Fuel Spend Analytics With Fast, Accurate & Flexible Data Insight
As global enterprises continue to face increasing complexity and market volatility, procurement professionals are turning to data-driven analytics and insights to help manage uncertainty, gain a better understanding of suppliers and third parties, and fuel growth. They need faster access to more intelligence to understand what they’re buying, so they can maximize cost savings and reduce their risk. The speed, accuracy, and scope of spending analyses are critical to managing the business and spurring growth. To do so, Chief Procurement Officers (CPOs) will need to evolve their thinking and find innovative solutions to their biggest challenges, and implementing digital solutions will be a crucial component.
Spend analysis solutions have been available for close to two decades, and the ability to manually harmonize data sources early on was considered revolutionary. Data quality and governance issues still vexed professionals, because these processes were time consuming and labor intensive. However, some early adopters began to achieve cost savings with these first-generation solutions, which gave them a peek into the possible.