Spend Analysis is more than a backward-looking reporting engine. It's a window into your spend, analyzing your supply base, commodities and regions.
The Misconceptions About Spend Analysis
When discussing spend analysis with clients over the years, we've heard a lot. They are understandably fearful of the old tech adage “garbage in, garbage out” which leaves them looking stupid after making a sizable investment in spend analysis software that ends in failure. Do these comments sound familiar?
- “You wouldn’t be able to do anything with our data. It’s held in multiple systems."
- "Not even we know what’s going on with it."
- “We’ve only got certain data but not enough to be able to paint a complete picture.“
- "The data is in there somewhere, but we just can’t see it or interrogate it properly. It’s a lost cause."
The Reality of Spend Analysis
If most companies had great quality spend data that was easily accessible, there wouldn’t be a spend analysis software market. Our Spend Analysis module is designed to connect and automatically extract the most complicated and extensive procurement data from all kinds of data sources. Once extracted, the data is then cleansed and classified using artificial intelligence (AI), rules and collaboration with the client. Over time, the cleansing and classification will be further optimized through continuous collaboration with the client.
Then all of the cleansed and categorized data is displayed in an organized, user-friendly dashboard containing a myriad of graphs and charts that help identify savings opportunities, operational inefficiencies, tail spend, maverick spend, and more. Of course, there is the ability to further interrogate and analyze the data by drilling down, searching and filtering. Users can create their own reports, graphs and charts to customize their dashboards.
To this day, we have never been in a situation where we have had to walk away from a project because we were unable to build enough value from the data-set to warrant implementing the module.
For more information on this, contact your Scanmarket account managers or join us at www.scanmarket.com