Gain greater insight into your procurement activities with our spend analytics solutions.
Does your business have the spend analytics tools to properly assess and gain actionable insight from your purchasing data?
We are now living in a data-driven world. Information is all around us, and businesses increasingly operate in an environment where the ability to efficiently collect, analyze, and take action based on advanced analytics data can serve as a competitive advantage or, on the other hand, cause the organization to be left behind by its competitors.
Our Virtuosi Analytics technology platform, coupled with a range of support services, will give you the tools to gather, cleanse, classify, analyze and take action on detailed spend analytics data.
An initial comprehensive spend analytics gathering and interpretation exercise will answer some key questions about procurement in your organization, including:
- How much is actually being spent across all procurement types (including tail spend purchases)?
- Where is the money being spent, i.e. which are the top suppliers by value, how many suppliers is the organization dealing with in total, where are they located, is there significant duplication or overlap of supplier types, etc.?
- Are these purchases cost-effective, i.e. do they represent good value, is the company actually getting what it’s paying for, are the prices paid the best available in the market, and are the goods up to standard and specification?
Our spend analytics solutions and services will help you better understand your supplier base and explore the possibilities of dealing with new, previously unknown, suppliers that offer better pricing, as well as to consolidate, streamline, and rationalize your existing supplier base.
Having the right spend analytics data easily at hand can also be invaluable when it comes to quantifying total spend across the organization by item type and class. This can provide useful clout when it comes to negotiating more aggressively with existing and potential suppliers.
At Simfoni, we are a leading provider of analytics and enterprise apps (and associated support services) for businesses.