Dor Bocian, Partner and Co-Founder and Ravit Gutman, Managing Partner and Solution Architect
The word "Extropy" is a pseudoscientific principle that life will expand indefinitely throughout the universe with the help of human intelligence and technology. Interestingly, the significance of this term deeply resonates with the vision of Florida-based Extropy Advisors—a boutique consulting firm that specializes in financial digital transformation and spend management. The company guarantees the transformation of finance ecosystems through technology and human intelligence, helping organizations improve business conduct, efficiency, and ultimately, the bottom line.
The journey of Extropy traces back to 2014 when Ravit Gutman and Dor Bocian worked with a global healthcare organization that was undertaking a multimillion-dollar savings initiative. While driving savings and efficiencies for the organization, the duo identified a larger opportunity that could elevate the outcome for the organization to the next level—the digital transformation of the finance ecosystem. They discovered the lack of visibility and synchronization between systems as the root cause of many inefficiencies in spend, compliance, vendor relationships, and more. This realization led to the inception of Extropy. "We started from the end and then built a way to the beginning from the actual need," comments Dor Bocian, Partner and Co-Founder of Extropy Advisors.
Over the years, Extropy has emerged as a well-established agency, leading the digital transformation initiatives of accounts payable (AP) and procurement departments within numerous corporations. "Our mission is to create digital transformation success stories for our clients," says Ravit Gutman, Managing Partner and Solution Architect at Extropy Advisors. Ravit's extensive, unique experience in working with the Israeli Air Force—driving their wide-scale information technology overhaul— further adds to the prowess of the company.
According to Ravit, while many organizations are yet to join the digital transformation journey, others have been struggling on the path, trying to patch together tiny pieces of various solutions. For example, multiple departments under a CFO's office often use distinct, home-grown, substandard solutions with data silos that make it impossible to have a unified view. To overcome challenges like these, Extropy leverages a unique ecosystem approach.
The approach enables Extropy to understand the needs of specific departments, the solutions they use, perform gap analysis, communicate the information with stakeholders, and ultimately build the best architecture. Such a solution will help customers strengthen their competitive advantage, reshape strategic goals, boost performance, and prepare for the unexpected. "'One solution fits all' idea is not relevant anymore. For us, offering the robust solution begins with defining the architecture of how to navigate in a space and the best approach to transitioning customers to a new system," explains Ravit.
Our mission is to create digital transformation success stories for our clients
A major differentiator for Extropy is its ability to build the right data foundation and integrate best-in-class payment automation and other solutions to ensure a seamless digital transformation. On top of that, Extropy is an official partner of Basware—a company that offers enterprise software for financial processes such as purchase to pay. Basware's high degree of customization allows Extropy to offer and implement flexible solutions that seamlessly fit its clients' purchase to pay ecosystem to deliver maximum value.
The success of one of its clients, Boys & Girls Clubs of America (BGCA), perfectly demonstrates the robust capabilities of Extropy. BGCA's finance department had two separate systems for procurement and AP activities. This fragmented approach not only caused inaccuracy in payment processing but also proved inefficient in terms of time and labor. Additionally, the client was prone to fraud as they relied on a paper-driven approach to setting up vendors and purchasing orders. By implementing the ecosystem approach, Extropy delivered a comprehensive solution for the client that completely transformed their AP processes and eliminated the dependency on ERP, as well as transformed their vendor management workflow and approach to working with suppliers.
Powered by success stories like this, Extropy plans to expand its expertise and tools in the purchase to pay ecosystem with a key focus on data management, aggregation, and integration —the next megatrend in the industry. The company is keen on helping customers seamlessly manage vendor relationships and spend. Today, more and more microservices are emerging with the best-in-class solution for specific problems, and Extropy understands the importance of the right infrastructure to harmonize all these microservices. While achieving this, the company will continue to do what it does the best—building success stories for clients with solutions as unique as the problem itself.