While enterprises are able to recognize the benefits of utilizing spend analysis technology, they have not yet covered the gap to action. Most of the organizations currently rely on manual tools to collect and analyze spend data, resulting in limited spend visibility and the inability to improve cost savings.
Spend Analysis enhances visibility in the procurement data, allowing you to identify spend by assets, services, products, and suppliers. Moreover, it implements a dynamic ranking system that maintains a detailed picture of the worthiest suppliers of your business. With IAVENIR’s Spend Analysis solution you obtain more insight that helps you better leverage your purchasing decisions, decrease costs while strategically improving the relationships with the suppliers.
Spend Analysis and the visibility it provides is the necessary foundation for procurement organizations seeking to make better sourcing decisions.