Spend Analytics software increases visibility and decision making

Organizations generate a ton of spend data around the products and services they purchase from suppliers. Organizing that data to understand meaningful spend patterns is an enormous hurdle.

Corcentric’s Spend Analytics software creates actionable intelligence that can help organizations consolidate and categorize supplier information and procurement data.

We unlock holistic transparency to help your procurement team guide purchasing behaviors, control costs, and drive bottom-line value.

Spend Analytics software  increases visibility + decision making

Organizations generate a ton of spend data around the products and services they purchase from suppliers. Organizing that data to understand the meaningful spend patterns is an enormous hurdle.

Corcentric’s spend analysis software creates actionable intelligence that can help organizations consolidate and categorize supplier information and procurement data.

We unlock holistic transparency to help your procurement team guide purchasing behaviors, control costs, and drive bottom-line value.

True
visibility

Optimize
spend

Spend
Assessment

Quickly
identify

Custom
procurement

Key benefits of Corcentric’s  Spend Analytics solution

Supplier relevance

Understand who your most critical suppliers are and how much your organization spends

Informed purchasing

Eliminate blind spending by tracking demand and increasing visibility

Savings opportunities

Clean spend data helps you find savings through actionable insights

True visibility with Spend & Procurement Analytics

Our spend analytics tools give you a single, holistic view of organization-wide spend data across all supply chains. Activate data sources to gain deeper insights and convert company spend into strategic actionable intelligence.

Optimize spend management through clear, comprehensive KPIs

Create enhanced visualization of KPIs through easy-to-read charts and graphs. Improve business performance analytics beyond spend by anticipating spend demand far into the future. Look at spend by type and business unit department. Leverage statistical analysis like Pareto and central tendency stats on supplier spend.

Spend Assessment empowers a smarter, more consistent spend strategy

Effective spend analysis requires a taxonomy specifically built for organizing and identifying procurement savings opportunities. Our taxonomy design is able to identify specific, actionable opportunities for sourcing and cost reduction at the subcategory level.

Quickly identify priority cost savings opportunities with Opportunity Assessment

Remove the complexity of digging through data manually and gain a clear view of your spend, categorized to highlight potential savings opportunities

  • Ability to visualize custom spend analytics reports and dashboards
  • Strategic sourcing and opportunity assessment capability utilizing strategic sourcing best practices and Corcentric’s proprietary knowledge repository

Custom procurement analytics

Since not all sourcing data is always in one place, Corcentric’s team of data experts consolidates, normalizes, cleanses, categorizes, and presents disparate data sources as valuable analytics across the source-to-pay process. Whether it be due to M&A or part of a wider decentralized organization, Corcentric develops custom procurement analytics dashboards and KPIs for creating intelligence from disparate data sources to benchmark and improve procurement’s performance.

True Visibility with Spend + Procurement Analytics

Our spend analytics tools give you a single, holistic view of organization-wide spend data across all supply chains. Activate data sources to gain deeper insights and convert company spend into strategic actionable intelligence.

Optimize spend management through clear, comprehensive KPIs

Create enhanced visualization of KPIs through easy-to-read charts and graphs. Improve business performance analytics beyond spend by anticipating spend demand far into the future. Look at spend by type and business unit department. Leverage statistical analysis like Pareto and central tendency stats on supplier spend.

Spend Assessment empowers a smarter, more consistent spend strategy

Effective, efficient spend analysis requires a taxonomy specifically built for organizing and identifying procurement savings opportunities. Our taxonomy design is designed to identify specific, actionable opportunities for sourcing and cost reduction at the subcategory level.

Quickly identify priority cost savings opportunities with Opportunity Assessment

Remove the complexity of digging through data manually and gain a clear view of your spend, categorized to highlight potential savings opportunities.

  • Ability to visualize custom spend analytics reports and dashboards
  • Strategic sourcing and opportunity assessment capability utilizing strategic sourcing best practices and Corcentric’s proprietary knowledge repository

Custom Procurement Analytics

Since not all sourcing data is always in one place, Corcentric’s team of data experts consolidates, normalizes, cleanses, categorizes, and presents disparate data sources into valuable analytics across the source-to-pay process. Whether it be due to M+A or part of a wider decentralized organization, Corcentric develops custom procurement analytics dashboards and KPIs for creating intelligence from disparate data sources to benchmark and improve procurement’s performance.

