Spend Analytics software increases
visibility + decision making
Organizations generate a ton of spend data around the products and services they purchase from
suppliers. Organizing that data to understand the meaningful spend patterns is an enormous hurdle.
Corcentric’s spend analysis software creates actionable intelligence that can help organizations
consolidate and categorize supplier information and procurement data.
We unlock holistic transparency to help your procurement team guide purchasing behaviors,
control costs, and drive bottom-line value.
Key benefits of Corcentric’s Spend Analytics solution
Understand who your most critical suppliers are and how much your organization spends.
Eliminate blind spending by tracking demand and increasing visibility.
Clean spend data helps you find savings through actionable insights.
True visibility with Spend and Procurement Analytics
Our spend analytics tools give you a single, holistic view of organization-wide spend data across all supply chains. Activate data sources to gain deeper insights and convert company spend into strategic actionable intelligence.
Optimize spend management through clear, comprehensive KPIs
Create enhanced visualization of KPIs through easy-to-read charts and graphs. Improve business performance analytics beyond spend by anticipating spend demand far into the future. Look at spend by type and business unit department. Leverage statistical analysis like Pareto and central tendency stats on supplier spend.
Spend Assessment empowers
a smarter, more consistent
Effective, efficient spend analysis requires a taxonomy specifically built for organizing and identifying procurement savings opportunities. Our taxonomy design is designed to identify specific, actionable opportunities for sourcing and cost reduction at the subcategory level.
Quickly identify priority cost
savings opportunities with Opportunity Assessment
Remove the complexity of digging through data manually and gain a clear view of your spend, categorized to highlight potential savings opportunities.
- Ability to visualize custom spend analytics reports and dashboards
- Strategic sourcing and opportunity assessment capability utilizing strategic sourcing best practices and Corcentric’s proprietary knowledge repository
Custom Procurement Analytics
Since not all sourcing data is always in one place, Corcentric’s team of data experts consolidates, normalizes, cleanses, categorizes, and presents disparate data sources into valuable analytics across the source-to-pay process. Whether it be due to M+A or part of a wider decentralized organization, Corcentric develops custom procurement analytics dashboards and KPIs for creating intelligence from disparate data sources to benchmark and improve procurement’s performance.
Did you know?
of companies rely on analytics to
gain competitive advantage.
Source: MIT SLoan Review & SAS Institute
Spend Analytics FAQs
Why is spend analytics software important?
Optimization of Procurement’s ability to reduce costs and improve processes depends on robust spend analytics. All companies are looking to reduce costs and improve processes. It is vital for an organization to know exactly what is being spent, why, and for what. Understanding Procurement’s activities and expenditures enables organizations to optimize cost reduction and process improvement, including the ability to reduce maverick spend.
How do you perform spend analysis?
A key stage in any Procurement process, spend analysis begins with thorough data collection. Once you’ve gathered all your spend data, it’s time to group it together in one central location. After that consolidation, you have to cleanse your data. That means correcting any typos or inconsistencies that might interfere with your analysis. Then, group your spend by supplier and category. Now, it’s finally time to analyze your data, measuring against the key performance indicators that matter to your organization.
Can you automate spend analysis with this software?
Corcentric’s procurement analytics software streamlines the spend analysis process by automating many of its most time-consuming processes.
How does spend analytics improve supplier management?
Supplier relationships depend on trust and a sense of mutual investment. These relationships can suffer when one party lacks visibility into the other’s operations and performance. Spend data analytics provides insights into how you engage suppliers that can help your organization better determine its priorities and allocate its resources.
How do you ensure spend data accuracy?
Whatever metrics you consider relevant, data accuracy is everything in spend analysis. That’s why all spend analyses include a thorough data cleanse. Ensuring data is accurate typically means poring over line after line, but procurement data analytics technology eliminates much of the need for hands-on effort.
Who does spend analytics software help?
Procurement analytics software helps Procurement and Finance professionals by automating many of the most time-consuming portions of the spend analysis process and making it simpler to generate insights.
How can spend analytics inform indirect spend management?
Spend analysis is the foundation of spend management. It is especially useful for bringing “tail spend” under management. An organization’s tail is the portion of spend that is not managed strategically. In some organizations, all indirect spend qualifies as tail spend. Conducting a thorough and strategic spend analysis is the first step in better understanding and managing tail spend and all areas of your organization’s spend profile.