Strategic procurement performance delivery is greatly enhanced with extended spend visibility. As a procurement professional, achieving spend visibility translates to greater value contribution and transparency. Spend visibility is achieved by leveraging (or using) spend analysis technology; therefore, spend analysis technology is the single most important technology component procurement organizations like yours must have in their tool box.
Without spend analysis, your organization’s performance is blind to opportunities to reap significant value. Spend visibility technology provides:
- Single record of all spend
- Identification of spend under/not under management
- Leverage of aggregated demand across commodities, businesses, counties, regions, and facility locations
- Spend segmentation
- Supplier rationalization and consolidation
- Parts rationalization and consolidation
- Savings opportunity identification
- Contract compliance enforcement
- Maverick spend reduction
- Budget compliance
- Price rationalization
- Insight to merger and acquisition supplier consolidation and leverage of spend
Aberdeen Group noted in their research findings, “Enterprises using Spend Analysis tools have been able to achieve 5%-20% cost savings for each new dollar of spend under management.”
Equally important is finding the right spend analysis technology partner who can deliver, execute and strategize the opportunities the spend analysis identifies for the organization. BravoSolution has a proven record of global success, helping customers optimize their spend analysis initiatives and delivering results. Specifically, BravoAdvantage Spend Analysis is the spend visibility solution that brings immediate value to procurement organizations.
Spend Matters identified BravoSolution as a “Provider to Know in 2015,” stating, “BravoSolution is one of the most customer-centric vendors operating in the procurement sector today, bringing particular depth across spend analysis, sourcing (both for basic and advanced approaches), and the supplier performance management/supplier management solution area.”
Spend visibility is a technology driver proven to improve business results. With BravoSolution and BravoAdvantage Spend Analysis, you can be confident your procurement efforts will be directed towards value creation and contribution—not just internally, but also externally with suppliers and into the supply markets.