What is Spend Analytics Software?

Spend Analytics Software and Spend Analysis Software.png

Analytics-Technology

Spend Analytics Technology

What is Spend Analytics Software?

Spend Analytics Software transforms raw procurement spend data into a business analytics, spend visibility tool, with easy to understand dashboards and analysis, in the form of graphs, charts, tables and text. Feature rich spend analysis software, provide a statistical analysis and graphical views of data, enabling data-driven procurement solutions to achieve business KPIs.

Automated Spend Analysis Software

Automated Spend Analysis software connects with procurement spend data to create a company wide spend profile by gathering, cleansing, classifying, aggregating and analysing company expenditure. The process is split into two stages, spend data preparation and spend data visualisation, its purpose is to provide actionable insights, spend visibility, compliance and procurement cost savings. Spend Analytics Technology, is used to harness the various data sources such as purchase order, accounts payable and discretionary expense.

 

Spend Analytics

Spend Analytics

Spend Analytics

 

Spend Analytics aims to provide procurement with insights using historical spend data, that form the basis of strategic and tactical sourcing decisions, protect supply, and deliver value for money. Aligned with company objectives, procurement spend analysis provides, clarity, spend visibility, and sourcing framework, that aims to create a competitive advantage.

Analytical Software Packages, that are aligned to company structure, objectives and linked to company wide data sources, using the following Data Analysis Steps as a guide :

Data Analysis Steps

Spend Analytics Software typically is uses the following Spend Analytics Tools and Data Analysis Steps

  • Spend Analytics Data Preparation & Extraction Software

  • Spend Analytics Software Data Sources

  • Spend Analytics Business Intelligence Software

  • Spend Analytics Procurement Solutions Software

  • Spend Analytics Optimization Cost Software

 

Spend Data Preparation Spend Analytics

Spend Analytics Software Data Preparation

Spend Analytics Software Data Preparation

 

Data Preparation is the process of transforming raw data into tangible insights, the process at times can be technically, very challenging and time consuming, it relies upon the creating a data workflow process that is repeatable, flexible, and accurate. Building a reliable procurement Spend Analysis process needs trusted and validated data. Best in class sustainable spend analysis platforms and spend analysis solutions have automated data collection and validation at its core.

 

Spend Analytics Software Data Sources

Spend Analytics Software Data Sources

Spend Analytics Software Data Sources

 

Procurement Spend Analytics Data can be very complex and difficult to extract from company systems.

Typically, our team would provide a Spend Analytics Consultant to work along side your team to prepare the relevant Spend Analytics data sources the follow list shows typical, spend analytics data source examples:

  • ERP Software Example

    • SAP

    • Oracle

    • Microsoft Dynamics

    • Infor

  • Contract Software

    • Contract Management Software

  • Accounts Payable Software

    • Procure to Pay Software

    • P2P Software

    • Purchase Order Tracking Software

  • Accounting Spend Analytics Software

    • Including Budget and Expense Software

    • Chart of Accounts

    • General Ledger

  • P-Card Software

    • Company Purchasing Credit Card

  • Bill of Material

    • Spend Analytics Software linked to ERP and BOM Structures

 

Spend Analytics Software : Business Intelligence

Gartner BI Magic Quadrant

Gartner BI Magic Quadrant

 

Within Spend Analytics Software a key consideration, is the Business Intelligence BI tool used to visualise the Spend Data.

According to Gartner in a report published in 2020, Augmented capabilities are becoming key differentiators for analytics and BI platforms, at a time when cloud ecosystems are also influencing selection decisions.

This Magic Quadrant will help data and analytics leaders evolve their analytics and BI technology portfolios in light of these changes.

Cloud-based business intelligence (BI) solution that deliver the following Benefits :

  • Streamline reporting with custom dashboards.

  • Aggregate data to tell a cohesive story.

  • Analyse data and deliver actionable information.

  • Use real-time data to improve collaboration.

  • Connect to your data anywhere.

The following section shows two main leaders in this space

  • Power BI source (Microsoft)

    End-to-end data protection

    Better protect your data across Power BI reports, dashboards, and data sets with persistent protection that keeps working even when shared outside your organization or exported to other formats such as Excel, PowerPoint, and PDF.

    Better together

    When you use Power BI with Azure and Office, you extract maximum value from your technology and your data. Because Power BI interoperates with the Microsoft technology you already trust, you can use all your data productively.

    Extensive data connectors

    With a growing library of 120+ free connectors, everyone gets a complete picture for data-driven decision making. Connect directly to hundreds of on-premises and cloud data sources such as Dynamics 365, Azure SQL Database, Salesforce, Excel, and SharePoint.

  • Tableau Software

    Prepare, clean and format your data to make the analysis even easier.

 

Spend Analytics Procurement Solutions Software

Spend Analytics Procurement Solution.png
 

Spend Analytics Software provides companies a view of their external supplier spend, with the aim of improved sourcing, reduced costs and waste elimination.

  • Spend Analysis

    Turn Raw data into Tangible opportunity analysis with a leading Spend Classification platform and process.

  • Cost Saving Opportunities

    Tail Spend and Category management Opportunity analysis with rapid dashboard and supplier / category spend reporting.

  • Spend Forecasting

    Ability to forecast Spend, delivery and track savings.

  • Resource Improvement

    Unified platform reduced downtime, improved preparation for meetings, more time spent on doing vs data preparation

 

Spend Analytics Software Cost Optimization

Spend Analytics Software Cost Optimization

Spend Analytics Software Cost Optimization

 

Cost Reduction approach varies from company to company, Cost Optimization relies upon Spend Analytics Software that deliver the following cost reduction objectives

  • cost reduction analysis

  • cost savings in procurement

  • cost savings initiatives

  • cost savings tracker

In conjunction with with procurement Category Managers or Subject matter expertise, our spend analytics consultants, use a mixer of bespoke Cost Analytics Software and off the shelf Best in Class Business Intelligence tools

Spend analytics software, spend analysis software, spend analytics tools, spend analysis tools

 

What is Accelerated Insight ?

Accelerated Insight is a spend analytics software, that takes raw spend data, organises quickly it into a Spend Analytics Dashboard. Agile process design which requires minimal input from Procurement, designed to take Data to Dashboard in Minutes*.

A budget friendly spend analytics software and solution, that combines data science, business intelligence with procurement subject matter expertise. Built with purpose, to provide a future proofed, robust, Spend Analytics Software Solution.

 

Spend Analytics Software known as Accelerated Insight developed by Seaforth Analytical Services Limited