Are you prepared for analytics at scale through AI/ML?
The science of spend analytics, involves collecting, categorising, and analysing expenditure data to identify cost-saving opportunities and improve procurement strategies. Spend analytics is a data-intensive activity that involves data crunching to gain insights and identify spending hotspots and forecast future spends. Spend data can be categorised into five types: direct spends, indirect spends, maverick spends, tail spends, and trade spends. In-depth analysis is important to prevent money leaks and to ensure effective procurement practices. Companies that have undergone digital transformation can access advanced and sophisticated spend analytics tools that revolutionise the way they manage their spends.
