PROACTIS Blog

Unlocking Spend Data & Generating Business Value with Spend Analysis

Charlotte Sutton
Charlotte Sutton,
PROACTIS
The ability to analyse spend by multiple dimensions such as category, supplier, cost centre and department is essential for understanding an organisation’s current spending patterns, and for identifying opportunities to generate savings, reduce risk, improve process efficiencies and increase overall business performance.   
Challenges

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 in a number of ways (e.g. duplicate suppliers, missing or bad supplier information, miscoded transactions, etc.). And if recent activity is not continually added, the spend picture is not complete. At the same time, general-purpose Business Intelligence (BI) 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. 
 
The result is that, unless they can afford a large internal effort or expensive outside service, many procurement and finance professionals are forced to essentially ‘guess’ at their organisation’s spend based on partial, poor quality data and self-developed spreadsheets. This dramatically limits their ability to achieve their primary goals of increasing savings, reducing risk and enhancing organisational performance.
 
Solution

What is needed is a solution built specifically for the purpose of spend analysis with all of the key data dimensions, views and filters already built in. A solution that creates and automatically maintains a central repository of ‘clean’, up-to-date spend data pulled from any number of different sources. A solution that requires little or no IT assistance and can deliver results in a matter of weeks. A solution that puts all the right information at the fingertips of procurement and finance professionals to provide the insights they need to drive sourcing, risk mitigation, process improvement and other key initiatives.
 
In this webinar recording, we provide examples of the impact of Spend Analysis on managing corporate spending. In particular, how you can obtain insight over disparate pockets of spend data and identify opportunities you didn’t know existed. You will learn how to: 
  • Benefit from best practices for collecting and classifying your spend and supplier data
  • Use this data to better track and identify maverick spending
  • Identify and isolate factors that are impeding spending more effectively
  • Enrich your spend data with information to better assess your organisations overall supply chain risk
  • Quantify savings and demonstrate the value of your procurement team to your organisation              
Watch the webinar recording to learn how an easy-to-use, affordable Spend Analysis solution from PROACTIS can empower your procurement and finance teams with timely, relevant, and actionable spend data.
 
 
 
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