LONDON--(BUSINESS WIRE)--Quantzig, a leading analytics advisory firm that delivers customized analytics solutions, has announced the completion of their new article which explains the importance of spend analytics. The spend data across organizations is highly concealed with limited visibility into factors affecting spend. This can be challenging for businesses, especially when it comes to identifying new cost-saving opportunities to improve ROI. Spend analytics can deliver significant benefits in terms of improving bottom-line, enhancing spend data management, and improving process efficiency.
With the ongoing technological advancements, leveraging spend analytics to improve spend data management is more of a necessity for businesses looking to gain a leading edge. Looking ahead to 2019 and beyond, our experts predict that there would be a significant surge in analytical investments, especially spend analytics. At Quantzig, we’re continually capturing inputs from our clients, and over the course of the year, we’ve noticed a few clear benefits of spend analytics that have impacted several business aspects.
To sustain a leading edge in today’s competitive business world, it’s essential to keep abreast with the top trends and benefits of spend analytics. Get in touch with our spend analytics experts to learn more.
Top reasons why spend analytics is important
Improves spend data management
Today spend data can be extracted from several sources including data from accounts payable systems, payment consolidators, and vendor management systems. The abundance of unstructured datasets from disparate sources has made it crucial for businesses to continually track and monitor spend data. By leveraging spend analytics businesses can not only identify spend data sources but also segregate the gathered data into procurement-centric spend categories.
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Helps visualize spend data
The use of interactive spend analytics dashboards makes it easier for businesses to view and categorize data into indirect and direct spend categories. The traditional methods that revolve around the use of spreadsheets are not only time-consuming but also do not deliver accurate results. The use of custom-built data visualization dashboards can help businesses to visualize spend data and gain in-depth insights into factors affecting spend.
Our spend analytics dashboards can help companies to track and analyze spend data in real-time. Request a free demo to know more.
Read the complete article here.
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal