try procurement analytics for free 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.

DataKITE Procurement Analytics Example Screen Shot

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Data integration across sources and formats
Your consolidated data, cleansed and categorised to meet your business requirements.
Highly detailed dashboards with granular details and drill-down capabilities using secure Power BI functionality.
Identify possible savings and where you can reduce risks using the detailed DataKITE procurement analytics.

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See Your Procurement Data in DataKITE – For Free.