The Spend Analytics Insights You’re Looking for with AI and Machine Learning Capabilities
SpendHQ’s Insights is a “one-stop-shop” solution that takes you from understanding your spend data to actually leveraging it daily. Our spend analytics Insights solution uses AI and machine learning then monitors and surfaces insights around spend gains, spend declines, and rogue spend at a supplier and subcategory level after our solution automatically cleanses and categorizes your spend data.
Before we launch into SpendHQ Insights, let’s address the proverbial robotic elephant in the room. Artificial intelligence (AI) is the ultimate buzzword du jour. You see it everywhere now when evaluating new software solutions.
But here is the problem. Everyone knows about AI. What we don’t know – or don’t all necessarily agree on – are the specifics of what actually makes AI, AI.
Cutting Through the Noise Around AI and Machine Learning
Here’s how we approach it.
There is a reason so many spend analytics providers tout their AI and machine learning capabilities (and heavily emphasize the AI). We all have a very broad understanding that AI can enhance the precision, efficiency, and effectiveness of our work. We improve our entire business when we use AI to improve our spend analytics insights.
Imagine AI in its base form. You might think of robots or computers making autonomous decisions without your involvement ). Spend analytics solutions in today’s market, however, tend to only demonstrate aspects of AI:
- Data classification (make your spend data cohesive and digestible)
- Data monitoring (alert you to skewed spend activity based on advanced statistics)
- Forecasting (predict future costs based on past data)
- Prescriptive analytics (offer insight and suggestions on how to achieve the most savings)
Many spend analytics solutions in the market today can classify, monitor, and forecast your data, but it typically stops there. Oftentimes, providers will collect your spend data and outsource the analysis to other firms or statisticians before they lend you any substantive business advice. In effect, it’s rare to find “AI” solutions with built-in, ready-to-use prescriptive analytics capabilities – but they do exist (ahem, that’s us).
Exploring Spend Analytics Insights within SpendHQ
SpendHQ developed our spend analytics Insights AI using trillions of already classified spend data. In other words, you don’t need a perfectly polished dataset to begin working with SpendHQ. You submit the data you have, and we do the work to cleanse, normalize, and categorize your spend data, no matter how many systems it currently lives in.
From this transformed data, Insights uses forecasting and prescriptive analytics to immediately show you – through user-friendly dashboards – what you can do to optimize your procurement strategies, supplier relationships, and cost-savings opportunities. All without adding to your already full workload.
You no longer have to become an ad-hoc data scientist to perform granular, reliable root-cause analysis to determine the best course of action.
Break Down Spend Analytics Insights Driven by AI and Machine Learning
SpendHQ Insights enables you to track insights within your spend data based on these central themes:
- Supply Base
With SpendHQ spend analytics Insights, you can create alerts and set filters on specific insight cards, drill down into specific suppliers, and even check the health of your supplier diversity program. You can also export reports from your AI-driven Insights using the filters you create.
The best or perhaps the only way to know whether a provider’s AI is actually prescriptive is through a demo; view the kinds of accurate insights you can only get through SpendHQ and our unique data transformation process.
Our clients asked for our Insights feature, and we are delivering it! We listen to our clients and count on them to make our product better so that they can be successful.