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Spend Analytics

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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Challenges

Typical challenges

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

Solution

Our solution

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

Key benefits

Building a spend analytics capability is critical to monitor spend, compliance and ongoing management of suppliers

Classification engine leverages Efficio’s experience
Classification engine leverages Efficio’s experience

Spend Analytics leverages over £100bn in spend classification experience to generate suggestions for allocating spend to categories with data becoming more accurate with each refresh

Intuitive classification structure
Intuitive classification structure

Our classification structure is built for procurement professionals by procurement experts to ensure the output is intuitive and easily understandable by all

A single version of the data
A single version of the data

A single version can be updated by all the relevant stakeholders where you can own and take control of the classification

Built for all data sizes and sources
Built for all data sizes and sources

Easy to take multiple sources and link relevant fields of information

Visualisation tailored to your specific needs
Visualisation tailored to your specific needs

Whether it is a specific taxonomy or bespoke visuals, you receive an output tailored to whatever is relevant to you

Insight at your fingertips
Insight at your fingertips

Our team of Analytics experts can help you to find the available insights in the data