Benefits of Spend Analysis in Procurement: How to Understand Spend Data and Maximize Savings
Understanding and managing spend is critical to leveraging your corporate buying power and increasing your bottom line. Spend visibility—at the granular level—involves about how and where your company is spending its money is the gateway to better sourcing actions and greater profits.
If your company has made significant investments in technical infrastructure yet you still need to create manual spreadsheets to get critical information, EC Sourcing has your answer: reap the benefits of spend analysis in procurement.
The Powerful Benefits of Using Spend Analysis in Procurement
- Know who is spending
- Know who they are buying from
- Know whether buying is with preferred vendors
- Know all of the above within weeks, not months so you can proactively correct rouge spending – Refresh data sets regularly for compliance tracking.
Benefits of Spend Analysis in procurement: Spend Visibility:
- View your entire organizational spend with one click. Identify untapped saving opportunities and create custom reports with multiple layers of analytics.
- Spend data optimization process takes your raw spend data, utilizes machine learning and algorithm-based analytics to inject deep expertise into the data optimization process.
- Procurement experts also perform the necessary “human logic” to ensure your data is accurately categorized.
Procurement Spend Analysis Dashboard Setup & Deployment:
We work with your team to develop a custom spend taxonomy that reflects a true “sourcing-level” category structure. Instead of trying to interpret GL or UNSPSC codes, we develop a “spend cube” that matches your organization’s unique needs using a familiar taxonomy and verbiage.
Benefits of Spend Analysis in Procurement: Post-Sourcing Analytics
After a sourcing event, our Category Management and Compliance solutions allow you to ensure pricing accuracy, eliminate rogue spend, and ensure promised savings are met.
Benefits of Spend Analysis in Procurement: Spend Diagnostic
The importance of spend visibility in procurement cannot be overstated. We perform recurring spend diagnostics, giving you an outside view of your spend to help link your data to sourcing insights, leading to cost-optimization strategies.
For more information on our solutions and how to improve your spend analysis, or if you would like to schedule a demo, contact EC Sourcing Group today by calling (973) 936-9672, option 1.
FlexRFP is the solution I wish I found sooner and we immediately realized efficiencies. The newfound productivity is becoming a strategic focus as leverage to win business in my department as well as the organization. Furthermore, the transition of our old quoting system was nearly flawless with the service and support of EC Sourcing as a whole. All in all, a great company to start a partnership with.
EC Sourcing Group solutions save us a significant amount of time each day. Ron and his team helped us design and develop the custom solution we needed and continue to add new features each year to make our jobs easier. We value our partnership with EC Sourcing and the sourcing management solutions they provide us.
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Schedule a demo to see how easy and straightforward managing your spend can be.