Effective Spend Management requires real-time visibility and control. How can you control spending when you don’t even know what you’re spending? A solid understanding of corporate spending is an obvious prerequisite to a successful spend and cost control program, yet many companies do not have current, accurate visibility into their spending.
Manage Spend As It Happens
Budget owners need to know where they stand before they approve a requisition. Finance leaders must be able to make strategic decisions based on the needs of the company and the conditions of the market. And procurement managers want it to be easy to provide executives the information they need, when they need it.
Monitor Leading Indicators to Stop Overspending
Companies today must be nimble, flexible and able to adjust spending quickly. But to do so, decision makers must be able to take action and put savings controls in place before spend actually happens.
Executive Dashboards allow executives to monitor and measure purchasing performance. With real-time graphical views, Executive Dashboards provide critical insights into spending management performance, supplier performance, liquidity and more.
Benchmark Your Performance Against the Competition
With real-time Benchmarking, you can compare your performance against the market average across a set of different key performance indicators, including:
- What percent of spend most organizations have under management?
- On average, how long it takes to get a request approved and an order delivered?
- What percent of purchasing requests approvers reject right out of the gate to reduce wasteful spend?
- How many suppliers are setup for electronic PO and invoice handling?
Real-time Benchmarking let’s you know how your procurement organization stacks up against the market in key performance areas. Armed with this information, you can further improve process efficiencies to generate additional savings and outperform the competition.
Spend Analysis – Gaining Competitive Advantage
Spend Analysis provides a deep and accurate level of spend data enabling businesses to create successful business strategies and gain competitive advantage.
- Actionable Visibility:
Allows companies to achieve deep spend granularity enabling their procurement, finance and other professionals to make more informed, accurate business decisions.
- Increased Savings Opportunities
Helps you leverage spend data analysis to identify and prioritize sourcing opportunities, as well as delivering sourcing opportunity modeling, presentation and report development, opportunity prioritization assistance, and program planning.
- Deep Data Enrichment
Leverages ever growing knowledge base to deliver automated enrichment and categorization that is both accurate and granular.
- Reduced Risk
Through rich data analysis, companies are able to uncover potential [spend and financial] issues before they become financial problems.
- Improved Compliance
Spend Analysis provides capabilities for companies to monitor spending to ensure compliance with internal policies and to ensure no negotiated savings are lost.
CCP Global and its Partners deliver innovative and best-in-class Spend Visibility solutions, tightly integrated within Spend Management, which enable accurate and timely access to spend data across the entire Source-to-Pay process spectrum.
For more information about best-in-class Spend Visibility solutions, please Contact Us.