Answers To Your SpendView Questions

How do we handle financial risk data?

Financial risk information can be pivotal to managing your supply base and ensuring there isn’t a disruption to your organization. The most common source of financial risk data is Dun & Bradstreet (D&B).  D&B provides your organization with detailed financial risk information regarding your supply base.

The key is to maintain a comprehensive vendor master that can be linked to the financial risk information. Without a vendor normalization process, you won’t be able to gain visibility into your total spend with those high risk suppliers. By incorporating financial risk into a comprehensive spend analytics solution you will be able to avoid tying your spend to risky suppliers. With SpendView you are able to easily incorporate third party data, such as data from D&B, as well as normalize your suppliers to ensure you have a holistic view of all your spend with risky suppliers.

Can classification rules created through the SpendView system be incorporated back into the source system?

The SpendView solution allows for passive write-backs to your source system.  Whether it is the rules themselves or the transactions with the rules incorporated, the data from the SpendView system can be exported in a format that is consumable by multiple source systems.  Caution should be taken to ensure that the source system is not negatively impacted by bringing the updated information into the system.  Our procurement consultants can help guide any organization through the potential pitfalls.

SpendView can incorporate market indexes from multiple sources, but can it display multiple indexes or composite indexes?

SpendView can display multiple indexes and we can assist in developing composite indexes!  SpendView can incorporate any third part data, as well as be utilized to create new data points within the system.  There are some potential pitfalls to creating composite indexes.  Our consultants can work with any organization to ensure any composite indexes are accurate and useful.

Can SpendView be connected to audits?

Since SpendView is an internal solution, it is possible to connect the system to connect the system to any source and pull information out of the solution to incorporate into any source.  The benefit of owning your own solution is the ability to utilize it in any number of ways.

Is SpendView available in Qlik Sense and can we incorporate the financial data from QlikMarket?

Currently, the back-end modules are developed in QlikView; Vendor Normalization, Vendor Assignment and Classification Rules Engine.  Duplicating this functionality into Qlik Sense is in the roadmap.

The front-end reporting is available in both QlikView and Qlik Sense.

As the front-end is available in Qlik Sense, organizations are able to take advantage of all the data that is available in the Qlik Data Market.

Is index available outside the US?

While the US has the most robust market index information, market index information can be found globally.  Many countries maintain market index data that they make available to the public. Additionally, there are many organizations who compile market index data for particular regions, commodities, or industries.  While most data provided by governments is free to the public, most data from organizations will typically come with a cost.  Our consultants can walk through the type of information available and work with you to find the best sources.

SpendView is a comprehensive Spend Analytics solution that consolidates, cleanses, and classifies all spend-related data in one place, giving organizations full visibility across all of their spend. With SpendView, take control of your spend, make better purchasing decisions, and identify savings opportunities that directly impact the bottom line.

Key Takeaways

• Financial risk data, like that from Dun & Bradstreet, is most effective when combined with a normalized vendor master to identify and manage high-risk suppliers.
• SpendView supports integration of third-party financial risk data and enables a holistic view of supplier spend through normalization.
• Classification rules from SpendView can be exported and incorporated into source systems, though caution is needed to avoid disruptions.
• The platform allows for display and development of multiple or composite market indexes, with consultant guidance to ensure accuracy.
• SpendView can connect to other systems for audit purposes, allowing flexible use of its data across an organization’s ecosystem.
• Front-end reporting is available in both QlikView and Qlik Sense, while back-end modules are currently QlikView-only with Qlik Sense development in progress.
• Global market index data exists outside the US through public and private sources, though availability and cost can vary by region.