Tag: marketing spend optimizations

spend analytics

A Beginner’s Guide to Spend Analytics

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 solution can help you in minimizing supply chain disruptions. Request a FREE proposal to learn more about our portfolio of services.

Benefits of Spend Analytics Solutions

spend analytics

Better visibility on suppliers and spending

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 the key to manage the tail spend of any organization. Request a FREE demo below to find out how it can help you unlock cost-saving opportunities.

Helps in the category level analysis

Spend analytics solution 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 managing the risks

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 labour shortages. Spend analytics also provides an opportunity for procurement teams to contribute to wider business objectives and deliver unit cost savings and reduced maverick spend across buying centres.

Are you finding it difficult to improve your bottom-line due to inefficient spend management? Get in touch with our experts right away!

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 centres. 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 instil confidence in sourcing and category teams regarding the spend data that can help them deliver value.

Marketing Mix Model Helps Companies in the Telecom Industry to Increase Operations Across Multiple Geographies

Quantzig’s recent study on marketing mix model helps a leading telecommunications company in the US to increase its market share in the retail sector through optimizing marketing spends.

Demand trends in the telecom industry

The increasing volatility in the telecom industry is making it difficult of suppliers to identify and attract high-value customers. Implementing marketing mix model will help organizations analyze the demand trends and allocate marketing budgets that result in improved ROI. The exponential rise is digital platforms, and dynamic patterns of consumer preferences are raising the requirement for real-time and customized solutions. Marketing mix model will help telecom organizations to predict the future media investments and allocate funds in a more precise manner. The growing importance of consumer-driven data consumption and advancement in technology is encouraging service providers to invest in developing effective marketing strategies that will promote business growth. The marketing mix model assessment by Quantzig helps telecom companies create brand and product awareness to drive infiltration and influence customers to upgrade service and product packages. The study also analyzes the impact of media investments at both national and local levels for products such as Internet, wireless, and cable television.

The emergence of 5G networks is revolutionizing the telecom industry. The leading service providers are focusing on the development of 5G architecture and initiating their field tests to ensure efficient services. Developing strong marketing and advertising campaigns will help vendors to attract a larger customer base and promote a faster deployment of these services. The launch of 5G services will enable smoother next-generation IoT and M2M applications.

Focus on cyber security

The recent 2017 cyber threat – WannaCry ransomware attack – is encouraging suppliers to undertake proactive protection from the entire internet value chain. Technological innovations to build strong encryption, firewalls, and holistic network security will help companies protect their systems from unwarranted and sudden cyber-attacks. Furthermore, building strong networks guarantees data security, which in turn, will help companies gain more consumers in this highly competitive market. Implementing security strategies for testing networks using the emulation of malware threats to identify weaknesses, which would be targeted by cyber hackers will give organizations a competitive advantage.

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Emergence of virtual reality (VR) and WiGig

The surge in VR technologies across industries is fueling the demand for better and faster networks. The service providers are offering virtualized software solutions that offer flexibility and can adapt to fit several business requirements. These solutions are cost effective and offer higher interaction with the end-users. The launch of WiGig technology will initiate developments and improvements in wireless video streaming, gaming, AR and VR, and networking applications. Designing effective marketing strategies to promote this new technology will fuel growth in this market.

Outcomes and solutions offered

Quantzig’s recent market mix model assessment helps a leading telecommunications company in the US improve their profitability and cost savings based on optimized media spending. Some of the solutions offered are as follows:

  • Improved ability to quantify marketing efficiency of channels and events in terms of ROI, contributions, revenue, and incremental sales
  • Designed effective strategies to boost future investment decisions based on simulated scenarios
  • Created a real-time solution for investment decisions, providing administrative management a powerful decision support system
  • Analyzed data across media types based on advanced regression methods for each product (the internet, wireless, and cable)
  • Identified direct and indirect impact of media types on incremental sales and the ROI generate

The complete case study on marketing mix models increase marketing ROI for the telecom industry is now available.

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For any queries, reach us at – hello@quantzig.com

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