[INFOGRAPHIC] Where Can Spend Analysis Take You?

 In Procurement Blog, Procurement Spend, Spend Analytics, Spend Analytics Software

The metrics in this infographic come from the latest research report from Ardent Partners, Where Can Spend Analysis Take You? Procurement Strategies and Solutions to Lead the Way.

How do Best-in-Class procurement organizations link key procurement performance metrics to their spend analysis efforts?

At its most basic level, visibility into enterprise spend is the desired output of spend analysis. However, spend analysis can be used as a strategic tool to identify a multitude of specific strategies for driving measurable savings that will impact the bottom line.

In the latest research from Ardent Partners, they discovered that sourcing teams that utilize spend analysis solutions identify more than double the amount of savings on their average sourcing projects than those performing spend analysis in a fully-manual way. Beyond the higher savings that results from the ability to make better, more-informed, data-driven decisions, spend analysis solutions drive process efficiencies across the entire strategic sourcing process. However, having spend visibility and using spend visibility to achieve an advantage are two very different things. The value of spend analysis does not lie in the data itself, but in the ways that the data is leveraged to inform the decisions that drive true ROI.

Consider this analogy: spend visibility is like a car. Unless you drive for Uber, a car does not deliver an ROI in and of itself. But you need it to get to work. In the same way, spend analytics is imperative for the identification of the opportunities needed to drive results and to ensure the capture and sustainability of savings already achieved.

The proof is in the numbers: spend analysis solutions helps its users achieve Best-in-Class results. To find out more, download the research report, Where Can Spend Analysis Take You? Procurement Strategies and Solutions to Lead the Way and view the accompanying infographic.

 

 

About SpendHQ

SpendHQ is a spend analysis solution that provides rapid, accurate and detailed visibility into enterprise spend data. This full-service SaaS (Software-as-a-Service) spend analytics solution delivers actionable insight for sourcing and procurement professionals.

Recognized for innovation and industry impact in the procurement space, SpendHQ was named to the 2015 Red Herring Global 100 list, and listed as a finalist in the 2017 SIIA CODiE Awards as a “Best Big Data Reporting & Analytics Solution” and “Best Data Visualization Technology” solution. With SpendHQ at their fingertips, clients ranging from Fortune 500s to mid-market companies are finally able to see their enterprise spend clearly and drive savings confidently.

As a standalone extension of Insight Sourcing Group, SpendHQ is built by industry leaders with unmatched sourcing knowledge. Inc. Magazine has ranked Insight Sourcing Group among the fastest-growing private companies in America every year since 2008. In 2017, Insight Sourcing Group was also named the #1 Boutique Consulting Firm in the U.S. by Vault.com and the #1 Small Strategy Firm by Consulting Magazine.

Learn more about SpendHQ’s spend analysis solution and start taking control of enterprise spend data at www.spendhq.com and request a free spend analytics demo today.

Stay up to date with all things procurement by visiting SpendHQ’s procurement blog, and by following on LinkedIn.

 

 

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