GET MORE OUT OF YOUR SPEND MANAGEMENT DATA.
As procurement shifts to a more strategic function, having a clear and accurate understanding of your spend data is more important than ever. Our supplier management team provides the best way to gain insight and visibility into your procurement costs and spend to perform a spend analysis. Unfortunately, spend analysis can be tedious, and many procurement departments lack the time and resources to collect the proper data and thoroughly analyze the spend data. At Group O, our procurement process and spend analytics experts are dedicated to providing in-depth spend analysis. This procurement strategy delivers actionable insight and visibility into your direct spend so you can make informed decisions to drive efficiency and identify cost-savings opportunities.
Spend Analysis Process
Discovery and Spending Data Collection: After performing spend analytics, our spend management experts work with necessary stakeholders to gather data from various company systems and consolidate it into one single repository. By collecting invoices, purchase orders, contracts, and preferred supplier data, we will make sure the correct data is being analyzed.
Data Cleansing: After consolidating spend data, we resolve discrepancies such as naming conventions and typos to ensure data is easier to work with and depicts an accurate picture of your spend management categories and vendors.
Categorization: Through data cleansing and category management, we are able to identify significant investments and classify direct and indirect spend to pinpoint what you are spending money on and who you are spending it with.
Analysis: Our analysis tool will provide clean data and categorization allowing us to identify maverick spending and improvement opportunities. We work with each supplier to prioritize which segment or business unit should be focused on first, and develop a savings strategy based on your company goals.
We Turn Data Into Reports You Can Use
We understand that every vendor has different goals and objectives, and your spend strategy should reflect your company's unique needs. After completing our spend analysis and data analysis our spend analytics experts provide you with a clear and comprehensive report detailing what your company is spending, who you are spending it with, and if your company is getting the agreed-upon product or service at the contracted price.
We also identify areas of savings and create a custom strategic sourcing strategy to address areas of improvement including payment terms, contracts, and compliance. As your spend strategy is implemented, our work does not end! We will continuously monitor performance and develop more efficient processes and strategic sourcing. This level of strategic procurement provides opportunity assessment and cost reduction in order to get the most out of your spend.
Spend Solutions. Spend Matters.
We realize that every company and supplier is unique and standard solutions are not always the answer! That is why our procurement professionals specialize in various highly customizable and configurable business intelligence solutions, spend analysis software, strategic sourcing, and procurement analytics. Get started today by reaching out to our supplier management team.
