Stentor: A Source-To-Pay Spend Analysis Solution
SPEND ANALYSIS
An executive who is looking to analyze companiespend needs to understand how to utilize sophisticated spend analysis solutions, such as Stentor, to maximize efficiency and reduce over-spending. This comprehensive article provides details on how to utilize Stentor, source-to-pay software, to pinpoint areas of expenditure and tailor strategies to optimize budget.
Finding ways to analyze companies spending can be challenging but necessary task for executives who are seeking to manage finances effectively. The ability to pinpoint areas of excessive or inappropriate spending can enable an executive to create more streamlined budget and maximize company efficiency. To do so, executives must have access to powerful yet user-friendly software that can produce valuable insights to guide decision-making and budget control. Stentor, an intuitive source-to-pay software, provides an answer.
This article offers step-by-step guide on how to use Stentor to perform source-to-pay spend analysis. Furthermore, executive-level considerations and key features of the Stentor software will be outlined to provide the reader with sound understanding of how this software can be of value in spend analysis.
Step 1: Identifying Suitable Spend Categories
When running spend analysis of source-to-pay data, it is useful to understand the various categories of spending, such as direct spend and third-party procurement. This can be done through the categorization process, which involves mapping spend data to category system (e.g. item, supplier and department). Categorizing spend data into the correct categories allows the executive to see which areas of the company are overspending and which business goals budget is being applied to. By identifying the spending categories, executives can analyze where money is going, where potential savings might be made, and which strategies work best to control spending.
Step 2: Collect Spend Data
Once the appropriate categorization of spending data has been completed, the executive must be able to analyze the raw data to identify key areas for improvement. Using the Stentor source-to-pay analysis solution, executives can collect spend data from all relevant sources, such as invoices and purchase orders, and store it in single platform. This allows for an easy and comprehensive overview of all spend-related data, allowing executives to more easily pinpoint areas that need attention.
Step 3: Analyze Findings
Having collected the necessary source-to-pay spend data, executives can then begin to analyze it in order to identify areas where savings can be made. Utilizing Stentor’s predictive analytics, executives can uncover valuable insights by analyzing spend trends across different categories of spend. This data can then be used to create actionable strategies for controlling spending, such as the implementation of supplier contract negotiations to secure better deals.
Step 4: Monitor Progress
To ensure that the strategies applied to reduce spending are effective, executives need to be able to monitor their progress. From within the Stentor software, executives can track their progress against budget goals, observe changes in spending behavior, and identify potential areas for improvement. The ability to monitor and control spending also allows executives to develop better understanding of the companies overall financial health and make informed decisions about where to allocate resources in the future.
Conclusion
By leveraging the insights and metrics provided by Stentor’s source-to-pay spend analysis solution, executives can more effectively manage companiespend, achieve budget objectives and reduce waste. The steps outlined in this article offer executives an outline of how to navigate Stentor and use it to its full potential. By doing so, executives can develop better understanding of where their companiestands financially, and how to use available resources wisely to secure profitability.
