Spend Analytics Technology

Spend Analytics Technology: Visualize Spending and Procurement

Spend Analytics Tecnology

Many companies are looking to better control their cost of goods sold (COGS) and Operating Expenses (OPEX). To do this - Corporate procurement managers need visibility into their overall spend. Spend Analytics Technology speeds the process of collecting, classifying, and analyzing corporate purchasing.

Spend Analytics software packages allow you to visualize expense data to reduce costs, improve efficiency, and monitor your supplier compliance. More and more companies turning to solutions such as Ariba, Coupa, SpendHQ, ProcurePort, Sievo, and Procurify to control spending.

Spend Analytics Technology aims to assist organizations like yours optimize their supply side performance by integrating spending data from across the enterprise, thereby enabling executives, managers, and frontline employees to make more informed and actionable decisions.

The discipline of Spend Analytics is the linchpin of expense control. Having technology that gives you the visibility to determine if vendor shopping or vendor discounts can be taken advantage of. Using these software packages enables procurement managers, which in turn drives insights and supports the right decisions at every stage of managing your operating expenses.

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 including vendor discounts
  • 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, 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. Learn more by downloading our free White Paper.

Tags: Business Intelligence Enterprise Performance Management Profitability Analysis

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Spend Analytics

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