What is Spend Analysis?
➤ Never waste an opportunity, be it any sort of opportunity. And losing money is as wasted an opportunity as any. The opportunity to save money, and make more of it. It is a paradox that many businesses have to deal with on a timely basis. Some people automate this process, and spend amounts that can be used elsewhere. Unacceptable Lost Opportunity Cost, as it is otherwise known, are those costs that get in the way of establishing a prosperous business.
Automating an entire process, and adding it into the chain of processes with the rest, is something that takes years to bring value back to the table. So why waste money establishing an unnecessary process, when the end result can be achieved in a much easier fashion?
So how do we do go about it?
➤ By collecting data, cleansing it, and classifying your spend categories. Loss should never be greater than gain if a business is to prosper. That is the basic law of business.
➤ We at Chools, help you go about the process of doing Spend Analytics, and find better ways to save money, rather than spend more of it.
➤ Here’s where you come in. Collecting the data from all key stakeholders and handing it over to us. Data on Accounts payable and other ledger data. And if a deeper look is deemed necessary, we incorporate invoice level data. You hand it to us and we do the rest.
➤ Categorize your data and find ways to minimize consumptions of available resources.
Data Consolidation and Cleansing:
✔ There are many ways to name something, even within an organization. This trend of having differing naming conventions, not to mention typographic errors, is the next big hurdle. Multiple redundancies, what with the data residing in different systems, makes the process arduous. All these could derail the process of analyzing spend.
✔ We start off by clearing out and organizing the flawed data, before getting into the task of finding out your spend.
✔ Why go for the conventional industrial level categorization, which does not tell you anything you need to know about savings opportunities?
✔ The primary focus is to minimize spend and find more ways to save money. We focus on sourcing to achieve those targets.
Why Should I come to Chools?
➤ The very process of Spend Analysis involves viewing the entire data at high levels, and at micro levels. Combing through voluminous inconsistencies in data, and doing a veritable spell check of all your misspelt inventory. Only after doing these do you get answers for where you are spending more, and where you can save. And we, at Chools have the perfect Spend Analysis suite to do all of this.
➤ We are experts in identifying “SMART SPENDING” opportunities based on your spend activities.
We will help you make your Spending, Simple, Smart and Speedy enough for the global market.
Come to Chools for the answers to all your Spend Analysis queries.