What is Spend Analytics?
Spend Analytics is the control over the collection, processing and analysis of supply data. Consumption analysis reveals business purchasing patterns through in-depth analysis of supply data. Organizations use them to manage their suppliers, to monitor procurement performance, and to reduce cost. The terms are often different, although the analysis is one (important) step of many in the analysis process.
Why is Spend Analysis Important?
Spend Analytics brings together purchasing-related data and turns it into immediate, budget-saving opportunities. The analysis also generates KPIs to assist decision-making. It provides visibility into an organization’s purchasing trends and offers useful insights. Spend analysts can improve supply management by reducing risk and ensuring compliance of any supplier.
The main benefit of spend analysis is that an organization gains better visibility and information about spending on activities. Analyse spend by category, vendor, product and location. AI based automated spend analysis makes it easy to find hidden expenses and save money. Our Spend Analytics solutions uses state-of-the-art technology to analyse and predict the future of your purchasing. We provide insights to manage inventory better, optimize purchasing and bring visibility to your suppliers. Contact us today for deep insights into your spend data.