Evalueserve

Beyond Spend Analytics

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“Off-the-shelf” or automated spend analytics is great—but it only brings you part of the value you could realize. You could unlock deeper insights and higher ROI by combining spend information with other datasets and moving up to higher-order analytics.

 Having achieved accuracy in their spend data, many firms fall back on automated reports generated by their P-2-P platforms. In doing so, they miss out on many opportunities to achieve far greater ROI and secure a sustainable competitive advantage. Firms who take the step up to diagnostic, predictive, and pre-emptive analytics can achieve insights that allow them to explore new strategic directions that would never have been revealed by descriptive analytics alone.

In this detailed white paper, we look at several proven methods for combining spend data with other datasets in order to discover new learning about procurement budgeting, negotiating, innovation, standardization, optimization and more:

  • ✔ Integrating spend analytics with external data feeds such as price indices, cost intelligence, market share data, risk data, and supplier innovation data
  • ✔ Using predictive analytics to forecast demands and costs more accurately
  • ✔ Making data-driven strategic choices to explore new directions

 

If you want to know more about advanced methods of spend analytics and how they could help you, contact us!