Spend Analytics Dashboard With Source-To-Pay Software
SPEND ANALYTICS DASHBOARD
Executives within the finance department are regularly on the hunt for solutions which can provide maximum efficiency and greater control over their companies spend. Source-to-Pay (S2P) solutions bring together multiple highly necessary elements in the procurement process, and can help business to maximize budget while staying compliant in their spending protocols. With the implementation of S2P, greater spend analytics capabilities unlock new opportunities for business insight. This guide will provide Executives with detailed and step-by-step look into the Spend Analytics Dashboards available when utilizing S2P solution.
Introducing Spend Analytics Dashboards
Before discussing the setup of the Dashboard, it is important to understand what Spend Analytics Dashboards can offer business. Dashboards provide an aggregated view of companiespending and relevant supplier data. By linking real-time ERP and GL data to the S2P platform and taking advantage of other integrated sources, finance Executives have an easy-to-use and near real-time view of their companies procurement operations. With this critical information they are able to uncover actionable insights to help streamline budgets and improve supplier performance.
Setting Up Your Spend Analytics Dashboard
The process of integrating all the necessary financial components into the S2P platform and starting up the Spend Analytics Dashboard can be broken into the following steps:
1. Connect Data Sources
Begin by connecting the financial sources that are critical to understanding spend analysis. This typically involves integrating with your companies ERP and GL systems. To ensure the visualized data is accurate, validate the accuracy of the source-data related to procurement, receipts, invoices, payments, and purchases with exception management controls.
2. Assign Categories
SpendAnalytics Dashboards use Spend Categories for their analysis of the data. Once sourcing and procurement have been activated, assign categories such as total invoice amount, payment amount, etc., to ensure all relevant information can be gathered directly within the Dashboard.
3. Establish Goals
Now set clear goals and objectives which you’d like to track within the Dashboard. These could include cost savings objectives, supplier performance requirements, service level agreements and COGS (Cost of Goods Sold). Include timeline within the Spending Dashcaport to track performance over time.
4. Measure Outcomes
Once the Dashboard is set up, it is time to start measuring results. Attempt to find answers to questions such as how much has been spent in each Spend Category, how widely has spend been spread among suppliers, or how much of total spend is for shared services. Utilize the Dashboard to identify trends in source-to-pay performance in order to learn where to place efforts to maximize savings opportunities.
5. Adjust as Needed
As trends are uncovered, use the data to make necessary adjustments. Drill down into specific sources and suppliers to determine where improvements can be made, if additional costs savings can be achieved, and if supplier performance standards are being met. Continuous monitoring and optimization of the Dashboard should be done in order to make sure goals are being met efficiently and cost savings are maximized.
Finally, it is highly important for Executives to understand the benefits of good data to the big picture of their business. Spend Analytics Dashboards demonstrate how S2P solutions can provide an in-depth view of the entire source-to-pay process, enabling Executives to remain on-top of overall financial trends and offering them the ability to adjust as needed.
