of the spending process, Derive ensures compliance, eliminates manual administrative tasks, and enables data-driven decision-making. The platform's AI agents and co-pilot assist with cognitive tasks such as reviewing contract terms, comparing supplier quotes, and providing real-time insights from financial data.

Features

Automated routing of approval requests based on spend, amount, department, and other criteria

Purchase order management to track committed spend and ensure budget adherence

Vendor, contract, and renewal management with automated alerts to prevent missed renewals

Automated invoice processing with 3-way matching (invoice, PO, receipt) to ensure compliance

Duplicate vendor and error detection to prevent fraud and inaccurate payments

Automatic synchronization of approved invoices with ERP and accounting systems

Multi-entity and multi-currency support for streamlined AP workflows across different business units

AI Agents for automated review of T&Cs, comparison of supplier quotes, and risk flagging

Co-pilot functionality providing ChatGPT-like access to financial data and business processes

Integrations with Finance, Legal, IT, InfoSec, and HR systems to sync data and trigger workflows

Target Audience

Derive is designed for finance teams in mid-sized to large businesses seeking to streamline their procurement and accounts payable processes, improve spend visibility, and enforce compliance.

Revenue Model

Based on customer data, Derive's platform leads to an average annual cost savings of $380,000 through improved supplier leverage and process efficiency.