Quantzig, a leading analytics advisory firm that delivers customized analytics solutions, has announced the completion of their new article on spend analytics which explains how spend analytics can help businesses gain better visibility, analyze individual category and manage risks effectively. Spend analytics help companies to identify better savings opportunities by analyzing their spending patterns. By leveraging spend analytics solutions, organizations can not only track their expenditure, but can also gain complete visibility into its procurement spending. Furthermore, this can help an organization in improving the supply chain operations and result in higher returns.
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Benefits of spend analytics solutions:
Offers better visibility on suppliers
Businesses can gain valuable insights into their expenditure in real-time by leveraging spend analytics solutions. This insight can further help in improving the overall procurement process. Consequently, organizations can adopt better procurement practices that will help in developing a better relationship with suppliers and enhancing supplier base.
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Helps in the category level analysis
By leveraging spend analytics solutions companies can analyze spend at the individual category level and gain visibility into the overall spending of the organization to control cost and improve cost-effectiveness. Recent research results show that organizations that leverage spend analytics solution tend to develop a better relationship with preferred suppliers. Spend analytics solution can be the key for organizations to make sourcing efficient and optimize the supply base and achieve bigger business goals.
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Assists in managing the risks
Businesses can face potential risks if they collaborate with the same suppliers for years. But a robust spend analysis strategy can help. Such strategies can help organizations to innovate their supply chain and deliver better products and services to the customers. By yielding valuable insights from analytics dashboards, companies can deal easily with unforeseen challenges such as issues with cash-flows and supply chain disruptions. Want to know more? Read the complete article here.
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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
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