At Qonnections 2016, we got to showcase SpendView. There was a great response and a handful of questions. Here are answers to some of the top questions Qlik users asked to understand how they can gain better visibility into their spend.
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.
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 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.
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.
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.
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.
To thrive with your data, your people, processes, and technology must all be data-focused. This may sound daunting, but we can help you get there. Sign up to meet with one of our analytics experts who will review your data struggles and help map out steps to achieve data-driven decision making.