A Beginner’s Guide to Spend Analytics

Apr 5, 2019

Sports Apparel

What is Spend Analytics?

Minimizing cost is the major cause of concern for many companies and this is the reason they spend more time in the process of spend management. Spend analytics can make this easier by optimizing the supply-side performance and consolidating the data from the supply chain. Spend analytics help companies to make data-driven decisions and identify better opportunities for savings by analyzing their spending patterns. Also, spend analytics can assist in examining the expenditure of an organization and offers significant visibility into the procurement spending of an organization. This can further help the organization to improve the supply chain operations and result in better returns.

Our spend analytics solutions can help you minimize supply chain disruptions. Contact us to learn more about our portfolio of services.

Spend Analytics

Benefits of Spend Analytics Solutions

Better visibility into suppliers and spending patterns

By leveraging spend analytics solutions, any organization can yield valuable insights into its expenditure in real-time. This detailed information can be handy in improving the overall procurement process. Consequently,  organizations can adopt better practices for procurement that will be more helpful and efficient in managing the relationship with suppliers, improving supplier base, and category management.

Spend analytics is crucial to manage the tail spend of any organization, request a FREE demo to find out how it can help you unlock new cost-saving opportunities.

Helps in the category level analysis

Spend analytics solutions can help companies to analyze spend at the individual category level. This can assist in gaining visibility into the overall spending of the organization to control the cost-effectiveness. According to recent research results, organizations that leverage spend analytics develop a better relationship with preferred suppliers. Furthermore, spend analytics can help organizations to achieve bigger business objectives by making sourcing efficient and optimizing the supply base.

Assists in risk management

Working with the same suppliers for years can incur potential risks for organizations. A robust spend analytics solution can help organizations to innovate their supply chain and deliver new products and services to the customers. Also, by gaining actionable insights from analytics dashboards, companies can make capital improvements and deal with unforeseen challenges such as supply chain disruptions, cash-flow issues, and labor shortages. Spend analytics also provides an opportunity for procurement teams to contribute to wider business objectives and deliver unit cost savings and reduced maverick spending across buying centers.

Are you finding it difficult to improve your bottom-line due to inefficient spend management? Request for more information to find out how our experts can help you.

Quantzig’s Advantage

The fragmented, inaccurate, and unstructured data can lead to undesired outcomes for businesses and can charge heavily on their pockets. Quantzig’s spend analytics solution offers comprehensive category wise spend analysis based on commodities, suppliers, supplier locations, buying locations, business units, and cost centers. This helps businesses to enhance visibility into spending patterns for all indirect spend categories across an organization’s supply base. Our customized analytics dashboards deliver accurate results that instill confidence in sourcing and category teams regarding the spend data that can help them deliver value.

Ready to Harness Game-Changing Insights?

Request a free solution pilot to know how we can help you derive intelligent, actionable insights from complex, unstructured data with minimum effort to drive competitive readiness, market excellence, and success.

Recent Blogs

Supply Chain Analytics and its Importance for Businesses

Supply Chain Analytics and its Importance for Businesses

Supply chains generate massive amounts of structured and unstructured data, which, when used efficiently, can enable organizations to gain intelligent, actionable insights. Traditional supply chains, that do not make use of data analytics are siloed and slow-moving,...

read more
Four Metrics in the Telecom Industry to Make Smart Decisions

Four Metrics in the Telecom Industry to Make Smart Decisions

What you can expect from the Telecom Analytics Metrics Article IntroductionTelecom Analytics Metrics Highlights of the Telecom Analytics Metrics Article S NoTelecom Analytics Metrics1.Average Revenue Per User (ARPU)2.Minutes of Usage (MOU)3.Churn Rate4.Subscriber...

read more

Industries

Our advanced analytics expertise spans across industries, sectors, and functions, which enables us to deliver robust, agile solutions to all our clients. These are our core competencies, formed through years of experience.

Insights

Our free resources shed light on our extensive expertise and equip you with information to accelerate decision-making, growth, and innovation.

Talk to us
Talk to us