Published On:June 15, 2017, 5:07 pm
Spend Analytics is the process of collecting, combining, refining, sorting, and analyzing spend data in order to improve efficiency, trim down procurement cost and monitor supplier compliance. On average, business leaders have visibility of only half of their overall spending. Companies carry out spend analysis for various reasons. The core business driver for most organizations is productivity or profitability.
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In addition to improving compliance and cutting cycle times, performing spend analysis assists companies todiscover new ways of savings that earlier went untapped, and keep a hold on past areas of savings which they have already managed.On average, companies and leaders have visibility of only 50% of their overall spending. It can also be provided in other areas of business like product development, inventory management, and budgeting and planning. Spend analysis is frequently considered as part of a bigger domain known as spend management which integrates spend analysis, strategic sourcing and product management.Transparency, analysis and process these are the three core areas of spend analysis.
In 2016, the global spend analytics market was estimated approximately US$ 1.33 Billion. It is expected to reach aroundUS$ 3.01 Billion by 2022. The compound annual growth rate is expected to 17.7% during the forecast period of 2017 to 2022. Currently there are number of service providers in market which carry out spend analysis. The common methodology used while carrying out follows; Data aggregation, Data cleansing, Supplier grouping, Item classification and Spend analysis. Spend analytics is a great way to identifying savings, however you require to constantly update your data to make sure that contract provisions are being bonded to, that buyers are purchasing from chosen suppliers and that savings opportunities are being recognized. The market driving factors are increasing awareness of cost control in various industries, outsourcing of finance related work in large to medium industries.For some small-scale companies, the restraining factors are Supplier and spend data exists in multiple, disconnected system, poor quality of data, lack of IT support and systems, lack of analytical resources, lack of spend management methodology.
The key market players are SAP, SE, Bravosolution Spa, Zycus, SAS Institute Inc., Ivalua, Oracle, Bravosolution Spa, IBM, Rosslyn Analytics, Coupa Software, Jaggaer, Proactis, Empronc Solutions. Geographically, market is segmented into regions which are United States, EU, Japan, China, India, and Southeast Asia. By types of spend analysis, market is classified into Predictive Analytics, Prescriptive Analytics, Descriptive Analytics. Also by application, segments are Manufacturing, Retail and Ecommerce, Government and Defense, Marketing,Telecommunications and IT andOthers. By components, market is divided into two types which are software and service. The services components are further classified as, managed services and professional services. And Professional services are split into consulting services and support & maintenance.
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