There is a wide variety of procurement technology available today that helps businesses to manage different aspects of procurement processes including strategic sourcing and purchase-to-pay processes. Such technologies help in improving vendor management and contract management. Despite the availability of such solutions, many organizations struggle in managing their spend data and find it difficult to transform them into actionable insights.
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Why is Spend Analytics Important?
Reason #1: To overcome the challenge of data management
Spend data comes from multiple sources which include accounts payable systems, payment consolidators, and vendor data management systems. Therefore, it is crucial for businesses to identify sources of spend data resides is not a one-time process but an ongoing exercise. Also, enterprises are in constant flux due to mergers and divestitures. This makes it impossible for them to have all the data in one place. For proper spend data management, companies must leverage spend analytics solutions to understand and segregate the spend data into procurement-centric spend categories.
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Reason #2: To deal with data visualization challenges
Spend analytics helps organizations in interpreting data and transforming it into useful information. Also, spend analytics solutions help in making spend data more productive both for sourcing and procurement professionals. Traditionally, enterprises use MS Excel to analyze data but relying on spreadsheets alone for spend analysis is a time-consuming process and requires a lot of resources in the long run. With customized spend analytics dashboards, businesses can visualize spend data and gain in-depth insights into factors affecting spend.
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Reason #3: For better spend data analysis
Availability of multiple procurement technology under one roof makes it difficult for enterprises to analyze spend data. Also, this limits their ability to leverage analytics outside the technology suite. But spend analytics solutions can help in spend data management while improving the workflow between sourcing and procurement process. Customized spend analytics dashboards aid in spend mapping by focusing on integrating modules and offering better data visualization capabilities. Therefore, spend analytics solutions offer purpose-driven experiences to companies across various business operations.
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