Globality: An AI-Powered B2B Services Marketplace
Over the years, digitalization has successfully transformed many business verticals, forcing companies to move away from traditional systems that are obsolete and adopt highly advanced digital technologies that can help them achieve their desired organizational goals. However, “there remains one big enterprise domain that has for long stayed untouched by sophisticated technology—procurement of services,” says Joel Hyatt, the CEO of Globality. Despite living in a thoroughly digital world, firms of all sizes do their procurement of services following the “old-fashioned” analog work process. This practice has resulted in two major issues: small, yet outstanding service providers being unable to enter the global market, and companies that outsource services only to the large, well-known service providers are not satisfied with the outcome. With a vision to revolutionize the traditional request for proposal (RFP) process and make globalization work for more businesses and people around the world, Joel Hyatt and Lior Delgo, two seasoned entrepreneurs, founded Globality, a global marketplace for B2B services, in March 2015. “We are enabling large corporations to get higher quality services from the best service provider at the right price for every project with our state-of-the-art AI technology,” says Hyatt.
The Globality Platform is a digitalized sourcing platform and marketplace that combines sophisticated AI technology with deep domain expertise to connect organizations with top service providers around the world. The cloud-based solution uses an interactive dialogue interface to help organizations, stakeholders, and procurement teams scope a project and match them to the perfect service provider. The process begins with creating a project brief via an interactive online Q&A that covers every aspect of a project and the client’s requirements. After which, the AI-powered platform recommends a list of service providers using a proprietary matching algorithm.
We are enabling large corporations to get higher quality services from the best service provider at the right price for every project with our state-of-the-art AI technology
The Globality Platform is a digitalized sourcing platform and marketplace that combines sophisticated AI technology with deep domain expertise to connect organizations with top service providers around the world. The cloud-based solution uses an interactive dialogue interface to help organizations, stakeholders, and procurement teams scope a project and match them to the perfect service provider. The process begins with creating a project brief via an interactive online Q&A that covers every aspect of a project and the client’s requirements. After which, the AI-powered platform recommends a list of service providers using a proprietary matching algorithm.
The matching is highly-tailored as it shortlists service providers based on several key points that include risk and regulatory analysis, reputation, relevant experience, and culture. “We assess the service providers across different dimensions and invite only the best to be a part of our network,” says Ran Harpaz, the CTO of Globality. These providers cannot sign up or pay to be a part of the network and must stand out of the lot based on their capability.
Once a client finds the right service provider, the platform allows the two parties to collaborate using the built-in, highly secure online tools, seamlessly. While companies can improve their bottom line with significant process efficiency savings, lower project costs and optimal results, smaller and highly qualified service providers get an opportunity to work with global organizations, which was previously unimaginable.
In one instance, a major pharmaceutical company headquartered in Western Europe was not satisfied with the results achieved by its marketing campaigns despite using a major, publicly-owned conglomerate ad agency. In need of an effective marketing agency, they created a project brief on the Globality Platform and were recommended four of the best agencies that matched their requirements. They hired the one they liked the most and realized that the fee charged by the selected agency was only half of what they paid the previous vendor. After successfully completing the project, the results of their digital marketing campaign were twice as effective, which significantly improved their ROI.
Today, Globality helps businesses source consultancies, marketing agencies, and law firms, and is currently adding IT and HR services into its portfolio, covering over 80 percent of the services spend of global organizations.
Company
Globality
Headquarters
Menlo Park, CA
Management
Ran Harpaz, CTO
and Joel Hyatt, Chairman & CEO
Description
The firm offers a digitalized sourcing platform and marketplace for procurement teams that combines sophisticated AI technology with deep domain expertise to connect organizations with top service providers around the world
