What Do Spend Analytics Consultants Do?
What Do Spend Analytics Consultants Do?
Spend Analytics Consultants, provide a mix of analytical and management consulting skills, that provide spend visibility, advisory, strategic sourcing with Opportunity Analysis, Cost Saving identification and Delivery. Using an Analytics framework that involves extracting, transforming spend data and sharing it across the organisation. Consultants provide management with independent advice relating to strategy, structure, management, or operations. It may include the identification of options with recommendations, assistance with the implementation. Consultants are split into many multiple levels of subcategories and may be used to fill gaps in capacity, knowledge, and experience.
Spend Analytics Consultants
Spend Analytics Consultants are expert in understanding company spend data structures, financial reporting, spend visibility, data manipulation, categorisation and visualisation. Spend Analysis provides insight, clarity and spend visibility, spend management consultants provide category management subject matter expertise with spend analytics consultants delivering fast, reliable spend information that delivers value
Spend Analytics Consultants Objectives
The Objectives for Spend Analytics Consultants, is to identify value-added opportunities that save cost, improve efficiency and increase the overall procurement value.
Sourcing & Cost Savings
Tail Spend Reduction, Sourcing, Aggregation, Opportunity Analysis, Initiative Builder, Benchmarking, Last Price Paid
Improve working capital
Payment Terms, Aggregated Normalize, Reduce Spend & Inventory, Target Setting “What If”, Currency Risk
Governance & Compliance
Spend under Contract, Maverick Purchases, Delegated Authority Levels, Supplier Risk Audit, Supplier Performance
Efficiency & Productivity
Reduction in Reports, Aggregated Purchases, Reduced Fees, Demand, Leadtime, Supplier Management.
To achieve this bespoke Spend Analytics Software is used.
Spend Analytics Consulting Video 3 mins
Spend Analytics Framework
Spend Analytics provides, action orientated Insight, data driven culture and cost savings, using spend analytics consultants. Spend Analytics Consultants, normally follow an Analytics Framework listed below:
Data Preparation
Spend Data Preparation analysis, involves extracting, transforming, organizing, verifying, essential data required to build procurement spend analytics reporting. A solid foundation is critical to the success of creating a data-driven spend analysis culture.
Data Extraction
Procurement data consists of purchase order, accounts payable, expense and credit card spend, which is then analysed, to provide data-driven insights and action orientated outcomes. Fact based decision support, that involves data capture, cleansing, aggregation and transformation, applied to leverage procurement value and gain competitive advantage.
Data Transformation
Best practice procurement spends analysis, involves a standard template or data schema, normally in excel. This reduces the time required to prepare raw data significantly the following link shows in more detail chart of accounts input data. Spend Analytics Consultants are used in conjunction with internal resources to provide fast, accurate procurement spend analytics. Spend Analytics Consultants also use a process of Spend Data Classification.
Spend Analytics Dashboards
Spend Analytics Dashboards are the most efficient way to track multiple data sources, a spend analysis dashboard is a management information tool that visually tracks, analyses, and displays key performance indicator metrics. On the surface the dashboard is a collection of charts, graphs and tables that provide a 360 view of procurement spend, behind the scenes, a full assessment of each data source is conducted, to aid in the creation of supplier spend analysis, opportunity assessment and sourcing cost savings.
Opportunity Assessment
Category Opportunity Assessment is a list of potential cost savings opportunities, created by category managers and procurement team that identifies sourcing initiatives and projects. Normally, presented at a category management review board, Spend analytics consultants work to provide spend analysis, market insight and an in depth knowledge of spend management.
Spend Analysis Consultants use spend automation software to reduce and minimise data preparation time.
Spend analytics software connects with all the procurement data sources, to groups, consolidate, and aggregate into a spend cube analysis tool. Spend analysis dashboards need procurement, finance, and IT departments to work together, to provide the necessary external supplier spend data.
Spend data may come from various sources, locations, and business entities.
Spend Analysis Consulting
Spend Analysis Consultants, provide planning, data preparation and insights, Spend Analytics is process of using statistical and mathematical analysis of procurement spend data, that discovers, interprets and predicts meaningful patterns in supplier spend data. Analysis that gives procurement the foundation to make informed data-driven decisions, that are aligned with the company goals & objectives.
What is Spend Management?
Spend Management: Spend Analytics Process Flow
Spend management gives an enterprise wide view of spend information, spend analytics, spend data classification and supplier spend performance linked to a standard taxonomy. Spend management is a repeatable process, that provides spend profile visibility, spend control, governance and compliance, directed at optimizing a company spend and providing a competitive advantage.
Spend Management Consulting
Spend Management Consultants provide cost optimisation, offering strategic advice and practical methods which optimise costs, improve supplier relationships and deliver Value Through Data riven Insight.
Category Spend Analytics Consultants Examples
Spend Analytics Consultants, use bespoke Spend Analytics Technology to drill deeper into the spend profile at various taxonomy levels.
Category: Management Consultants
Category: IT
Category: Marketing
Category: Human Resources
Category: Facilities Management
Data Analytics Consulting
Procurement Organisations typically use data analytics companies to drives business value, an integral part of this process is normalising data using business data analytics that incorporate big data technologies. Consulting Firms Provide business improvements using statistical data analysis using the following analytical techniques:
Descriptive Analytics Tools
Predictive Analytics Tools
Prescriptive Analytics Tools
Business data analysis covers many functional areas, whilst consultancy businesses provide definition for procurement which in turn provides meaning for procurement, they also provide other data and analytical benefits in the following Areas:
Spend Management
Marketing Data Analytics
Customer Data Analytics
Financial Data Analytics
Fraud Data Analytics
Financial Supply Chain Analytics
Summary of Spend Analytics Consulting
In Summary, Spend Analytics Consultants and Spend Analysis Consultants provide management with independent advice relating to strategy, structure, management, or operations. It may include the identification of options with recommendations, assistance with the implementation. Consultants are split into many multiple levels and may be used to fill gaps in capacity, knowledge, and experience.
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*.
Providing cost effective remote or onsite Spend Analytics Consulting, that delivers rapid insight and spend visibility, for more information click the link below.
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.
