SaaS-Based Spend Analytics Software
As procurement consultants, our need for spend visibility is identical to our clients’ needs. We are often hired to identify and capture cost savings opportunities but quickly discover that our client’s data is inaccurate or unusable from a sourcing perspective without significant cleanup work. We explored the marketplace for spend analytics solutions and were frustrated by the hard-to-use and highly inaccurate tools we found in the market.
SpendHQ was born out of necessity, starting as an internal tool and later becoming a “leave behind” offered only to our consulting clients. Our clients loved the intuitive user interface, sourcing-accurate data, and the sourcing professional’s perspective embedded into the tool. In 2013, we decided to offer it to the general marketplace and SpendHQ has grown at a torrid pace ever since, having analyzed over $1.5 trillion in spend and counting. SpendHQ, LLC is a wholly owned subsidiary of Insight Sourcing Group.
SpendHQ is the command center that puts you in control of your spend. Founded upon our firm’s deep strategic sourcing and procurement heritage, the tool allows you to drive savings with actionable spend data using our industry-leading interface.
SpendHQ allows you to look at your business the way you want to—from an executive’s perspective or at an actionable, analyst level of detail. Its core components include:
Your procurement team can immediately identify sourcing opportunities and leverage the data to drive savings or instantly spot and correct maverick spend. You can leverage our battle-tested taxonomy or we can customize the categorization schema to your needs.
SpendHQ enables critical documents such as contracts, RFP responses, or literally anything to be associated with relevant vendors or categories. Our intuitive dashboards allow procurement professionals to always know when contracts expire and to be notified in advance of other critical contract milestones.
Analyze major sourcing categories at an in-depth level to monitor compliance and pricing accuracy. This highly unique technology reflects our deep sourcing expertise and helps companies manage their categories at a world-class level potentially in a matter of minutes per month.
Powered by third party data, the Vendor Information Module provides users with enhanced detailed vendor information and insights tracked directly to their vendor spend. Track your vendor’s financials, diversity status, competitors, and recent news among other insights to always stay ahead.
SPEND ANALYSIS: THE FOUNDATION FOR PROCUREMENT EXCELLENCE
Procurement departments that utilize automated spend analysis solutions to achieve enterprise-level spend visibility have a truly powerful asset that can be used to drive strategic planning, refine operational focus, and improve business results.
In this webinar, Ardent Partner's Andrew Bartolini and SpendHQ's Tom Beaty discuss why spend analysis is the foundation for procurement excellence.
“SpendHQ is highly intuitive and easy to use and has a unique sourcing professional’s perspective.”
Senior Vice President
Supply Chain & Procurement
Jones Lang LaSalle
SPENDHQ PROJECTS SNAPSHOT
- Provided ongoing Spend Visibility for $1B financial services company, enabling the CPO to drive 20% savings across multiple sourcing projects within months of deploying SpendHQ. The ROI on SpendHQ was 10x after the first project.
- Provide Spend Visibility for one of the nation’s most prestigious universities, enabling the new CPO to rapidly pursue sourcing opportunities in order to make an immediate impact.
- Provided full cross-portfolio Spend Visibility for one of the world’s largest Private Equity firms with over $40B in spend across 60 portfolio companies.
- Consolidated over 60 data files to represent a single year’s spend for a $4B highly acquisitive services company to provide full spend transparency for the first time in its history.
Point of View Perspective
Four Challenges of Spend Visibility & A Framework to Achieve Clarity
Having full visibility of your spend—knowing exactly where your money is going—is a key factor in managing your bottom line. But most companies struggle to achieve full procurement visibility for a number of reasons.
Why is spend visibility so hard to achieve? Insight Sourcing Group examines the four most common challenges we encounter with procurement data, and we offer a simple framework for achieving clarity over spend.
“SpendHQ is highly intuitive and easy to use and has a unique ‘sourcing professional’s perspective.’ It gives us the answers we need without the complexity. We use it on a daily basis to identify sourcing and compliance opportunities and to manage vendor relationships. I highly recommend it.”
Senior Vice President – Supply Chain Management & Procurement
Jones Lang LaSalle