Case Study: Spend Analytics Partnership vs. Internal Solution
Navigate your spend.
Spend Analytics partnership yields full spend visibility at 10% of the initial cost.
Complexity of the Problem: A multi-billion dollar publicly traded insurance company was looking to gain visibility across their entire organizational spend. Internally, the procurement team was challenged to build its own spend visibility solution. Unfortunately, the situation was complicated by the fact that the team did not have access to a data warehouse to speed processing, a process designed to optimize data quickly, and existing tools to display the results. After three years, the organization had invested a large number of hours in gathering and cleansing data across multiple disparate systems, software and equipment to store and run the complex data, and still found themselves only 30% near completion.
Creativity of the Solution: After gathering their spend data for the last two years, SpendHQ ran the data against our vendor global warehouse and categorized spend to more than 97%. ●
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Data was then reviewed by spend analytics and sourcing professionals at
SpendHQ and the organization to ensure the data was categorized logically and in a customizable manner that made sense for their business. ●
After initial implementation, quarterly data refreshes were scheduled to provide the
organization with true spend visibility on a recurring basis.
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