LSE partners with Globality for AI-driven procurement boost

The London School of Economics and Political Science (LSE) is enhancing its procurement processes by implementing AI technology from Globality.

LSE has partnered with Globality, a company renowned for its AI-driven procurement and sourcing solutions, to improve efficiency and reduce costs amidst tightening budgets across the higher education sector. This collaboration will see LSE leverage the latest in Agentic and Gen AI to automate its procurement activities, allowing the university to streamline various processes.

The adoption of Globality's platform aims to make procurement quicker and more efficient by restructuring data into concise specifications, easing vendor selection, and improving bid evaluation. The technology is expected to mitigate risks of overbuying, increase supplier competition, and achieve cost efficiencies.

Mike Ferguson, Chief Financial Officer at LSE, highlighted the strategic nature of this decision: "We have a high-performing procurement team so giving them the best tools, such as Globality's technology, is a strategic decision to further strengthen our procurement capacity, ensuring it continues to secure the best value for LSE."

Cristian Martin, Director of Procurement Services at LSE, expressed optimism about integrating AI into the university's procurement operations: "LSE is an exceptional university to work for, and I am honoured that they have invested in and entrusted me with the task of fully integrating AI into our procurement process."

"Our collaboration with Globality and their AI-powered procurement tool, Glo, demonstrates LSE's commitment to adopting cutting-edge technology where clear benefits exist for the School. This partnership aims to enhance financial efficiencies, streamline manual processes, and boost productivity, while significantly accelerating contract awards and increasing our team's impact and value."

Globality, recognised as the Best Technology Provider at the 2024 World Procurement Awards, has developed its AI-driven technology over more than a decade. Its platform is designed to improve decision-making and generate value across enterprise spending.

Joel Hyatt, Co-Founder, Chairman, and CEO of Globality, said, "Globality is trusted by the world's best private sector companies such as Tesco, BT Group, Fidelity Investments, HP, Invesco, Santander and UCB Pharma to better manage how they spend their money."

"This new partnership with the London School of Economics and Political Science will showcase how autonomous procurement and sourcing unlocks the same new efficiencies, productivity and cost savings for the higher education and public sectors, utilising innovative, AI-powered technology to meet the tough fiscal challenges that all organisations currently face."