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Make Your Spend Analysis Smarter

Spend Management Software

Improve visibility into complex procurement challenges that impact business planning and execution through the use of intelligent spend management software.

Identify opportunities for savings through sourcing activities, spend aggregation, supplier consolidation, payment terms, and purchase-price variances.  Scanmarket Spend Analytics provides clear visibility of company-wide spend data and the means to interrogate it forensically.

Spend Management Software as Simple as it Should Be

At Scanmarket, we work tirelessly to make the digitalization of your procurement software as simple as it should be, with fast adoption throughout your organization.

Our spend analytics software provides a single view into your spend across geographies, categories, ERPs, etc. helping you identify opportunities for savings across your sourcing activities.

Make Sense of Your Spend

Find and share meaningful insights through data visualizations, AI-driven categorization, and prebuilt custom data connectors - all integrated with Excel. A single source of truth will provide the business intelligence to understand historical and current spend, and help you accurately forecast future spend.

AI-Driven Categorization

Simplicity Starts with Visibility

Scanmarket's Spend Analytics software identifies supplier dependencies and opportunities for savings while mitigating risks through instant visibility into company-wide spend.

Our application is designed to provide a high-level overview for category managers or similar, using category and/or regional filters.

The preconfigured dashboards provide as much detail as you need, making it easy for you to get answers to questions like:

  • What do we buy?
  • Who buys it?
  • How much do we spend?
  • Which suppliers do we buy from?

If the pre-configured dashboards don’t provide the right details, we can create custom dashboards tailored to your specific needs.

Understand Your Supplier Base

A dashboard designed to improve your understanding of your supplier base better and identify low spend categories with too many suppliers.

Examples of insights:

  • Who are our largest suppliers?
  • How many suppliers do we use in different parts of the business?
  • How many invoices do we receive from our suppliers?
  • Largest/smallest categories vs the number of suppliers.

Ensure PO Compliance

Track and ensure compliance across the organization by understanding who is buying off purchase orders, or if off-PO spend is related to specific categories or suppliers.

Examples of insights:

  • Which parts of the business are buying mostly off-PO?
  • Which suppliers send you invoices without purchase order numbers?
  • Which categories are being bought more off-PO?

Holistic View of Payment Terms

Gain insights on payment terms across your supplier base. The dashboard provides a holistic view of payment terms related to for example categories, total spend, and the number of suppliers.

Examples of insights:

  • How much spend do we have with too short payment terms?
  • Which categories are we buying on non-company policy payment terms?
  • Who is buying on non-company policy payment terms?

Spend Management Software

Keep Your Spend in Check

Discover how procurement leaders improve their use of resources and minimize spend. Cross-function visibility allows you to stay in control of non-budgeted spending. Foster a healthy balance of suppliers, contracts, and purchase orders to reduce tail spend.

Download the Advanced Spend Analytics Playbook to discover how leaders in procurement are improving labor efficiency and minimizing spend.

You will learn:

  • How to improve internal compliance while mitigating risk
  • The key to understanding maverick spend
  • How to optimize direct and indirect spending

Getting Started with Spend Management Software Is Easy

Transferring Your Data

There are two ways to transfer your data - and you chose which suits you and your business processes.

Manual Data Transfer When It Suits You
Import your spend data using excel or any other tabular file format within minutes, using a secure SFTP server for your data transmission

Automated Data Transfer
If you prefer automatic data import, you can use any standard business connector, connecting most ERPs via open and non-proprietary standards. It uses the internet as a communication platform and allows you to automate the process of fetching new data.

Cleansing and Preparing Your Data

An analysis is only as good as the data it is built on. This is why cleansing and preparing your data is a key step before analyzing your spend.

01

Data Collection

Typical data sources include:

  • ERP systems with accounts payable including invoice data transactions.
  • ERP systems with supplier master data.
  • Procure-to-pay tools including invoice line level data.
  • Payment cards such as Visa or Mastercard.

Data formats accepted:

  • All tabular formats such as CSV, Excel, etc.
  • Invoices and other documents in Universal Business Language (UBL).

02

Data Cleansing

  • Data may need to be cleansed in order to strengthen the analytics accuracy, removing inaccuracies and errors.
  • Data sets might have duplicate records, typos, missing codes, missing currency definitions, varied date formats, etc. - all of which ideally need to be cleansed and corrected.

03

Data Enrichment

  • Supplier normalization – identify if the same supplier exists multiple times in different ERPs.
  • Payment term normalization – determine if payment terms should be grouped to provide a better overview.
  • Rules to apply – decide if it would add value to apply bespoke rules to the categorization of data.
  • Categorize – using AI and machine learning to auto-classify at the line item level.

04

Data Visualization & Reporting

  • The spend analytics tool comes with pre-configured out-of-the-box dashboards that cover most standard procurement use cases
  • Custom dashboards and visualizations can be tailored specifically to fit your business needs.

