A lot of businesses have various ERP, master data, and database, with an inadequate structure of suppliers and materials, which can lead to poor quality of spend data. Moreover, businesses have fewer ways to design the strategy for sourcing and identifying the entire spend categories and other beneficial areas.
To overcome these challenges, the spend data is cleansed and aggregated from various sources, group suppliers employing a proprietary database, and implement taxonomy to this cleansed data that delivers configurable ready-made reporting.
Spend Analysis enhances visibility in the procurement data, allowing you to identify spend by assets, services, products, and suppliers. Moreover, it implements a dynamic ranking system that maintains a detailed picture of the worthiest suppliers of your business. With Iavenir’s Spend Analysis solution you obtain more insight that helps you better leverage your purchasing decisions, decrease costs while strategically improving the relationships with the suppliers.