LONDON – Efficio, the procurement experts, today launched Spend Analytics, the first product in a suite of custom procurement modules that make up the proprietary technology platform eFlow.
Designed to tackle the challenges facing procurement teams across the world, Spend Analytics provides Efficio’s clients with a single platform from which they can see a clear and complete picture of their procurement spend, often for the first time.
Building a spend analytics capability is critical to monitoring spend, compliance and ongoing management of suppliers. Our new eFlow technology will enable our clients to do all this in a quicker, more efficient way. Combining it with the insight our consultants bring provides Efficio with a unique proposition to offer our clients
Spend Analytics will allow users to have complete control of their spend from initial classification, through to visualization and ongoing classification and management of spend data. Users can upload from multiple data sets and link similar fields to make consolidation easier. The module then generates suggestions based on previous spend cubes, which ensures incremental accuracy of the final output.
Ten of Efficio’s clients will be using Spend Analytics from launch, these include Informa Group (U.K.), ICBPI (Italy), Accudyne Industries (U.S.) and Fujitsu (global). For these 10 clients the module will be visualizing a total of USD 17 billion in spend, made up of over four million separate lines of data and over 100,000 individual suppliers.
This module is the first part of our eFlow platform that will support the entire procurement lifecycle, designed and engineered by our team of procurement experts in direct response to the needs of our clients. We have created a platform that will allow users to fully realize the savings identified during the initial sourcing phase, navigating them through the complexity of tracking and implementing compliance. Due to the increasingly complicated nature of pricing models, often involving extraordinarily large data sets, this sophisticated technology is built to process this data quickly and efficiently. This not only improves the quality, accuracy and speed of the analytics produced, but also provides the infrastructure to repeat the analytics process with little reworking.