Apr 29 2021
Optimize your Supplier Spend with Analytics
Glantus is recognized as a high performer in the provision of analytics solutions for Account Payable and Supplier Spend. Here we explain what best-in-class analytics look like, how a platform approach enables optimization and share some advice on what to ask of software suppliers to ensure a successful outcome for your business.
Glantus Recognized by Customers
Glantus is rated as a High Performer on the G2 Grid for AP and Spend Analysis. Our position reflects the ratings and reviews that are regularly submitted by our customers from all over the world. It is great to be recognized in this way and inspires us to continuously innovate what we do so that our customers continue to thrive.
What is AP and Spend Analysis?
Spend Analytics is the process of collecting, cleansing, classifying and analyzing expenditure data. For the purpose of one or all of the following:
- Decreasing procurement costs
- Improving efficiency
- Monitoring controls and compliance
Typically, this analysis is based on aggregated data from a company’s ERP systems combined with data extracts provided by the AP team. The data is likely to include low-quality master supplier data and mixed granularity information. Therefore, the insights derived are limited and not as impactful as they could (or should) be.
AP Analytics is specifically focused on identifying payment errors, duplicates, fraud and risk that the ERP systems will not highlight. The larger the organization and the more systems involved, the greater the need for specialist software to perform this task in a meaningful way.
Taking a Platform Approach
Glantus provides an alternative approach, combining Spend and AP Analytics within a single centralized platform. The solution connects to all existing transactional systems (ERP, Payments, etc.) and external sources (e.g., supplier statements) to consolidate the data at a common level, that enables forensic analysis of payments.
Advanced pattern detection algorithms identify the issues and facilitate the streamlined recovery of lost revenue. The same platform can also monitor end-to-end process efficiency within the AP environment.
This technology and data-led approach provides complete flexibility on the visual outputs and formats, to operationalize the data. This intelligent platform incorporates a range of Machine Learning (ML) and AI tools that are applied to the data to deliver continuous results and process improvements. The platform also includes a full suite of business intelligence tools that deliver self-service to the enterprise, unlike competitor software that offer more rigid reporting options.
Vendor Qualification Questions
If you are considering the benefits of engaging with a vendor to deliver your AP and Spend Analysis, here are a set of questions that will help to ensure that you achieve the results that you are looking for:
- How will you connect to my data and systems, will it be real-time or reliant on a data warehouse?
- Is there a dependency on our employees to provide information or dedicate time and resources to this?
- How do you cleanse and categorize our suppliers and consolidate the data to a common granular level?
- How do you process the information to identify errors, duplicates, and anomalies/potential fraud?
- What is the process for recovering revenue that was paid incorrectly?
- How do you protect us to ensure that suppliers are compliant with contract terms?
- What sort of AP efficiency and benchmarking procedure do you provide and how can it be practically used to optimize our processes?