The importance of Spend Analytics
Money matters. You can never underestimate the importance of effective money management and cost optimisation. But do you actually have clear vision of your spend? If you were asked right now, would you be able to answer all of these questions:
- What are you spending your money on?
- Who are you spending your money with?
- Are you getting the best price?
- How does your pricing compare to the market?
Spend analytics is the cornerstone of any good procurement practice. The problem is, many companies are yet to adopt a centralised, scalable solution. Instead, they manually pull together data from multiple sources. Then spend days – even weeks – cleaning and compiling the data, then repeating the process for each new project.
That’s a lot of wasted time.
A spend analytics solution can provide answers to these questions, and empower you to make better decisions. Decisions driven by data. A good solution can also prevent you from drowning in spreadsheets and reporting
Why aren’t more companies using a spend analytics solution?
It can be difficult for companies to adopt a spend analytics solution because of these kinds of concerns and roadblocks:
Lack of Control
Most spend analytics solutions available in the market are Managed-Services solutions: You send your data to the Managed Service Provider (MSP), they clean and classify your data, and then you are provided with access to reporting on their platform. The MSP controls how the data is cleaned and classified, what percent of the data is addressed, what analysis is available in the reporting, and often times the taxonomy used for classification. While changes are sometimes available, there are always limitations.
Lack of Flexibility
Managed-Services solutions may not have the ability to support specific business initiatives, such as reporting on late invoice payments, movements in the market, financial risk of your suppliers, and preferred suppliers. Additionally, these solutions do not integrate into your business intelligence platform.
Any spend analytics solution comes with a price. With a Managed-Service solution, those costs can be extensive. Charges you can experience with a Managed-Service solution include:
- initial cleansing, classifying, and set-up of the account
- every refresh of the data
- every user who has access to the reporting
- any change to the reporting or inclusion of new elements
Many companies are unable to support a long-term spend analysis solution due to the ongoing investment in the service provider. That’s where SpendView comes in. SpendView is a spend analytics platform built on the Qlik platform. It’s different than other solutions. Here’s why:
You own it
SpendView is a Spend Analytics platform that YOU own. You determine:
- the rules that cleanse and classify your data
- how much of the data is addressed
- the reports and visuals
- how often the data is refreshed
- the taxonomy that is being used
You have the autonomy to use the tool according to your needs.
It is flexible
SpendView is a set of applications built with Qlik Technologies to be used with QlikView and Qlik Sense. By utilising a solution that integrates with a broader data visualisation platform, you can turn data into insights across all aspects of your business. At any time, you have the flexibility to add or alter reports, enhance your solution with third-party data, and refresh the data. Make changes to the system as you see fit, without relying on an outside vendor.
It is affordable
Since you own SpendView, there are no fees for refreshes, changes, or additional reporting. There are also no recurring costs for the number of users who have access to the reporting. SpendView provides a Spend Analytics solution at a fraction of the price compared to other vendors.
If you want to manage your finances to the utmost capacity, SpendView is the right solution for you. Contact us to find out how SpendView can start giving you better financial clarity.
Analytics8 is technology agnostic advisor and implementation partner, not a software reseller. We pride ourselves on being able to provide businesses with genuine, unbiased advice based on our deep experience in data warehousing, business intelligence, and advanced analytics. We are passionate about transforming data into usable information and actionable insight and have the skills and experience to deliver projects irrespective of an organisation’s current technology mix.
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