Thinking Machine Systems Hopes For Future

Introduction

This article is a summary of a podcast featuring Richard Martin, the founder and CEO of Thinking Machine Systems. Thinking Machine Systems is an AI platform that helps procurement directors automate the analytics of their contracts and invoices. Richard shares his journey of starting the company, the challenges he faced, and his hopes for the future.

Summary

Richard Martin, founder and CEO of Thinking Machine Systems, shares his background in the telecom industry and how it led him to realize the need for a data-driven approach to contract and invoice analytics. He explains that the complexity of contracts and invoices often leads to billing problems that are difficult to resolve. This realization inspired him to start Thinking Machine Systems.

The company's AI platform aims to help procurement directors gain better insight into their technology suppliers and identify cost-saving initiatives. By automating the analytics of contracts and invoices, procurement directors can accurately understand their spending data and negotiate better deals.

Richard discusses the challenges of selling to procurement departments and the need to educate them about the benefits of using their technology. He also highlights the long sourcing cycles in procurement and the additional layers of scrutiny that deals are now facing.

In terms of the company's future plans, Richard mentions their focus on scaling and commercializing the product. They are also looking to partner with consultancies and expand their customer base. Additionally, they are exploring opportunities in the US market, particularly in the telecom expense management sector.

Keywords

Thinking Machine Systems, AI platform, procurement directors, contract and invoice analytics, cost-saving initiatives, technology suppliers, complexity, billing problems, automation, spending data, negotiate deals, challenges, scaling, commercializing, consultancies, customer base, US market, telecom expense management.

FAQ

Q: What does Thinking Machine Systems do?
A: Thinking Machine Systems is an AI platform that helps procurement directors automate the analytics of their contracts and invoices.

Q: Why did Richard Martin start Thinking Machine Systems?
A: Richard Martin, with his background in the telecom industry, realized the need for a data-driven approach to contract and invoice analytics due to the complexity and billing problems faced in the industry.

Q: Who are their ideal customers?
A: Thinking Machine Systems targets procurement directors, preferably those who are new in their role and have a mandate for transformation. They typically work with mid to large organizations, particularly in the technology sector.

Q: What challenges does Thinking Machine Systems face in selling to procurement departments?
A: Selling to procurement departments can be challenging due to the need to educate them about the benefits of the technology and the long sourcing cycles involved.

Q: What are their plans for the future?
A: Thinking Machine Systems aims to scale and commercialize their product. They are also looking to partner with consultancies and expand their customer base. Additionally, they are exploring opportunities in the US telecom expense management sector.