Enhancing spend analytics with visualisation
Companies that have incorporated spend analytics tools into their system are, on average, handling expenditure management efficiently compared with their competitors. They have an easier time analysing their expenditure data because they have complete visibility on all the purchase transactions within the company. Spend analytics helps managers know what products or services they have bought, from whom, and how much they cost. A spend analytics visualisation tool is a bonus for companies to easily find more business opportunities to exploit. Corporations across sectors can utilise spend analytics at any level as it is quite flexible.
In this blog, we will discuss how visual spend analytics can accelerate performance and help identify opportunities in your business.
Data in a pictorial format
Spend analytics offers pictorial data that helps managers in taking quick, data-driven decisions. Procurement leaders can identify purchase patterns faster with graphically represented data, which provides strongly correlated parameters in the procurement cycle.
Digitisation has influenced all decision-making processes, now powered by analytics.* Companies are relentlessly finding new ways to gain access to rich data analysis. Spend analytics is one of the major components in the procurement process that offers competitive advantages to improve key areas and discover pain points to drive effective spend management.
Augmenting spend analytics with visual tools
Many corporations engage in heavy transactions but may not have the necessary tools to get an overview on the spend data of total costs incurred. The lack of digital tools has made it difficult for managers to structure, visualise, and harmonise spend data. Here's how visual spend analytics can help companies make smarter procurement decisions as well as impact business.
- Complete overview of the transaction activities
- Boosts spend analytics process
- Improve communication via visualisation
- Map opportunities
- Expose hidden costs
- Check the number of transactions performed on a certain category
- Optimise payment terms and working capital
- Encourage getting more expenditure under the management tools
An updated and comprehensive spend overview is necessary for all your procurement work, and it is crucial for other aspects of the business as well. A visual representation of spend analytics makes it easier for managers to understand the expenditure and develop smart strategies to cut costs and boost efficiency.
The spend analytics process is dependent on accurate information and multiple data sources. This process can be efficiently carried out with a bird's eye view of the entire purchase cycle. Spend analytics visualisation tools provide the visibility needed to understand the procurement data to accelerate the spend analytics process.
Visualisation in spend analytics delivers better communication across departments in a simple manner. It helps decision makers understand the business and build robust strategies. Analysing a large amount of data in a graphical format offers a comprehensive summary of the whole procurement pattern and establishes business goals accordingly.
Spend analytics visual representations reveal unnoticed key areas of the procurement data sources, which help managers convert trends into business strategies by understanding the data correctly. The uses of visual spend analytics tools for accurate spend analysis help quickly identify cost-saving opportunities, such as:
Procurement leaders can formulate strategies to deliver value and cut costs by incorporating more data into the management system. Visual data created through spend analytics will help managers find more ways to increase profitability and benchmark certain processes for more efficiency.
How can Infosys BPM help?
Procurement is a crucial aspect of any business function. With visual spend analytics tools, businesses can easily find opportunities and actionable insights to combat the companies' challenges. Infosys BPM offers comprehensive spend analytics services to help enterprises augment their procurement ecosystem to address these challenges.
Our spend analytics services help you with:
- Data ingestion, cleansing, and de-duplication
- Spend classification
- Actionable insights and opportunity identification
- Root-cause analysis
- KPI scorecard
- Mix-and-trend dashboard
*For organisations on the digital transformation journey, agility is key in responding to a rapidly changing technology and business landscape. Now more than ever, it is crucial to deliver and exceed organisational expectations with a robust digital mindset backed by innovation. Enabling businesses to sense, learn, respond, and evolve like living organisms, will be imperative for business excellence. A comprehensive yet modular suite of services is doing precisely that - equipping organisations with intuitive decision-making automatically at scale, actionable insights based on real-time solutions, anytime/anywhere experience, and in-depth data visibility across functions leading to hyper-productivity, Live Enterprise is building connected organisations that are innovating collaboratively for the future.