Cleanse your data, understand your purchase history, aggregate suppliers, classify spend, and create a strategic sourcing roadmap for greater savings and easier-to-manage spend categories
Our spend analysis as a service process was designed to combat a common business paradox: Identifying and classifying spend is extremely challenging, so why do organizations struggle to fight the complexity of spend analysis by adding more complexity? Spend Analysis software integrations require significant investments of money, time, and IT resources to implement. Designed from a software engineer’s point of view, rather than a procurement professional’s, these spend analysis tools may require immense customization and configuration to truly meet Procurement’s needs. Your procurement department may end up with a sleek-looking spend dashboard, but automation alone can’t produce savings strategies or an opportunity assessment without a disciplined process performed by category experts.
In all, a fully implemented spend visibility software approach could take months, if not a year, before it even begins to add value – this is time wasted not identifying and pursuing savings and represents an unacceptable lost opportunity cost.
Corcentric is different. Our spend analysis solution, Corcentric Analytics, requires minimal input from your team. Simply provide us with your spend data and we take care of the rest. We work with as little as supplier name and spend volume, drawing on our subject matter expertise to develop a complete view of spend. After our spend analysis is complete, you have much more than simply a clear view of your spend to identify savings opportunities – you have an actionable strategic sourcing path to achieve them.
Corcentric’s spend analysis consultants break down the spend analysis process into a few logical steps. Collect the data, consolidate and cleanse it, and classify it in a way that makes sense for your organization.
Corcentric will perform a spend analysis for your procurement team, enabling you to:
- View spend at a high level or drill down for a more granular look with a versatile, high-visibility dashboard on Corcentric Analytics.
- Analyze spend that has been categorized using a taxonomy tailored specifically for procurement professionals.
- Gain a better understanding of procurement inefficiencies, such as vendor spending overlap.
- Identify quick win projects to build momentum and top-level buy-in, as well as critical high-ROI projects.
Our spend analysis services can be delivered on a rapid schedule without compromising data integrity or classification. We can do this because we’ve been conducting sourcing events and cataloging suppliers, contracts, and category taxonomies since 1992.
Successful spend optimization depends on pairing high-quality data with actionable sourcing strategies. Corcentric Analytics gives you high visibility into complex spend data, and allows you to quickly and easily identify priority cost savings opportunities. Contact Corcentric’s spend consultants today about our Spend Analysis as a Service offering.
Don’t forget, spend analysis is just the first step in realizing cost savings and building a stronger, more strategic Procurement function. Check out what Corcentric has to offer and realize the full power of optimized Procurement. Corcentric and Corcentric’s full suite of Procurement optimization services and solutions are designed to elevate your team and empower your business.
Corcentric’s full suite of Procurement optimization services and solutions are designed to elevate your team and empower your business. Analyze my spend.
Corcentric has developed a spend analysis service that can be deployed quickly, generating the actionable information you need to launch sourcing initiatives faster.
We remove the complexity of digging through data manually by providing a clear view of your spend, categorized to highlight potential savings opportunities. And, because Corcentric’s system focuses on speed, we deliver results quickly. Your sourcing initiatives will hit the ground running faster than you thought possble. We can help any organization with any portion of the spend analysis process lifecycle, or can complete the full process through to a Strategic Sourcing Opportunity Assessment Report, as well as offer a la carte access to any piece of our Procurement Services.
Resources
Our latest customer case studies
Restaurant chain beefs up revenue and security with payments solution
Restaurant chain unlocks revenue and peace of mind with electronic payments.
Accounting firm unlocks complete financial visibility and positive cash flow with custom AP solution
After going live with Corcentric Payments and AP workflow technology, this accounting firm has seen…
Global distributor transforms procurement function with guided buying and Managed AP services
A leading specialty chemical and ingredient distributor had grown substantially over the years due…