Leverage deep, accurate spend insights across your categories and sub-categories to improve sourcing and supplier decisions.
SpendHQ Category Management Delivers Bottom Line Insight
Today’s global situation, with unpredictable price hikes and supply shortages, has highlighted the need for better access to data to help make more informed choices for your next sourcing waves and business goals. When there is a lack of granular category-level data, procurement teams often struggle to put Category Management capabilities in place that include spend roadmaps and specific cost optimization actions.
SpendHQ’s spend intelligence solution supports Category Management by first speeding and simplifying the process of getting your spend data together and properly classified, and then by providing an easy-to-navigate interface that gives spend owners the insights, trend reports, and benchmark needed for planning and measurement.
SpendHQ: Accurate Insights for Category Decision Support
SpendHQ delivers enterprise-wide spend visibility across all spend categories and enables procurement to target strategic sourcing and cost-reduction opportunities.
Our data process ensures that spend is classified into a best practices taxonomy of categories, honed from our company’s history of 20+ years and more than $7B in spend managed across our global clients. Any category-level decisions should be supported by data that’s trusted for its accuracy and completeness, and that’s what customers find with SpendHQ.
Challenges for Category Spend Insights
“I don’t trust my data”
Getting your spend data together is the hardest part. It lives in many silos, and may not even be suitable for procurement’s consumption. Mapping all of that data into the right spend classification taxonomy is key to getting the right picture. SpendHQ has a proven, well-honed process backed by technology, data enrichment, and data refresh automations that simplify this for our customers.
“I know I have maverick spend but I can’t find it”
Category-level insights help procurement and their business stakeholders identify areas of maverick spend or missed opportunities to use preferred suppliers. By using subcategory specific data, customers gain this needed level of detailed visibility so that they can improve those stakeholder conversations and ultimately take action.
“I don’t have the external data I need”
Internal data alone may not not sufficient for detailed category intelligence. SpendHQ provides options for data enrichment that can help complete the picture for analysis.
Companies need a better solution to help them improve Category Management using spend data they can trust, and given all the increasing pressures including ESG, new regulations, supply chain disruptions, inflationary pricing, and more.
An effective solution should help Procurement:
- Track sourcing savings for each category at a granular level
- Isolate impact of unit price savings and volume increases/decreases
- Understand savings impacts on budgets and P&L
Prevent Savings Leakage
- Identify and recover supplier price overcharges
- Prevent maverick spend and drive compliance with preferred suppliers
- Minimize supplier cost increases and additional surcharges
Drive Incremental Value
- Continually optimize and enhance supplier awards
- Monitor and manage purchase demand and quantities
- Identify ongoing benefits from SKU rationalization and optimization