Quantzig, a leading analytics advisory firm that offers customized analytics solutions, has announced the completion of their new article on spend analytics. Spend analytics help businesses to gain better visibility into spend data to understand the spending patterns and the supply base. By leveraging spend analytics solutions, businesses can track the matrices of procurement performance, and gain useful insights to consolidate spend and reduce procurement cost.
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Challenges businesses face while implementing spend analytics (Graphic: Business Wire)
“Spend analytics is the best way to build better relationships with suppliers,” says a spend analytics expert from Quantzig.
By utilizing advanced spend analytics solutions businesses can gain in-depth insight into spend data and can identify cost arbitrages, benchmark internal performances, and enhance delivery performance with the help of spend analytics solutions. However, the adoption of a wrong spend management approach can leave any organization far short of its savings goals.
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Challenges Businesses Face While Implementing Spend Analytics
Lack of understanding
Companies find it challenging to understand the spend data as it is usually incomplete and inaccurate to facilitate strategic decision making. But for better decision making it is important to collect and analyze the right information. Also, segregation and classification of spend data through automation is essential to avoid manual errors.
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Lack of resources
Traditional spend analysis systems provide simple strategic programs and local opportunities to businesses. However, inefficient spend management systems fail when it comes to analyzing complex data sources and brings forth the necessity of leveraging spend analytics solutions. Such solutions can help companies to understand and analyze complex data sets and devise better spend management strategies to reduce maverick spend.
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Lack of capabilities
Lack of capabilities to gain 360-degree visibility into the supply chain networks can lead companies to miss opportunities for savings. But by leveraging spend analytics solutions, companies can improve their data visualization capabilities and can implement the best practices to streamline sourcing and procurement processes.
Want to know more? Read the complete article here.
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal