Spend Intelligence

Costs and Spend

The Costs and Spending Challenge

It seems counterintuitive, but procurement data is consistently bad, even for companies that make large investments in relevant systems. There are a lot of drivers for this problem. A few of them include:

Data scattered across multiple AP and expense systems
Accounting-oriented data not aligned with procurement categorization
Maverick and unmanaged spend not captured in P2P systems
Poor input discipline, or procurement-related data being entered by non-procurement resources

Data about your spend is everywhere. It’s messy and inconsistent. It’s historically required a major effort to consolidate and cleanse so that Procurement can rely on it to make important decisions or answer key questions. The Spend Intelligence Solution has solved this spend visibility challenge for our customers with a proven, repeatable technology-driven data process and SaaS application providing an intuitive interface to navigate your spend.

You should be able to view your entire organizational spend in one place. Through our simple and easy-to-use interface, instantly identify untapped saving opportunities, new targets to meet strategic goals, and create custom reports with multiple layers of analytics to view your spend the way you need to see it.

Power your Business with Spend Intelligence

Get a handle on spend data complexity — so you can more quickly get to the accurate, comprehensive spend insights you need to support your procurement planning and reporting.

The BIS3 Spend Intelligence solution leverages artificial intelligence (AI) and machine learning (ML) to analyze your invoice and payables data to identify areas of cost reductions. By reviewing previously unavailable or dispersed details, we provide you with actionable insights and can work with your group purchasing organization and/or vendors to maximize savings.

Our no-risk, shared savings approach gives you insights into your savings potential within three days. Our collaborative strategy provides an end-to-end solution that:

Extracts data from your ERP
Analyzes data
Identifies savings opportunities
Develops & executes action plans

Gain Actionable Insights to Drive Savings and Achieve Goals

Key Features:

Spend Profiles – Easily drill-down into spend, categorized to your custom, sourcing-level taxonomy.

Suppliers – Get insights into your supply base, including new and favorited suppliers, and create watchlists to proactively monitor spend anomalies.

Compliance – Manage your preferred supplier program, reduce rogue spend, and identify opportunities to drive savings and value.

Strategy – Set a roadmap to determine procurement focus areas and prioritization, leveraging market benchmarks.
ESG – Advance goals in supplier diversity and greenhouse gas reductions, leveraging data enrichment, benchmarks, and reporting.
Insights – View automatically-surfaced updates across key focus areas, cutting through the noise to be more agile and proactive.
Performance Management – Instantly go from spend insights to new projects that you can track and measure through the whole pipeline.

Spend Intelligence Brings Clear ROI

Spend intelligence allows you to identify the best targets to meet business goals, rather than blanket “cut costs by 10% across the board” vague mandates.

Aside from cost savings you can drive at the category or subcategory level, Spend Intelligence customers also find they can:

Increase spend compliance by 3X on average
Increase spend under management, typically to 87%+
Capture a view of 97% or more of their enterprise spend
Consolidate suppliers to drive efficiencies and savings

Improved Decision-Making and Collaboration

Procurement now gains a trusted, central hub for spend insights and reporting that can be shared with business stakeholders and used to power supplier negotiations. Automated insights, benchmarks, and tailored reports are ready in just a few clicks.

When the data is seen as accurate, complete, and accessible, the solution builds trust and ensures procurement is positioned as a leader in data-driven business decisions.

Flexible to Meet Your Data, Reporting, and Workflow Needs

Spend Intelligence is implemented to meet your needs for spend classification taxonomy, the frequency in which you want data refreshes, and integrations with key data systems.

On the data visibility side, our solution lets you configure a variety of dashboards, create your own supplier watchlists, create and share custom reports, share views broadly via web reports, and export data for use externally.