Leveraging Machine Learning & Expert Validations to Classify Your Data

Collaborative Classification

1. Training the classification model

  • Establish target taxonomy
  • Manually classify high-spend items and allocate sample transactions to categories to train the machine learning model and create rules

2. Running machine learning algorithms

  • Apply data model to entire spend data
  • Categorize spend and identify uncategorized spend due to low confidence in categorization

3. Validating & refining the categorization

  • Verify and validate allocations performed through the algorithms
  • Correct and adjust wrongly allocated transactions

4. Retrain the model

  • Update categorization based on validation results
  • Adjust parameters for the machine learning algorithm and rules

5. Apply analytics to user dashboards

  • Update the spend cube to the user dashboards

No Programming, Just Insights.

Everything we do, we do to enable ease of use and broad adoption. With Scanmarket's spend management tool, anyone can analyze spend data with no programming skills required.

Every Data Point is an Opportunity to Learn

 

Data Integration

Consolidate and explore any data, from spreadsheets to databases, ERP systems, P2P tools, and payment cards - all can be collected.

 

Quick Analysis

Connect and visualize your data in minutes using pre-configured dashboards for most standard procurement use cases.

 

Automatic Updates

Transfer the latest data using automatic updates, scheduled according to your business requirements.

Spend Analytics Features

Real-Time Reporting at Your Fingertips

Explore all the intricate details about Scanmarket's Spend Analytics solution.

AI-Driven Data Cleansing 

Increase data accuracy and eradicate manual data preparation with artificial intelligence (AI) and automated rule-based machine learning technology.

Single Source of All Spend Data

Gain an accurate, amalgamated, and homogenized overview of spend across all data sources, business units, geographies, languages, and currencies.

Efficiency & Savings Opportunities

Analyze and interrogate your data across multiple standard and custom dashboards. Easily identify savings and efficiencies whilst being alerted to supply risks and compliance issues.

Data-Driven Business Decisions

Execute data-driven decisions to solve complex procurement issues that impact business strategy.

Benchmarks for the Future

Determine strategies for short and long-term savings and operational enhancements based on current data, and deploy them as a baseline for measuring improvement initiatives.

Leader in Spend Analysis

Scanmarket was recognized by SoftwareReviews as a leader for the 2nd year running in spend analysis in the 2022 Strategic Sourcing Data Quadrant report.

Visibility Into Business Spend

Explore all the intricate details about Scanmarket's Spend Analytics solution.

Spend Analytics Plays an Integral Part in Daily Operations

Learn about the benefits of using spend analytics to fully understand your spend and identify potential savings.

Spend Analytics

Visibility Into Spend

Instant Visibility

Online reporting provides a current view of the business, driven by the ability to update your spend when you need it – daily, weekly or monthly.

Keep Maverick Spend in Check

Cross-business visibility empowers you to stay in control of non-budgeted spend, foster a healthy balance of suppliers, contracts, purchase orders and spending – and reduce the ever-growing tail spend.

Compare Payment Terms​

Identify inconsistencies and risks through comparison of types and terms of payment at global, site, or department level – and development over time.

Enrich Data

Improve data trust by clarifying, normalizing, and adding 3rd party data for improved data accuracy.

Spend Analytics

Fact-Based Insights

Increase Category Intel​

Optimize use of suppliers by mapping spend & payment terms per supplier, identifying direct or indirect spend risks.

Strategic Procurement

Provide insights & project cost savings for financial planning and direction of company strategy.

Spend Reporting

Get regular reporting and trendlines on spend identifying e.g., how spend is used across the business, if spend is increasing or decreasing, the number of active suppliers and whether payment terms are correct.

Book a Demo

Originating from the needs of the procurement professional, Scanmarket's S2C software is built to be used. See for yourself how advanced technology can be as simple as it should be.

Key Features

  • Estimate savings opportunities
  • Make data-driven business decisions
  • Keep maverick spend in check
  • Compare payment terms
  • Increase category intelligence
  • Gain instant visibility into spend data
  • Report on spend instantly

 

Enrich Data

  • Improve data trust and accuracy
  • Normalize data
  • Enrich with 3rd party data

Spend Dashboard

  • Instant overview of all spend data
  • Geographical and language spread
  • Category views
  • Cross-business visibility
  • Control of non-budgeted spend
  • A healthy balance of suppliers
  • Overview of contracts and POs
  • Tail spend reduction


AI-Driven Spend Categorization

  • Automated categorization
  • Utilization of custom taxonomies
  • Reduction of manual processes and human error

Instant Spend Visibility

  • Online reporting 
  • Daily, weekly, or monthly spend updates
  • Regular reporting and trend lines
  • Increasing and decreasing trends
  • View of how spend is used
  • Number of active suppliers


Support & Integration

  • 3rd party data enrichment
  • 24/5 support for internal users
  • Support for execution, set-up, normalization, and enrichment

Services

Let Us Guide You to Success

Ensure source-to-contract program results with one of our expert Customer Success Managers to guide you.

Project Management

Everything You Need to Know in One Place

Manage and keep track of all projects in one single secure repository.

Ready to take the next step?

Find the solution that fits your needs.