Understanding and managing spend is critical to leveraging your corporate buying power and increasing your bottom line. Knowing at the granular level how, where, and with who your company is spending its money are essential to achieving desired procurement results. Moreover, organizing spend in a manner that helps maximize leverage and value while mitigating risk just makes sense.
Why do so many organizations struggle with spend analysis? For one, it’s harder than you might think to execute well. Despite the many advances in machine learning and AI when it comes to spend data, companies still are challenged with capturing all available spend and organizing it in a manner that aligns with how suppliers in the market respond to RFPs. Put simply, the GL code and description are not created for organizing vendors and managing sourcing events.
The goal of EC Spend is to serve as a technology and services partner to take the pain out of managing your spend data and to provide actionable insights in the most efficient and effective way possible. We are completely agnostic to your existing data environment and have worked with thousands of data systems across most industry segments.
Spend solutions for & by practitioners like you
Capabilities Snapshot:
Digital consolidation of data from all source systems available, such as Oracle, SAP, Concur, P-cards, etc.
Normalization of data to resolve any duplicates or vendor discrepancies
Categorization of data to a custom taxonomy that aligns with how you go to market to source goods and services
Enhancement of data with other dimensions such as risk, payment terms, diversity, location, etc.
Ensure a review with procurement to finalize spend taxonomy and other potential changes.
Go Live and train in a matter of weeks, not months.
Seamless transition to other EC Sourcing Group solutions or leverage our open API to integrate with your existing financial, procurement, and supply chain tools.
Our teams have experience in the RFP trenches and partner with sourcing leaders to accelerate the impact of digital & procurement transformation initiatives – all while improving results and supplier performance
EC Spend is our spend analysis and category analytics module. It is compatible with all of our existing solutions as well as virtually any external data source systems. EC Spend provides procurement, sourcing, supply chain, and finance leaders with an opportunity to achieve 100% visibility to spend organized specifically for their goals.
If you are interested in increasing your speed to impact and ability to find savings opportunities, EC Spend might be worth evaluating.
Experience dynamic technology that helps put an end to…
Impossible–to–find project data you’ve used previously
Internal audits that are painful because of lack of documentation
High costs due to data integrity & integration challenges
Stakeholder & supplier frustration with the tools or process
Are you able to spot maverick spend early and optimize leverage with your preferred vendor partners?
EC Spend is very flexible and completely designed to work with your procurement team’s existing solution set. The capability of the module is centered on considerations for transforming your existing raw data from all sources to an actionable roadmap to optimize savings and performance from your suppliers.
"We monitor the market and evaluate other options on a regular basis but we still have not found a product that is this easy to use ‐ so we stay!"
CLIENT TITLE
INDUSTRY
RELATIONSHIP
PROCUREMENT LEADER
MANUFACTURING & DISTRIBUTION
CLIENT PARTNER
CLIENT TITLE
PROCUREMENT LEADER
INDUSTRY
MANUFACTURING & DISTRIBUTION
PROCUREMENT LEADER
CLIENT PARTNER
"I have been in wireless for 12 years and this is the best RFI/RFP process that I have experienced, streamlined, concise, and easy to understand."
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INDUSTRY
RELATIONSHIP
VICE PRESIDENT, SALES
TELECOM
GLOBAL SUPPLIER
CLIENT TITLE
VICE PRESIDENT, SALES
INDUSTRY
TELECOM
PROCUREMENT LEADER
GLOBAL SUPPLIER
"They understand what you need and how you want to receive it because they've lived in your world."
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INDUSTRY
RELATIONSHIP
SENIOR ANALYST
SPECIALIZED CONSULTING FIRM
CLIENT
CLIENT TITLE
SENIOR ANALYST
INDUSTRY
SPECIALIZED CONSULTING FIRM
PROCUREMENT LEADER
CLIENT
"Your software is great! I have been involved in many of these (e-sourcing negotiations) and in fact just finished one last week for a Fortune 20 Healthcare Company. Your software is much less complicated and more user-friendly than any of the other ones I have used."
CLIENT TITLE
INDUSTRY
RELATIONSHIP
SALES EXECUTIVE
MANUFACTURING & DISTRIBUTION
SUPPLIER
CLIENT TITLE
SALES EXECUTIVE
INDUSTRY
MANUFACTURING & DISTRIBUTION
PROCUREMENT LEADER
SUPPLIER
TAKING INSIGHTS TO ACTION WITH EC eSOURCING
Once Potential Savings is Identified
Go Get it with EC eSourcing
The output of the spend analysis process should hopefully allow you to develop a high-level plan to capture improved pricing along with consistent or better service levels from your suppliers.
To many procurement organizations, spend analysis is simply a view of data from their ERP, AP, or BI solution that is filtered and organized into accounting or general ledger codes. To others, it is a process of transforming all spend data to optimize the value procurement can deliver. This is the process that can bypass poor PO data management or inconsistent data entry in certain parts of the company. This is the process that can take thousands of SKUs and understand that they belong in an Office Supplies category versus bought individually. If done correctly, this process is strategic and should help give procurement a roadmap to find value opportunities.
EC eSourcing (formerly FlexRFP) has been recognized as a top customer and value leader in SpendMatters’ benchmarking study since 2017. A big differentiator in EC Sourcing Group’s approach to sourcing technology is how it implements and delivers its solutions. Based on its heritage as a technology company built by procurement practitioners, there are a host of details integrated in the solution specifically engineered for and by procurement professionals like you.
EC SOURCING ALSO HAPPENS TO BE ONE OF THE MOST MATURE IN CAPABILITY WITH A SET OF CLEVER FEATURES THAT ONLY COMES FROM THE BATTLE SCARS OF DECADES OF MANAGING SOURCING EVENTS
— Magnus Bergfors & Michael Lamoureux, Spend Matters
EC Sourcing Group’s configurable solutions are flexible and currently serve many procurement operations leaders across industry. Retailers, food companies, healthcare organizations, education organizations, manufacturers, financial & investment companies, technology organizations, and select government contractors leverage our solutions for their needs.
As with all of our solutions, EC eSourcing is compatible with any of our modules as well as your existing ERP, CRM, expense management, vendor management, eProcurement, transportation management, or other financial & supply chain applications which it can connect with via open API.
Digital-related transformation projects have marched up the priority list with a marked increase in departments looking to leverage advancements in technology to accelerate value.