Procurement Analytics Archives - DataKITE Procurement & Spend Analysis

What is Spend Analysis?

Spend analysis involves identifying, gathering, cleansing, categorising, grouping, and analysing the spend data of your organisation. As a result, procurement costs are reduced and efficiencies are improved by increasing visibility and transparency. Real-time data and analytics provide the insight you need to save money and improve efficiency.

An analysis of spend is only part of the much larger field of spend management. With it, you can visualize all your data to make better sourcing and supplier decisions. Also, it can reduce cycle times and identify maverick spending as well as improve contract compliance.

4 Top Tips for a Successful Supplier Renegotiation Process

We’ve participated in hundreds of negotiations with suppliers over the years, which has provided us with valuable insights into how to ensure a successful renegotiation process.

In this article, we share four top tips on how to secure sustainable, long-term results from your supplier renegotiations.

What are the benefits of a spend analytics tool

Many companies spend money to ensure their customers receive the best quality product or service. The hidden costs are often overlooked. Spend analytics tools measure how much money companies spend on procuring products and services.

Some companies are already (or are planning to) invest in a spend analytics tool in order to manage their spend, but due to a lack of knowledge, many are realising the true value of spend analytics.

Here are some of the benefits to help you understand what spend analytics can bring to your organisation.

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Data integration across sources and formats
Your consolidated data, cleansed and categorised to meet your business requirements.
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Identify possible savings and where you can reduce risks using the detailed DataKITE procurement analytics.

4 Ways Procurement Analytics Identifies Savings Opportunities

Analysing your company’s spend structure is often the first step towards building a data-driven procurement organisation. The challenge for companies that have jumped on the analytics bandwagon is translating analytics into fact-based actions that enable procurement savings. In this article, we’ll discuss some promising cost-reduction strategies enabled by analytics that can help grow your procurement savings exponentially.

Do You Trust your Data?

How to Build Better Data Insight to Control your Spend Profile.

Having poor quality data is arguably as bad as having no data at all. To put it simply: if you put rubbish in, then you’re going to get rubbish out. It’s time to change that.

5 Reasons to bring your Spend Analytics online. Software as a Service (SaaS). An insight.

Access to a high quality spend analytics tool is a critical component of how the modern procurement function operates.

Data analysis has transformed how we assess buying behaviour, identify supply risks and opportunities, and develop our procurement and category strategies.

But over time, outsourcing spend analytics tools has become the industry norm, with third parties hosting company data and displaying it back to the customer via their dashboards.

Category Procurement Analytics

See Your Procurement Data in DataKITE – For Free.

How to Build Better Data Insight to Control your Spend Profile.