Analytics & Spend Visibility Compass
Beyond the Basics: Using Spend Visibility to Drive More Than Category Sourcing Strategies and Spend Reporting
Jason Busch, Executive Editor, Spend Matters
Without question, the benefits that the initial generation of spend analysis solutions brought to market were significant, helping companies identify hundreds of millions of dollars – if not more – in collective savings opportunities. Still, a variety of business and technical limitations constrained these initial approaches. From a technical perspective, first generation-spend analysis approaches had to make due with the underlying architecture, development, analytical and visualization capabilities available to us at the time.
Spend Matters Research suggests that new ways of looking at spending and procurement data, often leveraging a newer generation of technology backbone, are unleashing a range of new possibilities on the spend analysis horizon. For example, consider the potential of spend data mashups, an approach that examine multiple types of data sets and content (e.g., A/P data, supplier-provided invoice data, tax/VAT data). In a mashup, these disparate capabilities and content come together to provide what often amounts to an entirely different look at data elements – which in the context of each other can help companies make more informed decisions.
Download the second paper in this Spend Matters Compass Series to learn ways in which you can drive entirely new levels of savings and compliance through spend analysis. The study starts by walking through the basics that all spend analysis systems should enable an organization to achieve. Then it explains how the spend analysis paradigm is changing by exploring both new technology types (e.g., customer data integration (CDI) models applied to spend analysis) and four new types of capabilities and approaches that spend analysis can bring: spend data mashups, spend analysis and sourcing linkage, spend analysis and contract linkage, and supplier data integration / supplier hubs.