SpendHQ Announces New Product Features Spend Analytics Insights, Self-Service, and Connectors
Atlanta, March 22nd – Leading spend analytics software-as-a-service provider SpendHQ announces the release of new product features: spend analytics Insights, Connectors, and additional Self-Service capabilities. With procurement and other leaders pressed to prove the ROI on their organization, gaining spend insights and connecting spend data into other systems is becoming even more important than ever before, a problem SpendHQ aims to solve.
“Everyone is looking for better, faster ways to get insights out of their data, especially when it comes to cost-saving and ESG initiatives. They want more than visibility; they want AI-driven, expert-influenced automated guidance on actionable priorities that lead to measurable results,” says Scott Macfee, SpendHQ CEO. “And now we have the capabilities to be that one-stop-shop for our customers, driving both bottom-line savings as well as board-level ESG initiatives.”
With over $6T in spend data analyzed, SpendHQ enables teams to derive actionable insights and build plans for stronger negotiations, effective supplier diversity programs, and much more. The core mission of SpendHQ is to provide clarity and context to messy spend data, enabling procurement teams to make strategic decisions with confidence – resulting in bottom-line savings across the business. The new release of Insights, Connectors, and Self-Service capabilities in SpendHQ streamlines workflows and magnifies the potential impact that procurement can have within an organization.
“SpendHQ has always stood out by focusing on the business value and results that spend analysis can deliver, with procurement and finance leaders as the main beneficiaries of the purpose-built insights embedded in the solution,” said Jason Busch, CEO of Spend Matters. “As it continues to make investments in core technology to support prescriptive recommendations, direct data connections, and self-service, it is prioritizing platform and app-level investments to complement the tangible business results and category insights that have helped it build a highly differentiated solution to date.”
With SpendHQ Insights, you have access to AI and ML-driven automated analysis and recommendations on your unique spend data to drive potential savings and alert you to deviations from expected spending at both a supplier and subcategory level. This enables you to drill down for root cause analysis to get back on track with your spend strategy.
With SpendHQ Connectors, you can connect SpendHQ to your source systems in minutes, cutting data refresh time by 30%+ and removing friction from the data extraction process. This enables you to drive speed and efficiency in your current process while upgrading your automation with 40+ existing data connectors to common ERPs. New data connectors are being added monthly, and all SpendHQ Connectors are SOC 2 Type II and GDPR compliant – enabling fast data integration between cloud or on-premise sources.
With SpendHQ Self-Service, you can make the changes you need to your spend analytics dashboard when you need them. Whether it’s recategorizing a supplier or specific spend, renormalizing a vendor, or adding a new Preferred Supplier, the capability is in your hands.
“At the end of the day, we want to provide the most value we can to our clients. These enhancements, and others we have coming in the pipeline, are driven by direct customer feedback and work to accomplish that,” said Macfee.
SpendHQ has become one of the largest spend analytics software products in the procurement market. It has amassed an impressive roster of Fortune 500 and Private Equity clients and has analyzed over $6 trillion in procurement spend for hundreds of customers.
SpendHQ is a procurement analysis solution that provides rapid, accurate, and detailed visibility into enterprise spend data. Built by sourcing professionals for sourcing professionals, this full-service SaaS spend analytics solution delivers actionable insight for every stakeholder. The SpendHQ platform and solutions team serves all industries, and clients include some of the world’s largest organizations. SpendHQ has been recognized as an industry leader by Spend Matters’ SolutionMap, Ardent Partners’ Key Solution Providers, and Procurement Leaders’ World Procurement Awards.
Director of Marketing, SpendHQ
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