Because many procurement departments lack the resources, time and technical expertise to thoroughly consolidate and analyze their spend data, they often have a significant amount of missed savings throughout their organization. The challenge is that the data required for spend analysis is often located in multiple systems and category classifications across disparate parts of the organization.
With BravoAdvantage™ Spend Analysis, consolidating your data in a single place and in an easy-to-understand format allows you to use the right tools to unlock hidden data. BravoAdvantage Spend Analysis provides the procurement intelligence needed to drive significant savings to both lower costs and improve organizational efficiency.
BravoAdvantage Spend Analysis will improve compliance and strategic decision making based on accurate and actionable spend data aggregated from across your entire organization, and will help you:
- Monitor spend to identify patterns on which you can act
- Identify product and service rationalization opportunities
- Leverage and rationalize suppliers to optimize your supply base
- Capitalize on purchase price variance savings opportunities
- Aggregate demand across your organization
- Monitor and improve supplier payment terms
- Maintain contract compliance by actively monitoring off contract spend
If you lack the ability to analyze spend data in your organization, you are missing a tremendous opportunity to identify and drive total cost savings and take advantage of untapped opportunities throughout your organization.
Research shows that enterprises using Spend Analysis tools have been able to achieve 5%-20% cost savings for each new dollar of spend under management. Let Tejari help you take control of your spend today. Learn more here.