Companies can save a lot by having good procurement processes in place, having suppliers under contract with negotiated prices, and investing in a good source-to-pay solution. But even with these measures in place, there is often still a portion of company spend that may yet be eligible for savings through sourcing activities.
Addressable spend represents the amount of spend that is “within the domain of control of the procurement office.” The larger this figure in relation to a company’s revenue, the better.
As companies look for ways to cut costs, the ability to identify areas where the company can increase addressable spend is important as it can potentially uncover millions of dollars in savings.
This is what our Spend Analyser can address. With the help of analytics, we can extract spend data from all departments across the organization – allowing you to slice and dice the data to determine areas for potential savings. Take a guided tour on our solution, check out this link.
This data can be further enriched using Machine Learning models to achieve increased productivity in Procurement and higher cost savings.
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