Actionable insights, better spending decisions
Are you able to answer any of these questions?
- How much are we spending?
- How much money did we spend last year compared to this year?
- How many suppliers do we buy certain goods/services from?
- Can we get a better price?
- Can we get more value for the money we spend?
If the answer is no, it’s likely that you are missing out on cost savings opportunities across a number of your spend categories.
To drive these savings, you need actionable insights from high quality spend analysis.
Spend Analysis Driving Business Value
Now, more than ever, businesses find themselves operating in an increasingly volatile, uncertain, complex, and ambiguous (VUCA) environment. The key question is how can businesses position themselves to not just survive in this environment, but thrive?
Getting a true understanding of where you are spending your money is a vital component to thriving in this environment.
12 Challenges You Face Without Detailed Spend Analytics
How can Valtatech help?
Valtatech Spend Analytics is a process that delivers accurate and actionable information about your business. This involves the collection and collation of data from all your different data sources, allowing for a global classification of clearly defined categories. Data is tagged to enable dynamic reporting and visualizations delivering both strategic and tactical insights to drive truly data-driven decision making
Key Benefits of Valtatech Spend Analytics
The ultimate benefit of Spend Analytics is the increased efficiency of your spend while mitigating risk. Valtatech’s Spend Analytics enables a whole range of actionable insights for different business stakeholders with different objectives.
Source of truth for business spend data
Deep strategic insights into short tail spend
A consolidated view of long-tail spend
Identification of risks in your supply chain
Visibility into maverick and fraudulent spend
Benchmark for spend management across the business
How does it work?
We have designed a Spend Analytics service that is user friendly where we do all of the heavy lifting for you, from the data extraction to the delivery of insights our aim is to make this as simple and accessible as possible in 5 easy steps.
The process starts with an assessment of your output requirements. We assist your team (as required) with extracting and exporting data files from your data storage platforms, regardless of the technology
The initial AI data analysis seeks to categorise your spend to the global gold standard of UNSPSC codes but also categorise by a number of business-specific data such as locations, business units and projects. Finally our AI seeks to normalise the invoice line description to ensure that similar descriptions are grouped together
A key feature of our service is low overhead requirements on the client-side. Calibration is an important step in achieving data accuracy and we have made it simple. After our team has exhausted all resources, both AI and consultant based, we generate a table of terms for your review and feedback.
With the data calibration feedback received, we then update our algorithms and run a final AI analysis to classify and assess the data ready to be presented back to you
In addition to the data being made available to you through our client portal our main focus in on delivering actionable insights. This is done in two ways, through a consultant report and a project insights workshop. These primarily focus on a descriptive (as-is) analysis of your spend, a prescriptive (to-be) analysis of your spend and predictive (future) analysis of your spend.
Key Deliverables and Service Options
Valtatech Spend Analysis can be used as a one-time event for strategic insights or we have Quarterly and Semi-Annual Plans are offered for periodic calibration.
We also offer a premium monthly Maintenance Plans to outsource the benefits of P2P platforms
Sounds great! How do I get started?
We’re really passionate about spend analytics and supporting businesses to be more effective and efficient – we’d love to have a chat. Book in a consultation today!