PiLog Spend Analytics collects, cleanses, categorizes, and analyzes purchasing and payment data to uncover spending trends and savings opportunities. It supports sourcing professionals, management, and budget owners with valuable insights.
Before we get into how to conduct spend analytics, let’s look at some of the benefits of spend analytics and its common use cases.
CFOs and budget owners seek better visibility to understand both how much and where money is being spent.
Procurement teams use spend data at the line-item level to identify cost-saving opportunities and build a savings pipeline.
Ability to forecast spend is an important benefit of spend analytics. There are multiple teams in the organization who can use the spend data to forecast future spending.
Having data at one single place helps to better understand spend with diversity vendors but also help uncover opportunities to engage more with diverse vendors in certain categories.
