Enterprise-wide visibility and spend analysis is the key first step to achieving long term value in strategic sourcing. Unfortunately, many sourcing executives are constrained by dispersed, unclassified data across too many disparate systems to facilitate good decision-making and drive bottom-line improvements. Scanmarket's Spend Analysis solution can help gather spend data from all your systems into a single repository. It is then cleansed, normalized, enriched and classified to provide a true picture of your spend across categories, vendors, business units and more. Scanmarket’s Spend Analysis module provides access to a reporting application able to “slice and dice” spend and provide critical decision support for your procurement initiatives. You need to see your information in order to use it.
Want to better understand Scanmarket's platform and how it can help you? Check out this short video for an overview of our solutions and how we view strategic sourcing.
To gain complete visibility of your company data, it must be classified, allowing you to cross-examine and compare your data. Categorize your spend and easily drill down to identify leakage issues.
In-depth reporting of your classified and categorized data enables complete visibility and allows you to research and examine any issue or data type you want
The data needed to carry out a deep and exact spend analysis is usually extracted from a variety of different systems across the company. Potentially duplicated data will need cleaning and classification before you can carry on to the actual analysis.
The spend taxonomy is the way a procurement organisation classifies spend into different hierarchies.
Standard taxonomies include e.g. the UNSPSC (United Nations Standard Products and Services Code) which may be used to categorize procurement spend. Examples of procurement spend categories could be:
and many more..
Choose between having your data enriched on a quarterly or monthly basis.
Doing spend analysis in Excel possible, but many organizations will become challenged as spend data in hundreds and thousands of rows is not scalable.
Using Business Intelligence provides companies with a better insight into their costs and makes it much easier to search, sort and aggregate items and hence to align expenditures with revenue.
You can't save on what you cannot see. Analyzing procurement spend provides data that can be used as a baseline to measure improvements, and to provide reliable data for deciding strategies to realize short and long term savings.
“One-stop shop” to see and understand all your spend
95% confidence on spend through rigorous 3-stage QA process
Monitor compliance with agreements and identify rogue spend
Identify opportunities for spend leverage & demand aggregation
Find direct savings through Purchase Price Variance analysis