| • Spend analytics can help identify purchases from unapproved suppliers and improve Cost Savings from Controlling Maverick Spend
• Such maverick spend results in uncontrolled spending, compliance failure and cost increase as the purchase would not be based on negotiated prices |
| • Gain full benefits of spend transparency into organizational spend through spend analytics. This provides oversight of expenditure, savings tracking and reduces the likelihood of fraud
• Using this data, organizations can achieve spend data aggregation, purchase pattern examination, insights into spending trends etc., to consolidate suppliers and achieve strategic cost reduction |
| • Transparency into the company’s spend helps to evaluate and compare suppliers for better supplier engagement
• Suppliers that have beneficial offerings can be rewarded with long-term or high-volume contracts, while poor performers can be eliminated |
| • Spend analytics tools aid companies to gain real-time visibility on their spending pattern, spend compliance and make decisions based on their budget and priority
• Such data help companies develop initiatives that are effective in achieving goals |
Our spend analytics tools will help you get insights into spending trends at a granular level. We also highlight spending patterns and potential savings opportunities across spend categories. Based on this data, companies can develop plans to cut costs, identify ways to consolidate suppliers and renegotiate contracts, and reduce uncontrolled spending.
Using our spend analytics service we can assist in centralizing the procurement process and ensuring that spending proceeds on time and within budgets across the organization. Our team can help your organization proactively evaluate and forecast corporate spend quarter-to-quarter or year-to-year, prioritizing business necessities and avoiding unnecessary purchases.
We generate industry-specific insights that help our clients to make informed spend decisions. To generate such insights, we employ techniques such as spend data aggregation, purchase pattern examination, spend data classification, spend data reporting etc., and identify emerging trends, regulatory changes, and market dynamics. By analyzing spend data, you can make better sourcing and supplier decisions, as well as reduce cycle time and improve the bottom line by identifying savings through comprehensive visibility into all purchases.
We identify cost-saving opportunities by analyzing spending patterns. To achieve this, we assess pricing structure and contracts which we benchmark against industry standards. Such analysis helps identify avenues for strategic cost reduction without impacting the quality or service.
Challenge: The company faced increasing competition, rising costs, and the need to maintain profitability and customer satisfaction in a dynamic market.
Solution: We optimized supply chain management through better inventory control, leveraged automation to streamline operations, and maintained a well-trained workforce to enhance productivity and food safety.
Result: As a result, the company significantly reduced waste and spoilage, enhanced operational efficiency and productivity, and improved customer satisfaction and loyalty by delivering high-quality products at competitive prices.
Read more Know about SpendEdge ProcurementMinimizing expenditure is key to the success of any business, especially in this post-pandemic era. Contact us to identify maverick spend and strategic cost reduction measures.
Talk to Our Experts
Gain insights related to your key spend categories, ranging from important updates, outlook, and engagement models, to in-depth supply-chain risk analysis.
Improve supplier selection decision making and supplier relationship management through our services covering supplier identification, supplier updates and alerts, and risk and sustainability analysis.
Improve strategic decision making through our services related to negotiation advisory, best practices, risk mitigations, supplier KPIs and SLAs, and cost optimization mechanisms.
Keep a close look at price movements and forecasts for key commodities and the impact of different cost drivers to formulate effective cost reduction strategies.