An online powered Artificial Intelligence Technology tool could enable the NHS to save up to £500 million a year.
Spendinsight is an online analysis tool powered by artificial intelligence, it interrogates procurement data and reveals areas of over spending, maverick spending, and identifies areas of cutting costs. The Announcement of Spendinsight came directly after reports by the National Audit Office (NAO) earlier this month revealing that inadequate information and fragmented purchasing means that NHS hospitals are over spending on their basic supplies.
The Chairman of @UK Plc, Ronald Duncan said “over the last three years a team of 10 people have reviewed the 3.6 million different items bought by the NHS each year. It became apparent that many of the same items are being purchased at many different prices. The Spendinsight software uses artificial intelligences analyses which cannot be performed by people.”
“ The NHS have employed highly paid executives to perform this work in the past, but they were unable to review the entire 3.6 million different items that the NHS buys each year. So, the Spendinsight software would make their work quicker and more informed and enable the NHS to make huge savings”.
The software requires little manual intervention and is quick to deliver comprehensive spending reports. This will also eliminate the need to contract highly-paid data analysts.
Professor Mark Bishop, from Goldsmiths’ Department of Computing, said: “The project was particularly exciting as it allowed for joint work with leading academics at the University of Reading and Research scientists at @UK Plc. This is one of the largest and most innovative KTP projects ever undertaken and we are very excited by the results. We believe that the new tool is ground-breaking and has come at exactly the right time to help public and private sector organisations achieve savings.”