Understanding where and how your organisation is spending money is the first step towards, identifying savings opportunities, reducing costs and mitigating supplier risks. Yet lack of visibility over spend data remains one of the biggest challenges facing procurement.
It’s not uncommon for procurement teams to have no single, robust source of spend data. Data can be held in varying formats across different systems, business entities and geographies causing a major issue for procurement – and often masking non-compliant purchasing activity.
This can create significant challenges for businesses when it comes to understanding where the organisation is spending money and with whom.
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- Spend data is difficult to consolidate across ERP systems or countries
- Classification often poorly structured with limited transparency; started from scratch every time
- Difficult to collaborate to produce a consistent overall classification, especially between entities; collecting and synthesising from various people is difficult
- No standard global spend visibility platform to view analysis; analyses are often time consuming to create
- Finalised data not adequately leveraged to drive insight
- Upload unlimited data sources from any ERP or Finance system as often as necessary
- eFlow generates suggestions based on previously completed classifications
- Cloud-based platform allows collaboration in real-time, making it accessible 24/7 from anywhere in the world
- Visualisation engine built in; meaning more time can be spent analysing rather than creating using a series of standard views with the ability to create your own at the touch of a button
- Our consulting support service is on hand to provide the insight to drive better decision-making
Building a spend analytics capability is critical to monitor spend, compliance and ongoing management of suppliers