SPEND ANALYTICS SOFTWARE
Spend analysis involves consolidation of enterprise wide spend information in all formats, across multiple sources and disparate systems – accounts payable, procurement cards, purchase orders, and every other buying channel.
The spend data must also be aggregated and normalized by commodity, supplier, category, language, currency, etc.; it is crucial that this be done without any impact on the enterprise or its IT function, if spend analytics is to deliver maximum ROI. The crucial next step is to process the incoming data in a manner that promotes understanding and clear visibility of purchase patterns and trends.
Put your spend data to good use
Spend analytics enables you to turn spend data into opportunities by revealing the meaning in the mass of information. It gives you the power to transform procurement value through visibility and control of enterprise-wide spend.
Spend analytics tools are specifically designed to optimize the value of spend data – industry-leading spend analytics technology platforms like SMART by GEP deploy artificial Intelligence-based tools and algorithms to power through large volumes of spend data and apply appropriate taxonomies for accurate spend classification.
The output? Detailed insights into spending trends and buying activities – and subsequent identification of potential savings opportunities.
Why spend analytics software?
Spend analytics software can maximize the value of spend data by:
- Cleansing, validating, classifying, normalizing, reporting and enriching spend data across disparate systems
- Providing comprehensive spend analytics dashboards and analytical reporting capabilities for full stakeholder coverage
- Eliminating order and payment duplication, minimizing invoice exceptions and rapidly identifying price and service-level variance
- Integrating spend data with run-rate P2P (procure-to-pay) activity for holistic reporting
- Examining your purchase patterns with different vendors for better supplier relationship management
- Providing a new level of decision support for programs that drive transformation in procurement strategy
- Identifying savings and compliance opportunities you never know existed
- Limiting the risk of supply chain failure arising from overdependence on a small set of vendors
GET UP-TO-DATE, ACCURATE AND RELIABLE SUPPLIER INFORMATION WITH SMART BY GEP SUPPLIER MDM
SMART by GEP integrates seamlessly with existing enterprise systems — ERPs, SRMs or sourcing tools — to create new supplier records and update transactions. Supplier master data is validated and cleansed automatically while loading.
SMART by GEP’s Supplier Master Data Management tool automatically aggregates, cleans and normalizes supplier data records. It then compares the supplier master data to SMART by GEP's Vendor Master for verification and quality assurance.
Supplier MDM processes data in batch and real-time cadences. Real-time services execute at point of entry, record creation and updates. Batch services execute against existing supplier records during migration and initial integration.
Review actions taken by the Supplier MDM tool ensure enterprises have a single, trusted source of truth for all supplier data. Users can centrally govern master data using configurable business rules, enabled processes and workflows.
SMART by GEP’s vendor master acts as a trustworthy primary source for the master data records of every supplier in the enterprise. This ensures that the supplier risk and performance modules are consistently stocked with accurate vendor data.
Supplier MDM removes, duplicates and enriches records with verified updates, ensuring accurate and up-to-date data. It also provides holistic visibility into supplier history and performance across operating units, time, and geography.