What is Spend Analytics?

What is Spend Analytics?

Spend analytics is the evaluation of historical spend data throughout the procurement process. Spend visibility helps you understand what your company buys and from whom.

Companies that embark on a spend analysis collect, cleanse, and analyse data hoping to decrease procurement costs, improve efficiency, monitor controls, and ensure compliance.

Spend transparency is critical to generating high-impact insights. It can also be leveraged in other areas of business, such as inventory management, contract management, supplier management, budgeting, planning, and even product development.

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Features

Ways spend analytics can help your business

Supply Chain Empowerment

A comprehensive view of spend gives supply chain the ability to ensure all spend is accounted for and maximise savings by negotiating more advantageous terms based on greater levels of spend.

Dashboards

Visualise PO process gaps, drivers of supply chain performance, and inefficiencies at a quick glance.

Purchase Order Analysis

Ability to analyse each stage of the purchase order process, from the creation of the purchase order to the number and types of changes made to the close of the purchase order, as well as all POs that remain unclosed.

Spend Controls

Reduce Maverick spend with detailed analysis that enables supply chain to target the sources of uncontrolled spend and put a stop to it.

Get a 360-degree view of all spend through our complimentary proof of concept.

Greater Transparency

100% visibility on all spend – PO and non-PO, direct and indirect, single system or multiple systems. Complete and accurate data with drill-downs streamlines decision-making.

Actionable Insights

Consolidated real-time spend data across multiple systems and locations. Track spend trends by category over time to monitor behavior and track process improvements.

Streamlined Processes

Analyse supply chain operations for a breakdown of business processes, inefficiencies, and risk.

Consolidated Savings

Increase savings through accurate, detailed spend analysis by material, commodity, general ledger, vendor, industry, plant, or purchasing category.

Spend analytics identifies wasteful spending helping you increase savings, streamline sourcing processes, and gain 100% visibility into all spend while managing supply risk.

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Leading AP teams choose Glantus technology

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Request a live demo

Demonstration of Glantus’ solutions in action with a product expert. A typical introduction demo includes:

  • Assessment of your unique needs and requests.

  • Case examples from your industry or similar use cases.

  • Demonstration of Glantus’ relevant software and solutions.

Frequently Asked Questions

Yes, and we will guide you through the data acquisition process.

We have pre-written scripts for most major ERPs, which we provide to your IT team, along with all instructions. Data is uploaded via secure file transfer protocol (SFTP).

We are ISO27001 / ISO27701 / ISO9001 certified and audited annually.

Glantus utilises the Microsoft Azure cloud environment as well as TierPoint Data centers to fulfill the needs of the business. In the EU, the Azure cloud platform facilitates hosting within the North Europe Region. In the US, hosting is facilitated by TierPoint within the Marlborough/Boston region.

There are two options. Either from your card provider which is level three type data (Visa VCF/Mastercard MDF). Or from your internal card program manager, who can generally download a data file online which is level one type data.

We prefer for data extraction to be fully automated. This can be done daily, weekly or monthly with daily being the most preferred option.

We will provide a small subset of potential duplicates you can investigate and recover. You’ll have two weeks to enjoy your complimentary subscription to DataShark for your team to review and recover the potential duplicates provided and access all other reports and metrics.

You will be assigned a Director of Client Success who will provide all user training at go-live. There will be regular follow-up training sessions provided for all new users.

Your ERP system will typically have a hard stop built in, but it only works if both transactions are exactly the same, everything has to match for the system to recognise it as a duplicated entry, and in some cases, it allows a user to override that stop to enter the transaction.

DataShark goes above and beyond by identifying errors occurring from data entry errors, duplicated or multiple related vendors, wrong vendor payments, different currencies, transposed dates or invoice numbers, appended invoice numbers, and many, many more error types.

Most companies use some type of process to catch duplicate payments, whether by importing transactions in excel and applying filters to try and weed out the duplicates or by using other tools where they create their own queries and algorithms to flag these transactions.

The problem is that these only get to a fraction of your overpayment errors due to the limited algorithms being applied to the data set. This also creates a lot of "false positive" transactions being flagged.

DataShark’s 800+ algorithms identify a lot more potential errors while minimising the majority of the false positive duplicates, usually achieving over 50% true duplicate identification.