Increase profitability through better use of your spend data
Spend analysis itself does not deliver savings. However, done well (and repeatedly), it provides the intelligence and visibility to create the levers that will dramatically increase profitability.
Savings can more than double through demand aggregation, better negotiation, supplier rationalisation, reduced maverick spend, and greater contract compliance. Together, these typically deliver 10%+ cost reduction.
Challenges
Companies need to more quickly get an accurate and detailed view of spend across the entire organisation (and often across different languages and currencies) and make the most of the data so they can reduce costs and increase profitability.
Without the next generation of machine learning spend analysis, data can be incomplete, inconsistent and not detailed enough to use or enable accurate decision-making. Even with some level of spend analysis, many organisations do not have the capacity, momentum and skills necessary to interpret the data or deliver the savings opportunities that are presented.
Together, this means that poor visibility and a lack of clear activity can leave an organisation vulnerable to:
- Low levels of spend under management
- Misses savings opportunitites
- Lower profits
- Poor supplier management
Whether your aim is to reduce risk, increase savings or improve working capital, Xoomworks works with you to develop a clear, practical strategy, delivery plan
and then execution to turn your data analysis into real change.
Benefits
Clean data faster – Fuller, cleaner, more accurate and normalised data within the first few weeks rather than months or years.
Deliver savings and increase profitability – Xoomworks work with you to develop a plan to achieve savings, and most importantly, work with you to deliver those savings.
Full analysis of data – The customised spend data classification and reporting
structures are available in an easy to use drill-down format.
To learn more about our approach and the benefits we can help your organisation achieve, download our Value Proposition or get in touch with our digital procurement experts at [email protected].
