SpendInsight

cloudBuy’s SpendInsight service provides regular analysis of your organisation’s historical spend data. This will be consolidated from your various procurement and ERP system sources as the first step in the process.

Your seven opportunities for savings

SpendInsight gives the ability to identify seven types of savings opportunities for your business which are often difficult to see: 

• Price Variance – a product bought from the same supplier at various prices
• Order Consolidation – a product bought frequently in small amounts
• Price Comparison – a product bought from multiple suppliers at different prices
• Product Consolidation – different products purchased which meet the same need
• Price Benchmarking – a comparison of the prices paid for a product in different parts of the organisation or by other similar businesses
• Contract Adherence – products bought off contract where one exists
• Contract Opportunities – contracts have been negotiated but not used

Rather than produce a single ‘point in time’ report, the SpendInsight service can be run periodically to identify savings and areas for improvement and to show progress towards savings targets.

SpendInsight will highlight the areas of the organisation, products, suppliers and contracts to focus on to gain the greatest or fastest savings. It can be used together with cloudBuy Purchasing Portal and Contract Management to make potential savings a reality.