PROACTIS News

PROACTIS Warns Inadequate Spending Analysis is Costing Organisations Billions in Missed Savings Opportunities

PROACTIS, a global Spend Control and eProcurement solution provider, today warned few organisations have formal spending analysis programs to truly understand how much they spend, on which goods and services, and with which suppliers. Across the globe, this is costing billions in missed savings opportunities. 

Organisations are restricted by insufficient systems, incompatible data sources and poor data quality, and a lack of domain expertise necessary to identify opportunities to generate savings, reduce risk, improve process efficiencies and increase overall business performance. In tough economic conditions, organisations can ill afford to overlook such opportunities.
 
Simon Dadswell, Global Marketing Director of PROACTIS commented: “Effective spend analysis has proven to be more difficult than expected for many organisations. It usually requires analysing data from multiple disparate systems. Existing data is nearly always incomplete and inaccurate. And if recent activity is not continually added, the spend picture is not complete. At the same time, general-purpose Business Intelligence tools typically used to access that data are difficult to set up, usually require extensive IT assistance, and are cumbersome to use for the purpose of spend analysis.” 
 
“Our latest addition to the PROACTIS Spend Control platform addresses these issues and has made effective spend analysis far easier for customers to implement and use. It is built specifically for the purpose of spend analysis with all of the key data dimensions, views and filters already built in. It creates and automatically maintains a central repository of ‘clean’, up-to-date spend data pulled from any number of different sources. Importantly, PROACTIS Spend Analysis requires little or no IT assistance and is designed to deliver results in a matter of weeks.”
 
PROACTIS Spend Analysis Overview
 
PROACTIS Spend Analysis is a purpose-built solution that addresses all typical data issues and puts powerful ready-to-use analytical capabilities directly into the hands of procurement and finance professionals with only minimal set up required: 

Automated Data Acquisition, Cleansing, Enrichment & Classification

  • Spend data adapters make it easy to import supplier and transaction data from multiple sources
  • External data adapters enable use of other supplier data sources to be used in the cleansing and enrichment process
  • Data cleansing and enrichment engine uses advanced techniques to identify and combine duplicate supplier records, identify and correct bad or missing information such as e-mail addresses and postal codes, and add additional information from external sources. 
  • Data classification engine uses a self-learning AI engine to classify order and invoice items according to any chosen spend category scheme, including UNSPSC, CPV, NIGP or an internally defined category structure
  • Incremental data updates automatically add new suppliers and spend activity on a frequent schedule
Fast, Easy Access to Comprehensive Spend Data
  • Central spend data repository contains all spend detail indexed by supplier, category, cost centre, department, activity type (order, invoice, credit note), individual (e.g. originator, approver) and time
  • Comprehensive pre-built views immediately provide clear visibility into your spend. Highly flexible filtering provides the ability to ‘slice and dice’ information across a wide range of dimensions to gain truly actionable insights with just a few clicks
  • Drill-down from summary views to sub-categories to individual transactions makes it easy to pinpoint exactly where, when and with whom spend activity is occurring
  • Export to CSV files from any online view enables specialised analysis of any subset of the information held in the spend data repository
Automatic Notifications and Alerts
  • User-specified criteria make it easy to set up personalised alerts based on any KPI  
  • Event notification engine evaluates the alerts each time an incremental data update is applied and keeps all the right people informed by automatically notifying them of any new alerts that have been triggered since the last update
  • Multiple delivery methods ensure alerts are noticed by allowing users to receive alerts via e-mail or mobile app, and within the Spend Analysis application 
Easy to Deploy and Use
  • Cloud-based Software-as-a-Service (SaaS) solution delivery eliminates the need for hardware/software installation or management, and speeds start-up
  • Affordable subscription licensing minimises start-up costs and enables easy budgeting as an operational expense
  • Rapid start-up service makes it easy to connect to data sources, perform initial data cleansing and enrichment, establish automatic update schedule and set up alerts
  • Anytime, anywhere browser access means users can securely access information or receive alerts on just about any PC or mobile device while in the office, at home or on the road
  • Mobile device apps make it even easier to use PROACTIS Spend Analysis on tablets and smart phones
 
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