services
Spend Analysis
The hallmark of Costmap’s unique Spend Analysis is to cleanse your data, understand your purchase history, aggregate suppliers, classify spend, and create a strategic sourcing road-map for greater savings and easier-to-manage spend categories.
Unknown
“The person who doesn’t know where his last dollar went usually doesn’t know where his next dollar is coming from.”
Our Spend Analysis is designed to combat a common business paradox: Identifying and classifying spend is extremely challenging, so why do organisations struggle to fight the complexity of spend analysis by adding more complexity? Spend Analysis require significant investments of money, time, and IT resources to implement. Normally designed from a software engineer’s point of view, rather than a Procurement professional’s, these spend analysis tools may require immense customization and configuration to truly meet Procurement’s needs. Procurement may end up with a sleek-looking spend dashboard, but automation alone can’t produce savings strategies or an opportunity assessment without a disciplined process performed by category experts.
In all, a fully implemented spend visibility software approach could take months, if not a year, before it even begins to add value – this is time wasted not identifying and pursuing savings, and represents an unacceptable lost opportunity cost.
Costmap’s Spend Consultants break down the spend analysis process into a few logical steps. Collect the data, consolidate and cleanse it, and classify it in a way that makes sense for your organisation.
Costmap’s spend analysis enables your Procurement team to:
- View spend at a high level or drill down for a more granular look with a versatile, high-visibility.
- Analyse spend that has been categorized using a taxonomy tailored specifically for Procurement professionals.
- Gain a better understanding of Procurement inefficiencies, such as vendor spending overlap.
- Identify quick win projects to build momentum and top level buy-in, as well as critical high-ROI projects.
Successful spend optimization depends on pairing high quality data with actionable sourcing strategies. Partnering with Costmap gives you high visibility into complex spend data, and allows you to quickly and easily identify priority cost savings opportunities.