Spend Analytics helps gain visibility and dive deep into spend data, track procurement performance metrics, supply base, and provides actionable insights to identify opportunities for consolidation of spend and to reduce procurement costs.
The Cash Question
An organisation’s spending, particularly in a decentralised organisation, is highly obscured with limited visibility of how money is spent. This poses a challenge to identification of cost saving opportunities, which, in turn directly impacts an organisation’s bottom line
Top challenges faced by CXOs for driving Spend Analytics include:
- Decentralised & heterogeneous data source
- Poor visibility of spend
- Lack of necessary resources and methodology for spend analysis
Aberdeen research has shown that enterprises have been able to achieve a 5% to 20% cost savings for each new dollar of spend brought under management.
Increased spend under management through Data-Driven Insights
Spend Analytics provides a comprehensive view of the organisation’s procurement health and behaviour while clearly defining actions to improve procurement efficiency, cut costs, and maintain a relevant & concise supply base. It addresses the key challenges across the entire spectrum of procurement – by providing clear visibility, tailored sourcing approaches, bettering procurement operations, customised intelligence, governance framework etc.
Spend Insights 360° helps clients:
- Improve visibility and compliance
- Enhance spend under management and reduce maverick expenditure
- Reduce spend management costs
- Capitalise on opportunities in price discovery, categorisation and payment term optimisation
The combination of our Insights 360° platform, Global Enterprise Model (GEM), advanced data modelling techniques and our Insights Centre can boost procurement transformation.
BPO experts deliver proven results
- Identified potential for price discovery with 78% of Addressable Spend ($971.1 MM)
- Potential savings of 2% ($ 5.4 MM) on addressable spend by adopting custom taxonomy and identifying consolidation opportunities
- Realised 14% savings by creating a baseline model for procurement
To understand how you can bring more spend under management, contact BL Narayan today.