Spend Analytics Tools

Spend Analytics Tools: Visualized Expense Management

What gets measured, gets managed. Enterprises across the country are increasing looking to better control their cost of goods sold (COGS) and Operating Expenses (OPEX) to increase their bottom line. To do this - Corporate procurement managers need visibility into their overall spend. Spend Analytics Tools dramatically improve the process of analyzing corporate expenses.

The result is to allow you to visualize expense data to reduce costs, improve efficiency, and monitor your supplier compliance. More and more companies turning to solutions such as Ariba, Coupa, SpendHQ, ProcurePort, Sievo, and Procurify to control purchasing and spending, and Concur, Expensify, and Divvy to manage employee expenses.

Spend Analytics Tools assist organizations like yours visualize their supply side performance and employee spending by integrating expense data from across the enterprise. Your result: Executives, managers, and frontline employees will make more informed and actionable decisions.

Spend Analytics is just the starting point of expense control. Having technology that gives you the visibility to determine if vendor shopping or vendor discounts can be taken advantage of. Using these software tools enables procurement managers, which in turn drives insights and supports the right decisions at every stage of managing your operating expenses.

Once a detailed spend analysis is complete, the available data allows companies to drive profitability, as well as monitor ongoing performance and risk.

This includes:

• Improving processes and managing spend
• Quantifying and delivering savings including vendor discounts
• Managing supplier relationships, recovering over-payments and managing risk.

MindStream Analytics is a premier consulting and application managed services firm dedicated to helping clients enable better decision-making. With over a decade of experience in the analytics and Enterprise Performance Management (EPM) space, MindStream offers customers business intelligence and analytics tool selection, predictive modeling development, delivery optimization, and best practices for financial planning and budgeting. MindStream guides our customers to solutions that enhance business modeling that enables better analysis and insight into their data.

MindStream can work with your team to provide a detailed Spend Analytics Roadmap. Our tools selection offers a detailed path of how to gain insight into your data no matter the number of legacy systems.

Learn more by downloading our free White Paper.

Tags: Business Intelligence Enterprise Performance Management Profitability Analysis

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