When you can better see what's happening in your spend... you find inefficiencies, consolidate vendors and save money. It's that simple. But you've got to have a system in place to see the whole story of your spend.
At Qonnections 2016, we showcased SpendView, a comprehensive spend analytics application suite built on QlikView by Analytics8. We got to talk about spend analytics to a handful of people who stopped by the Analytics8 booth, demoed the tool to show how it equips you to manage spend, and presented spend analysis best practices during a breakout session.
Throughout Qonnections, it was incredibly enlightening to gain customer feedback and insight on the product suite. What I heard most often from customers was that they had a lack of visibility into organizational spend due to no spend analytics program in place.
The simple fact is that maintaining spend analytics best practices amounts to a whole lot of savings in dollars and cents.
An Aberdeen Group study states that companies can achieve up to a 20% savings for each new dollar of spend brought under management, and maintain a 73% rate of contract compliance with spend analytics best practices in place.
Just having the simple visibility into your top suppliers by spend alone allows you to see the off-contract suppliers, and gives you the means to eliminate that spend.
What I found unique is that almost every person we spoke to faced the same business challenges. They either had:
• data that was stored in disparate sources
• supplier lists that were messy and unorganized
• no means to even categorize their spend to a specific sourcing group
During our demos at the booth, we had a blast showing these customers specific use cases and how their challenges could be easily addressed through SpendView.
For example, someone approached us at who had three different ERP systems with no supplier master list and no means to achieve one. We got to show her the simple point and click functionality within SpendView to roll up all suppliers to a master supplier parent in a matter of seconds. It was entertaining to see the lightbulb go off in her head at that moment!
Ultimately, visibility drives insights within spend analytics. It was great to impart that point on customers at Qonnections, and show them how SpendView can help them achieve their goals.
Missed our breakout session at Qonnections? Here are the slides:
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.
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