The Cash Question
An organization’s spending, particularly in a decentralized organization, 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 organization’s bottom line
Top challenges faced by CXOs for driving Spend Analytics include:
- Decentralized & 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 organization’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, customized 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
- Capitalize on opportunities in price discovery, categorization and payment term optimization
The combination of our Insights 360° platform, Global Enterprise Model (GEM), advanced data modelling techniques and our Insights Center can boost procurement transformation.
Our Experts Deliver Proven Results
Our teams led by senior practitioners are recognized as specialists in their respective fields. The Spend Analytics team has a strong analytical background comprising of MBAs, Finance Graduates, Data Scientists and Engineering Graduates who all have experience in Procurement, Spend Analytics, Strategic Sourcing etc.
Our clients have achieved significant improvements including:
- 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
- Realized 14% savings by creating a baseline model for procurement
To understand how you can bring more spend under management, contact us today.