What is Spend Analytics Software?
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 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
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
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
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.
Prepare, clean and format your data to make the analysis even easier.
Spend Analytics Procurement Solutions Software
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
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