Analytics, insights, and intelligence to make smarter decisions

Did you know?

67%

of companies rely on analytics to gain competitive advantage

SOURCE: MIT SLOAN REVIEW & SAS INSTITUTE

“Corcentric (Determine) had the most user friendly interface, the most flexibility – thanks to its modularity and configuration capability; and the team understood very early on what we needed.”

Ann-Sofie Brodin – Purchasing Manager, Scania (Great Britain)

“Corcentric (Determine) had the most user friendly interface, the most flexibility – thanks to its modularity and configuration capability; and the team understood very early on what we needed.”

Ann-Sofie Brodin – Purchasing Manager, Scania (Great Britain)

Spend Analytics FAQs

Optimization of Procurement’s ability to reduce costs and improve processes depends on robust spend analytics. All companies are looking to reduce costs and improve processes. It is vital for an organization to know exactly what is being spent, why, and for what. Understanding Procurement’s activities and expenditures enables organizations to optimize cost reduction and process improvement, including the ability to reduce maverick spend.

A key stage in any procurement process, spend analysis begins with thorough data collection. Once you’ve gathered all your spend data, it’s time to group it together in one central location. After that consolidation, you have to cleanse your data. That means correcting any typos or inconsistencies that might interfere with your analysis. Then, group your spend by supplier and category. Now, it’s finally time to analyze your data, measuring against the key performance indicators that matter to your organization.

Corcentric’s Procurement Analytics software streamlines the spend analysis process by automating many of its most time-consuming processes.

Supplier relationships depend on trust and a sense of mutual investment. These relationships can suffer when one party lacks visibility into the other’s operations and performance. Spend data analytics provides insights into how you engage suppliers that can help your organization better determine its priorities and allocate its resources.

Whatever metrics you consider relevant, data accuracy is everything in spend analysis. That’s why all spend analyses include a thorough data cleanse. Ensuring data is accurate typically means poring over line after line, but procurement data analytics technology eliminates much of the need for hands-on effort.

Procurement analytics software helps procurement and finance professionals by automating many of the most time-consuming portions of the spend analysis process and making it simpler to generate insights.

Spend analysis is the foundation of spend management. It’s especially useful for bringing “tail spend” under management. An organization’s tail is the portion of spend that is not managed strategically. In some organizations, all indirect spend qualifies as tail spend. Conducting a thorough and strategic spend analysis is the first step in better understanding and managing tail spend and all areas of your organization’s spend profile.

Industry leaders and fast growing companies alike rely on our Spend & Procurement Analytics

Turn addressable spend into realized savings

Learn how we can help you build a business case to implement a Spend Analytics software technology solution.

Product Tour

Resources

Related spend analytics resources

VIDEO

Build Resilience with Procurement

Now more than ever, a company’s ability to be agile is critical to its success. Learn how to build an effective procurement strategy that minimizes impact from disruption.

WHITE PAPER

8 Ways Procurement Can Lead Business Resilience

Procurement must lead business resilience efforts by fostering agility, proactivity, and influence – and leverging technology

CASE STUDY

Alliant: Taking Control of Spend

The Corcentric Platform gives Alliant Credit Union the visibility and data transparency it needs to make strategic business decisions around spend.
VIEW ALL RESOURCES

Resources

Related Spend Analytics Resources

VIDEO

Build Resilience with Procurement

Now more than ever, a company’s ability to be agile is critical to its success. Learn how to build an effective procurement strategy that minimizes impact from disruption.

WHITE PAPER

8 Ways Procurement Can Lead Business Resilience

Procurement must lead business resilience efforts by fostering agility, proactivity, and influence – and leverging technology

CASE STUDY

Alliant: Taking Control of Spend

The Corcentric Platform gives Alliant Credit Union the visibility and data transparency it needs to make strategic business decisions around spend.
VIEW ALL RESOURCES