A new era with “spent” analysis
SpendHQ was created by the sourcing experts at Insight Sourcing Group, a management consulting firm led by alumni of the world’s largest consulting organisations from Accenture, Deloitte, McKinsey, KPMG.
Here, SpendHQ offers an insight into spend analysis and a new era of spend optimisation…
Spend analysis is the process of identifying, gathering, cleansing, grouping and analysing spend data, with the aim of lowering procurement costs and advancing efficiencies through transparency. These analytics provide an insight to save time and money.
Spend analysis is used to visualise data to make better sourcing and supplier decisions.
A new year to focus on spend optimisation
General spend visibility solutions are great backward-looking views into the money that went out the door, but no money is actually saved and no supplier performance is improved until the execution process where suppliers are being managed through contracts and scorecards.
When you negotiate with a supplier to pledge a certain amount of forward-looking spend, with associated pricing and discounts [potentially with breaks for various volumes], those spend volume commitments should be captured in a system just like in the contract.
The same goes with the performance commitments in the contract and the supplier scorecard.
What you need for full spend optimisation
Your spend data often lives in multiple platforms, and it’s also often coded differently in several of those. For full spend visibility, you need one clear view into all of your spend — no matter where it originates.
A spend analytics platform goes beyond the capabilities of general BI tools (and certainly leaves your old Excel spreadsheet lightyears behind), delivering the insights you need into:
- Supplier Diversity
- Category Management
- Preferred supplier compliance and much more.
SpendHQ lives and breathes ongoing spend awareness, helping organisations leave “spent” analysis exactly where it belongs: in the past.
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