Procurement, finance, and spend category stakeholders get easy access to actionable, powerful insights that support strategic plans and tactical negotiations. This means improved savings, ESG gains, and supply chain resiliency.
The Problem With Spend Data
A high-impact procurement strategy starts with trusted insights. Those insights need to come from a solid data foundation.
Unfortunately, spend and supplier data are in many disparate systems, coded and classified in ways not compatible with procurement analysis. Further frustrating matters is that other spend analysis tools only provide a partial picture of spend data.
It has historically required a lengthy, often manual effort to consolidate and classify spend data to achieve the desired accuracy and trust.
Without good spend intelligence, you miss savings and value opportunities. Maverick spending remains hard to manage. Priorities are not clear. And the team is stuck being reactive vs. a strategic, proactive partner to the business, putting key objectives at risk.
Spend Intelligence: Clear and Simple
Our customers turn to SpendHQ to solve this spend visibility challenge. First, we apply our proven, repeatable technology-driven data process using best-in-class categorization and refreshes. Then our easy-for-everyone SaaS app lets your users and internal partners see and navigate your spend the way they need to see it. In just a few clicks, identify untapped savings opportunities, view benchmarks, discover new targets to meet ESG goals, and create custom reports with robust analytics.
The Value of SpendHQ’s Spend Intelligence
Key Features Spend Intelligence Product
SpendHQ’s best-of-breed solution delivers a full set of spend analytics and reporting features easy to use by customers. You gain a single, comprehensive and trusted source to view and drill-down into spend trends, category and subcategory details, supplier insights, contract coverage, noncompliant spend, and emissions, diversity, and risk data for ESG. Use our spend intelligence to strategize your future procurement roadmap and develop custom reporting that is easily shared.
Our spend data processing couldn’t be any simpler. The solution takes all your messy, raw spend data through our market-leading process to ensure greater than 97% of spend is categorized. Based on our 20+ year history of enabling spend visibility for global companies, our approach leverages artificial intelligence and machine learning (AI/ML) to optimize your data, including normalizing vendor names and classifying to sourcing-level sub-categories based on the $7 trillion in spend in our global data warehouse. While our solution handles the hard data work, you spend more time discovering and acting on spend insights.
Use our Spend Intelligence to make better decisions in collaboration with category owners, which is helped when everyone can access and understand a complete, accurate view of spend at each category and sub-category level. Easily drill-down into spend, classified to your sourcing-level taxonomy. Review category insights such as spend under management, compliance tracking, fragmentation, and tail spend. Monitor trends across different timeframes, as defined by you. Compare spend data across a variety of dimensions.
Supplier & Contract Insights
Establish proactive supplier management and be better prepared for negotiations by monitoring changes in your supply base, such as reviewing new, diverse, or favorited suppliers. Watch for anomalies in your supplier spend through watchlists that check for major changes.Get an overall snapshot of supplier financial health. Monitor total and percentage of spend under contract and get alerts prior to expirations and auto-renewals.
Gain crucial visibility to quantify the cost of rogue spend, the percentage of spend procurement is impacting, and the biggest areas of savings leakage. Drill down into insights that help category managers understand the expected benefits of partnering with procurement to get more spend under management and strategically sourced. Easily define and track metrics for your preferred supplier program and savings KPIs
Strategy & Benchmarks
Make sure Procurement is a strategic business partner, thanks to trusted data and roadmaps for spend management and strategic sourcing. Collaboratively plan your next procurement focus areas and priorities, leveraging market benchmarks by category with estimated savings–automatically provided inside the Spend Intelligence app. New approved projects can then be immediately launched with e-sourcing and their performance tracked in our procurement pipeline tracker.
Analytics & Reporting
Spend analytics reaches a new level of speed, ease of use, and flexibility with robust reporting and visibility features within SpendHQ’s Spend Intelligence solution. Each time you refresh your spend data, you get automated insights about areas that increased or decreased, letting you quickly decide where you want to drill down and focus further. Easily design and share custom dashboards, track against KPIs, and quickly generate custom reports.
Environmental, Social & Governance (ESG)
Help Procurement take a leadership role in supporting business commitments and compliance to ESG and non-financial performance goals. Get the insights to prioritize spend decisions for supplier diversity and greenhouse gas reductions, thanks to data enrichment, benchmarking, and reporting within our spend intelligence solution. PromoteESG spend data transparency, by sharing knowledge with finance and business stakeholders via visual web reports, dashboards, and data exports.
SpendHQ opened up entirely new views into our spend. The improved visibility helps us in negotiation preparation, RFP development, and strategic sourcing pipeline development.
Head of Global Indirect Procurement, Under Armour
CPOs running their procurement operations without visibility into spend are committing procurement malpractice.
Andrew Bartolini, Chief Research Officer, Ardent Partners
Why Choose SpendHQ for Spend Analytics and Intelligence?
Our advantages have made us the preferred choice for350+ global companies and recognized by industry analysts.
Easy Data Process
Best-in-class taxonomy framework to classify >97% of your spend. Includes data enrichment options, regular refreshes with a low burden to your teams.
Integrations & Configurations
30+ connectors available to ingest data from ERPs and other procurement apps. Also integrate with e-sourcing to track spend and suppliers.
Our Spend Data Expertise:
We’ve classified more than $7 trillion in spend data. Our history started 20+ years ago built by sourcing and spend analysis experts.
Named by Spend Matters to lists including “Value Leader” in spend analytics and a “Provider to Know.” Strong reviews on independent site G2.
Get a Demo of Spend Intelligence
Learn more about our spend data processing solution and then see how all your spend insights come together in our easy-to-use app.