Spend Management

Spend management solutions enable your organization to understand what you are spending – and how to drive savings from procurement

Spend management techniques help improve sourcing, procurement, invoice management and all other aspects of supply chain management to reduce costs and increase the efficiency of material spend. Through more accurate spend analysis and increased spend visibility, spend management can give an organization a complete picture of its inventory, costs and relationships with suppliers and contractors.

A spend management program can help your organization:

• Prioritize sourcing efforts – Focus procurement and purchasing efforts on where the money is actually spent, specifically within categories that represent large portions of corporate buying
• Consolidate spending and rationalize vendors – Identify spending on a category or product basis and reallocate purchasing with fewer suppliers, providing streamlined procurement processes and larger buying discounts
• Support compliance and internal policy efforts – Discover the causes and sources of contract leakage and better process documentation for Sarbanes-Oxley and other compliance purposes

Benefits of a Spend Management Program

A spend management program enhances an organization’s business processes and knowledge with sophisticated technology. Spend management software allows at organization to:

• Prevent maverick spend – Verify that purchases are made according to process and only from authorized vendors
• Grow economies of scale – Leverage bulk purchases for improved relationships with suppliers
• Gain process efficiencies – Manage purchasing processes from an enterprisewide perspective
• Streamline procurement – Analyze relationships with vendors and subsidiaries to increase purchasing power

DataFlux Solutions for Spend Management

DataFlux provides a data quality-based spend analysis solution that enables consistent supplier performance measurements and procedures to improve supplier analysis and performance. DataFlux provides the ability to classify spend data and cleanse, analyze and report performance and purchase history – quickly, easily and in real time through a web services framework. Through an intuitive, configurable match-and-classification engine, users can rapidly examine existing data and appropriately assign the correct taxonomy description and code.

• Automated spend analysis – Automatically cleanse, standardize and enrich spending data to uncover rogue spending, improve supplier data management and track purchasing policy compliance
• Materials data management – Provide your organization with the ability to manage parts and component data for ordering, shipping and warehousing – enabling traceability and enhancing risk management
• Product master data management – Enable the creation of single, master records of product data
• Materials data classification – Assign industry-standard classification codes (such as eCl@ss, UNSPCS and GS1) or custom in-house codes to enhance product and item data as you streamline and standardize purchasing

DataFlux provides a data quality-based spend management approach that lets you take control of procurement functions. DataFlux allows you to have accurate information on every item in your inventory, while enabling spend management on an enterprise level.