Spend Analytics
Cost savings at the push of a button
Enable your purchasing organization to optimize strategic purchasing decisions: through real-time data analysis, dashboards and automatically generated recommendations for action. Our software provides you with personalized visualizations and reports in real time on your direct spend and various KPIs and shows potential savings - without additional time and effort. Navigate between different dashboards at product group, supplier and part levels to gain comprehensive insights into your spend and identify cost drivers and risks.
The spend analytics dashboards
enable you to make data-based decisions.
Categories and part families
Clear and intuitive dashboards and lists give you direct access to product groups and parts families. The drill-down function provides you with information at part number level and a quick insight into framework agreements with your suppliers.
Part numbers
The dashboard provides you with a holistic overview at part number level, including:
- Localization rate
- Dual sourcing rate
- Deviation from target price or cost model
- Price trends
- Insight into all orders and contracts
- Comparison and creation of offers and benchmarks
Suppliers
The supplier dashboard or supplier lists provide easy access and control over suppliers and their individual supplier codes.
- Prices and terms of payment
- Overview of your suppliers' expenditure and savings
- Financial stability
- Deviations from target agreements
- Compliance and sustainability
- Part families and high runners
- Cost saving potentials and risks
Supply chains
The "Supply chains" function visualizes the complex supply chains of your direct suppliers. It provides insight into the supply flows from the supplier's plant to your production sites. In the event of geopolitical crises, force majeure or ailing suppliers, you can obtain an overview of potential risks or regions.
Benefits of spend analytics
- Standardized data as a basis for quick decision-making
- Time savings through standardization and automation of data preparation
- Immediate access to data through centralization in a single source of truth
"ivoflow did not bring change, it was the change. We now have direct visibility into all of our categories in all of our global locations. Actionable insights are found in just a couple of seconds instead of time-consuming analysis.“
Experience our spend analytics function
Curious how to take your procurement game to the next level? Let our experts show you how our software works.
Book DemoWhat is spend analytics?
Spend analytics in procurement refers to the analysis of expenditure (spend) in a company. It starts with collecting data, categorizing it and ends with data cleansing and analysis. This allows cost structures and drivers to be recognized and potential savings to be identified more easily. Spend analytics is used in procurement (purchasing departments) and finance departments to increase efficiency, ensure compliance and strengthen the negotiating position with suppliers. Spend Analytics is also used to identify risks and find out which spend can be consolidated and which suppliers may have financial instability. Those who successfully operate spend analytics in their procurement organization benefit from standardized data as a basis for quick decisions, along with time savings. Procurement organizations that have created a single source of truth can access all procurement data directly instead of exporting it from different systems: the best prerequisite for successful spend analytics. The single source of truth can be spend analytics software that aggregates all data and provides it centrally.
What is a spend analytics software?
Spend analytics software is a software solution specifically designed to help companies analyze and optimize their spend. This software automates the above-mentioned processes - from data aggregation and cleansing to analysis - in order to gain insights into cost structures and potential savings and make data-based decisions. The choice of spend analytics software depends on various factors: the specific requirements in procurement, the budget and the integration into the company's existing system landscape.
Want to know more
about our procurement solution?
Let us show you how ivoflow can support your business. We are ready to showcase our procurement management system. Together we will find the perfect solution for your company. Feel free to give us a call or e-mail us today!
