Spend Analysis, the window into Strategic Sourcing
We provide analyses, information, Spend analysis Software and overall guidance to improve efficiency and strengthen cash flows across your entire organizational supply chain.
See how we do it
Better Understanding
Streamline your Procurement Process via a thorough understanding of your spend data.
ProcurePort's Spend Analysis Solution provides an easy-to-use platform to collect cleanse classify and analyze spend across your entire supply chain.
Get a clear picture of your organization’s spend and make informed sourcing decisions.
Know how you spend
Analysis of your companies spending patterns; whether it is for INDIRECT spend analysis or MRO spend analysis, can provide a clear picture of your organization’s spending patterns.
Our processDelivering meaningful answers.
We provide answers to critical questions that are at the heart of efficient procurement.
What am I spending money on?
Who am I spending it with?
How do I better optimize my spend?
Where are my cost savings opportunities?
Why It Matters
Within the Strategic sourcing process, Spend Analysis is one of the most critical process steps providing clear visibility into your organization’s overall spend. Making informed decisions during the strategic sourcing process is critical to ensure that your organization’s procurement processes dependent on the spend data execute successfully.
There are various spend analysis methods including spend analysis using excel and spend analysis using automated spend analysis software.
A Spend Analysis Platform can allow you to gather and upload disparate data from disparate systems to create a single source of truth of your entire company spend. Typical indirect spend includes office supplies, transportation and logistics, IT Spend, Administration, Travel, MRO and P-Card data.
Having a clear picture of your spend data allows you to determine what categories of spend are suitable for further negotiation during contract renewal. It also allows you to understand the number of suppliers per category of spend, which can help determine if supplier consolidation is required in certain categories of spend.
Build a Baseline
Identify purchasing trends, product and service commonalities. Identifying a baseline for spend within each category allows you to track future spend against the baseline. It additionally allows for identifying maverick spend. Having a baseline can allow an organization to monitor if their current sourcing processes are driving the cost optimization results envisioned by management.
Gain Insights
Better understand current market conditions with category management and spend analysis. Supplier strategies and potential savings opportunities can emerge using procurement spend analysis dashboards.
Create Leverage
Get the information needed to negotiate better terms with your suppliers. Having access to accurate historical spend data for each supplier can put your procurement team in a much better position while negotiating contract renewals as well as new supplier contracts.
Our Process
Data Gathering
Rated as one of the top among Spend Analysis Software Companies, ProcurePort Spend Analysis Software accepts data from multiple sources. Aggregate spend data using the spend analysis worksheet. In short, gather your spend data as you have it and the spend analysis platform will take care of the rest. The platform allows for the removal of duplicate entries as well as allows for currency normalization. Ensuring that all recorded spend is in the same currency is critical for an accurate vendor spend analysis dashboard.
Data Aggregation
The next step is to merge all the data files from the various sources into one single file, while ensuring that the original data references are intact. Removal of duplicate entries is key during this process to ensure that the spend being visualized is accurate.
The spend data aggregation step allows you to validate the spend values against the AP data spend values. Any anomalies should be looked into and corrected. This step provides you with a single source of truth
Record Cleansing
Removal of duplicate records, caused by disparate systems, ensures that spend is not counted multiple times during analysis and that you can trust the accuracy of the data.
Vendor Name Normalization
We have industry experts that find issues, like misspelled names that can create unnecessary unique entries, that skew the final analysis results.
Vendor Categorization
Delivering a custom grouping that is specific to your needs; which leads to effective decision making and appropriate final e-Sourcing strategies.
Spend Cube Generation
The spend cube is the final output of our analysis process. The spend cube allows you to look at all of the analyzed data from a variety of angles.
Enable better decisions. Prioritize spend.
A thorough Spend Analysis exercise can be a valuable investment in the overall procurement process. Whether you conduct the spend analysis using excel or a cloud hosted spend analysis software, the analysis process can provide a clear picture of enterprise spend and act as a guide for procurement decision making.
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Comprehensive insight into suppliers and supplier spend patterns across business units
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Opportunity for increased cost savings and supplier consolidation
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Improving compliance combined with informed decisions
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Real-time view into supplier pricing trends and contract compliance for better contract management
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Improved strategic sourcing decisions based on comprehensive and accurate analysis of all spend under management
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Improved supply management including cycle time and supplier management
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Detailed real time visibility into all your indirect spend so you can employ the right procurement strategy for maximum cost reduction
In today's time of increased automation. A typical organization with multiple business units can have multiple ERP solutions as well as multiple accounting systems managing the overall company day to day transactions. In such a scenario, it is typical that there are various data sources housing the company spend transactions. An intelligent analytics software such as ProcurePort can assist in the aggregation, cleansing, classification-categorization of the Company spend.
Trusted globally by sourcing professionals & organizations.
Cost optimization is not synonymous with cost-cutting. Rather than be a response to a short-term need to actualize savings, it should be a long-term strategy to increase business performance.
There will always be gaps in our knowledge, there will always be things we are missing. But, if you aren’t shining a light on all aspects of your corporate spend, then you are in the dark about how much your business could be saving.
In the opening theme to the classic cartoon “The Jetsons,” George drops off each of his family members at their daily activities—Elroy to elementary school, Judy to high school, and Jane out shopping—and gives each a little money as well.
