Purchasing Index (PI) is has announce the launch of a groundbreaking new spend analysis service, Spendtrak™, a next-generation technology that transforms spend analysis from “nice-to-have” to “must-have”. At a fraction of the cost of most older technologies, Spendtrak™ will immediately demonstrate superior value for money” Alan Low, Managing Director of PI, explained to SmartProcurement.
“Spendtrak™ is not merely confined to spend analysis software, but is a powerful new tool for finance and procurement professionals to manage the way their organisation spends resources.
Figure 1: Trends showing spend against contracts over time.
Spendtrak™ is then also the starting point for targeting areas that need improvement and taking action to change processes and behaviours. This service is designed to provide real-time analysis allowing procurement professionals to engage with their internal clients on specific opportunities to save money. These include:
- Highlighting regular and irregular spend patterns;
- Assisting organisations to change inefficient spending behaviour;
- Developing a focused supplier rationalisation strategy for each business unit;
- Optimising financial resources in line with seasonal spend;
- Aiding each internal client to meet required Broad-Based Black Economic Empowerment (BBBEE) targets;
Figure 2: Pie charts showing how well various functions support an organisation’s overall procurement objectives.
“In addition to the above, Spendtrak™ does not output static reports, but is rather a dynamic system which can drill-down to the critical information that an organisation needs to be able to take action. Not only will this make procurement more dynamic and value-adding to its internal clients, but this service will also greatly assist procurement, finance and operations in having a global, detailed picture of the spend patterns throughout an organisation”, Low continued.
Empowering procurement professionals to take quick, decisive action will, in turn, assist organisations to retain motivated, experienced procurement management and staff.
Key features of this service include:
- Real-time interactivity;
- The instant slice-and-dice of vast amounts of data;
- A fast drill-down to answers of critical questions;
- Automatic trend analysis;
- Powerful statistical analysis capability;
- Built-in budgeting tools; and
- The automatic creation of PowerPoint slides.
Figure 3: Heatmap: Showing the number and relative size of the total number of invoices received by Facilities Management during the year.
Alan Low can be contacted on the details below:
Telephone: +27 11 803 0005
Cell: +27 84 890 0005