Spend Analytics is a process which is being used to gain a good visibility and to dive deep into spend data to evaluate the spending patterns of any business, to understand the supply base, and to track the matrices of procurement performance. It helps to make actionable insights for spend consolidation and to decrease the procurement cost for the betterment of any organization. Spend analytics has the ability to turn the data of any organization into a powerhouse of insights and information which can be used to gain visibility which is important for a successful process of spend analytics.
- Better & Actionable Decision. It is helpful for any organization to optimize the supply performance of that organization by integrating data from the value chain of initiatives by allowing the executives of the business, employees, and managers which are able to make better and actionable decisions for the better future of any organization.
- Cost Reduction is one of the most considerable factors of the organization in this process.
Where can we Help?
Most of the organizations are spending more time to analyze the process of spend management to understand their spending patterns in a better way. It is here that we will be helpful for the organization to use our proven methodology of delivering agile analysis.
With cost optimization a top business priority, we lay out a structured approach to develop a business case for rationalizing your vendor portfolio in order to improve costs, while maintaining quality
Our practitioners were able to provide savings of 5% on addressable spend by adopting just custom taxonomy and identifying consolidation opportunities. Further 10% savings were realized by creating a baseline model on the procurement data. Continuous use of our models has ensured high compliance for our client.