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Multinational corporations have discovered that the lack of a unified sourcing and contracting process (S2C) and purchasing process (P2P) substantially hinders their ability to achieve their performance goals (for example, significant savings). Lack of a unified S2C process leads to long cycle times, lost savings as a result of order-processing delays and duplicate supplier data across multiple systems. One possible way to overcome these challenges is to develop and deploy an integrated architecture that includes centralized "Ivalua" procurement hub (for the acquiring of goods and services), supplier networks, and an analytics platform based on enterprise data warehouse (EDW). This common hub-and-spoke solution will automate workflow processes and deliver improved data governance and compliance with regulatory standards. After just six-months after establishing the architecture, organizations utilizing the architecture experienced 42% reduction in cycle time and a total savings of US$15.2 Million in operating expenditures. Utilizing artificial intelligence (AI) as an integral part of this new procurement solution provides more accurate predictive modeling of risk and enhances the effectiveness of strategic sourcing (for example, turning procurement into a profit center). By utilizing integrated architecture and AI-based analytical tools to optimize their procurement practices, organizations can improve the overall excellence of their supply chain and efficiently meet their future obligations to comply with regulations.