The Power of Spend Analytics

Here at Iasta, we like to have fun when presenting webinars with our clients and industry analysts, and our webinar with Brunswick, Equifax, and Spend Matters was no exception. The speakers agreed to quite a unique theme, tying together The Lord of the Rings and Spend Analysis.

There is no denying that this Lord of the Rings-themed webinar made for some good laughs, but we still kept the message simple and clear: although spend analysis often seems like a daunting task, the new opportunities and reduced risks that emerge make the extra hours worth the effort.

Spend analysis can help an organization find savings in its data, including:

  • Early pay discount opportunities
  • Process savings and opportunity costs
  • Contract and transactional channel non-compliance
  • Item pricing variability and duplicate payments
  • Root causes and capabilities to fix

Stakeholders also benefit when they use spend analysis solutions. Our clients often see these major benefits:

  • Consumption visibility and reduction
  • Spend planning
  • Reduced pricing and/or improved SLAs
  • Feedback to procurement
  • Freed-up funds!

Of course, not everyone likes visibility because it can open up unexposed issues and challenges – but the pros far outweigh the cons.

Brunswick’s Indirect Sourcing Category Manager, Lisa Spratt, says, “[Our] Spend Data Project implementation not only identified data categorization best practices, but also trends and cost savings opportunities that were previously unattainable. Iasta SmartAnalytics allows us to take a deep dive into strategic fact-based decision making.”

Are you a supporter of spend analytics? We’d love to hear your thoughts. Comment below or tweet us @iasta.
Miss out on the webinar? Download it here!

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