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.
Within the Strategic sourcing process, Spend Analysis is one of the most critical process steps providing clear visibility into your organizations overall spend. Making informed decisions during the strategic sourcing process is critical to ensure that your organizations procurement processes dependent on the spend data execute successfully.
Analysis of your companies spending patterns; whether it is for INDIRECT spend analysis or MRO spend analysis, can provide a clear picture of your organizations spending patterns.
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.
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.
Better understand current market conditions with category management and spend analysis. Supplier strategies and potential savings opportunities can emerge using procurement spend analysis dashboards.
Get the information needed to negotiate better terms with your suppliers. Having access to accurate historic 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.
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 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.
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.
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.
We have industry experts that ﬁnd issues, like misspelled names that can create unnecessary unique entries, that skew the ﬁnal analysis results.
Delivering a custom grouping that is speciﬁc to your needs; which leads to effective decision making and appropriate ﬁnal e-Sourcing strategies.
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.
We provide answers to critical questions that are at the heart of efﬁcient procurement.
Among Spend Analysis Software Companies, ProcurePort’s spend analysis solution ranks at the top with its automated spend analysis and AI driven supplier and spend categorization engine which takes advantage of machine learning spend analysis. Spend Analysis intuitive dashboard solution will allow you to take the insights gained during the spend analysis process and conduct multiple scenario analysis to optimize your spending.
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.
Comprehensive insight into suppliers and supplier spend patterns across business units
Opportunity for increased cost savings and supplier consolidation
Improving compliance combined with informed decisions
Real-time view into supplier pricing trends and contract compliance for better contract management
Improved strategic sourcing decisions based on comprehensive and accurate analysis of all spend under management
Improved supply management including cycle time and supplier management
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.
Chat with one of our experts to discuss how we can help you with your Spend Analysis project. Its easy to gain insights into your spend data with the ProcurePort Spend Analysis Software.