You cannot make a successful strategic saving program without reviewing your spending habits across all vectors. In order to improve your budgeting, product development, inventory management, supplier relationship management, and contact management, equip your business with spend analysis software. Get full visibility in your enterprise purchase data and get the insight you need to help you find saving opportunities.
13+ Spend Analysis Software
7. SAP Ariba
10. Oracle E Business Suite
11. Coupa Procurement
What Is Spend Analysis Software
Spend analysis, or accounts payable (AP), software tracks corporate spend and AP to help organizations identify trends, risks, and optimization opportunities. This software does its work by offering visibility and analytics to help companies to reduce unnecessary spending and recover supplier payments.
Spend analysis software works similarly to procurement software. However, they are different when it comes to the scope of the information they handle. Procurement software looks at order information individually. On the other hand, spend analysis software is tailored to make improvements in the overall return-on-investment by streamlining the analysis on spending habits across all vectors. With the right software, you can improve key areas in your business, like budgeting, supply chain management, and more.
Utilizing spend analysis software helps you build a spend cube to help you measure your spending habits. You can also build strategic sourcing for better savings. Not just that, you can also generate higher ROI with reduced cycle time.
Spend analysis software can help you reduce your revenue cycle time using real-time and historical data analytics that can help you identify delays in the supply chain process. Also, since spend analysis software lets you review your choices using all the data you need, laid out before you, you can then make informed, actionable procurement decisions.
Spend analysis software uses artificial intelligence to detect errors in the AP process. These errors typically include duplicate payments, anomalies, fraud, etc. Other important features include, but may not be limited to:
– spend categorization
– supplier classification and normalization
– procurement records
– real-time analytics
– visible reporting
Top 10 Spend Analysis Software
Precoro is a procurement and spend management software that helps companies fully eliminate manual workflow to save time and money. With Precoro, you can be free of manual paperwork, losing money, and inefficiency.
SpendHQ is a simpler way to achieve true spend visibility. SpendHQ’s features include an intuitive user interface. This tool also has US-based procurement specialists handling the data optimization. SpendHQ has good reviews from users and makes $6.7M in revenue per year.
AppZen offers the world’s leading AI platform that helps businesses spend, automate manual processes, uncover problems, and optimize enterprise decision-making processes. AppZen makes $35.2M in revenue per year.
4. Glantus Data Platform
Glantus Data Platform connects all AP systems and suppliers on one agile platform to eliminate costs and deliver new revenue streams.
Ivalua is a procurement empowerment platform that is specifically tailored for agility, performance, and scale. This platform offers unmatched flexibility, easy configuration, collaboration, and more. Ivalua makes $91.6M in revenue per year and has 632 employees.
6. Simfoni Spend Analytics
Simfoni Spend Analytics is an AI-powered analytics software that delivers comprehensive, classified spend data from multiple sources. It has out-of-the-box dashboards that provide actionable insights to easily identify cost savings, supplier risk, and supply chain optimization.
Simfoni Spend Analytics makes $7.5M in revenue and receives good ratings from its users.
7. Coupa Spend Analysis
Coupa Spend Analysis allows you to use AI-powered insights to benchmark performance and get suggestions on how to get to the next level.
Finly is a scalable and intelligent procurement and AP automation system that provides complete control and visibility over purchases across organizations. Finly’s estimated annual revenue is currently at $7.1M per year.
PRM360 is a smart solution that incorporates all individual processes in your overall procure-to-pay requirement.
Procol is an intelligent and user-friendly e-sourcing platform that helps procurement teams reduce costs, digitize procurements, improve compliance by replacing emails, and optimize workflows using an easy-to-use and secure e-sourcing platform.
Procol makes over $500 million in revenue.
What Does Spend Cube Analysis Mean?
The spend cube is a representation of reviewed spend data as a multidimensional cube. These reviewed dimensions consist of sub-categories or variants purchased across the enterprise, stakeholders or departments buying the category, and comparative spending for different suppliers.
How Is Spend Analysis Done?
In spend analysis uses procurement spend analytics to collect, categorize, and analyze data through dedicated software or one-off spend cubes. The goal of spend analysis is to analyze the procurement spend and get insights that will help your business in decreasing costs, increasing efficiency, and improving your supplier relationships.
What Do We Mean by ‘Spend Categories’?
Spend categories refer to goods or services bearing similar characteristics that are grouped together for planning and management purposes.
Identifying your saving opportunities starts with understanding your spending. Thankfully, with spend analysis software, you get an analytics solution that gives you actionable insights across all spend. Through this, you can get new insights to find savings, generate new revenue, and strengthen your supply chain.
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