A new era with “spent” analysis

By Helen Adams
SpendHQ offers an insight into spend analysis and a new era of spend optimisation in 2022

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.

 

Share

Featured Articles

AWS Marketplace: Streamlining Software Solutions

AWS Marketplace simplifies procurement for public sector organisations, offers compliance support & prevents vendor lock-in, revolutionising cloud services

Keith Hartley, LevaData CEO, on Philosophy and Procurement

Keith Hartley, CEO at LevaData, discusses how the first principles philosophy and design thinking can revolutionise procurement processes

Mars Snacking's Amanda Davies joins P&SC LIVE New York

Amanda Davies, Chief R&D, Procurement and Sustainability Officer at Mars Snacking, is set to speak at Procurement & Supply Chain LIVE New York

Coupa Software’s Mike Schanker joins P&SC LIVE New York

Procurement Strategy

ServiceNow’s Kirsten Loegering joins P&SC LIVE New York

Supply Chain Management

McKinsey's Report Outlines Issues Facing Procurement Leaders

Procurement Strategy