Spend analysis software
Select spend analysis software that puts your spend data at the heart of business decision making. Identify savings opportunities and increase spend visibility in real time to optimize your bottom line.
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Get serious about spend analytics
Gather actionable insights
Track direct and indirect spend wherever it occurs. With real-time data quality, Spendesk's analysis tools enable confident decision making throughout the company.
Optimize data management
Aggregate multiple data sources into one easy read. Consolidate large information sets into graphs and create user-friendly workflows. Use data management workflows to inform stakeholders about new strategic directions.
Identify cost savings
Work with an analytics solution that highlights more economical budget allocations automatically. Stop wasting resources on manual spend analysis, and streamline your expenses through machine learning.
Get complete spend control
Disconnected processes lead to unclear overall spend. Instead, 7-in-one spend management software puts you in control of the entire company spending lifecycle.
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Streamline your supply chain
Small tweaks for procurement teams work lead to huge savings for the business. Through the categorization of procurement data, team members can easily identify the supplier relationships that are costing too much and create new deals to save money.
Integrate spend management solutions with procure-to-pay or procurement software, and streamline these critical business operations. Better project management processes create huge time and resource savings.
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Manage risk
Use past spending data to inform your future strategy and mitigate risks surrounding supplier management.
Reporting dashboards give a full visualization of your purchasing workflows, including payment terms right down to the line item. This reduces supply or payment delays that could cause a ripple effect throughout the company.
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Ensure compliance
At its core of functionality, a spend analysis software should comply with generally accepted accounting principles and legal operations. And purchasing processes need to live up to your company’s spend policies.
With spend analysis software, you can protect your business from auditors, and clearly explain which factors informed each purchasing decision.
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Diversify vendors
Strategic sourcing connects your data to vendor and contract management. By improving spend visibility, a spend analysis solution creates new initiatives for suppliers, lets you diversify vendors, and brings more value from purchase orders.
Strategic spend analysis software lets your business bring in more partners without increasing admin hours. This optimization leads to huge savings and lets you prioritize cost without compromising on quality.
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Prevent maverick spend
Your procurement policy exists in order to save money with partners that you worked hard to negotiate. Why leave room for staff to go rogue and waste company resources without the authority of the finance department?
Choose a spend analysis software that informs your expense policy and gives full control to the experts: the finance department. Prevent maverick spending, and purchase from preferred suppliers only.
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Spend analysis FAQs
View some of the most common questions and answers related to spend analysis software.
In general, there are six steps to spend analysis:
Set financial goals, focusing on visibility
Find your company spending data
Collate the information in one place using spend management software
Categorize expenses
Perform spend analysis
Develop a spend report for stakeholders
Businesses of all sizes benefit from spend analysis software. For small businesses, it can help build new supplier relationships and develop a concrete strategy and policy around spending.
Alternatively, larger companies can benefit from automating pattern recognition, whereby spending trends across different departments can be identified within a matter of minutes.
There are some specific spending problems that are common among companies from all industries. These include:
Outdated systems and operations, which leads to unreliable expense information
Currency conversion fees, losing money on each transaction with international suppliers
Invoice overpayment, due to lack of ownership and control over business spending
Fraudulent expenses, including unexplained or illegitimate costs
By working with spend analysis software, your finance department can identify which problems are affecting the business more accurately and with urgency. Only then can you craft a strategy to combat the issues and develop the business.
Automation tools - including spend analysis software - reduce the room for error. While a real human can easily go astray during manual processes, automated spend analysis follows logic without getting bored or skipping steps.
Plus, automated tools can 'read' data in real time, to inform the business strategy more quickly than business units could manually perform. This leads to greater change on a faster time scale.
Identifying and collecting spend data is one of the first steps towards performing high quality spend analysis. But data is often spread out or hidden in different corners of your accounts.
Your enterprise resource planning (ERP) software is one of the best locations for gathering spend data. Otherwise, link up your company credit cards, e-procurement tools and payroll management software in order to gather the data to analyze spending across the company.
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Expense report software 
Budgeting software 
Accounts payable software Get the ideal spend management platform
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