What is Spend Analytics?
Spend Visibility: All the data you care about, right at your fingertips.
Spend Analytics is the process of aggregating, cleansing, classifying, and analyzing corporate purchasing or spend data to reduce procurement costs, improve efficiency, and monitor supplier compliance. On average, corporate procurement executives have visibility of only fifty percent of their overall spend.
Many companies today are looking to better control their cost of goods sold (COGS) and Operating Expenses (OPEX). Spend Analytics can help organizations like yours optimize their supply side performance by integrating data from across the enterprise, thereby enabling executives, managers, and frontline employees to make more informed and actionable decisions.
Spend Analytics is the linchpin of spend management. With more and more companies turning to solutions such as Concur, Expensify, Coupa, and Procurify to control spending, it is equally important to have visibility into these expenses to determine if vendor shopping or vendor discounts can be taken advantage of. Using Spend Analytics to enable spend visibility, which in turn drives insights and supports the right decisions at every stage of the expense management process.
Once a detailed spend analysis is complete, the available data allows companies to drive profitability, as well as monitor ongoing performance and risk.
This includes:
- Improving processes and managing spend
- Quantifying and delivering savings
- Managing supplier relationships, recovering over-payments and managing risk.
MindStream Analytics is a premier consulting and application managed services firm dedicated to helping clients enable better decision-making. With over a decade of experience in the analytics and Enterprise Performance Management (EPM) space, MindStream offers customers business intelligence and analytics tool selection, predictive modeling development, EPM design, and delivery optimization, and best practices for financial planning and budgeting . MindStream guides our customers to solutions that enhance business modeling that enables better analysis and insight into their data.
MindStream can work with your team to provide a detailed Spend Analytics Roadmap. The roadmap offers a detailed path of how to gain insight into your data no matter the number of legacy systems. By integrating supplier and product data, it provides users with a complete view spend, outlines how to leverage existing ROI, and helps determine what tools are needed for harnessing your organization's data constraints.
Tags: Business Intelligence Enterprise Performance Management Profitability Analysis
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OneStream CPM
OneStream aligns to your business needs and changes more quickly and easily than any other product by offering one platform and one model for all financial CPM solutions. OneStream employs Guided Workflows, validations and flexible mapping to deliver data quality confidence for all collections and analysis while reducing risk throughout the entire auditable financial process.