Insight Analytics is a technology-enabled managed service that brings big data and analytics to Procurement. We leverage state-of-the-art procurement category analytics and automation to stop savings leakage and uncover incremental value for our clients.
After sourcing, up to 30% of procurement savings evaporates for a myriad of reasons – whether due to pricing overcharges, “maverick spending”, supplier non-compliance, supplier gamesmanship, or limited savings tracking. Without a plan for savings tracking and sustainability, negotiated cost savings are at risk.
By mitigating savings leakage and uncovering incremental value in spend categories, Insight Analytics’ clients can ensure best-in-class savings outcomes are sustained over time. The process of analyzing procurement data, garnering insights, and executing action plans is highly complex, so we have developed a proven approach to driving bottom-line savings through data-driven category analytics.
Helping Procurement Find Value with Category Analytics
Insight Analytics partners with companies to drive savings to the bottom line by minimizing pricing errors, driving compliance, and capturing incremental savings on an ongoing basis. Tracking savings, preventing savings leakage, and driving incremental value are three ways Insight Analytics helps businesses and procurement organizations succeed.
Our Approach to Procurement Category Analytics
Insight Analytics utilizes a three-phase approach to convert Analysis into value-generating Insights and Actions that result in real, tangible value. By leveraging our proven approach, Insight Analytics’ clients can realize an average of 400% – 1000% return on investment while offloading the hard work of data analytics and focusing on the most strategic parts of their businesses.
Savings Challenges Solved by Insight Analytics
After you gain visibility into spend and set out a sourcing strategy, how are you proving that your savings are realized? Are you able to identify new savings opportunities after sourcing events? Learn more about how Insight Analytics addresses key issues via Procurement analytics:
Many companies don’t know what data they need to be successful in managing their spend categories. Insight Analytics leverages our deep procurement expertise and analytics knowledge to identify where to obtain the data, what data fields are required, and what to do with it to drive meaningful value from analytics.
Insight Analytics has both the procurement knowledge and the analytics expertise to drive real value from managing category spend. Our library of category dashboards, metrics, and KPI’s can be customized to meet individual clients needs and provide an easy way to manage your spend categories.
Insight Analytics gathers line-item detail data from suppliers, cleanses and analyzes the data using complex proprietary algorithms, and provides it in a procurement-focused data visualization that drives insights and actions. This process leads to a deep understanding of your category spend and reveals addressable areas to drive savings.
It all begins with the data. Insight Analytics takes detailed, line-item data from suppliers and pieces it together with reference data such as location data, facility attributes, personnel catalogs, external data sources, and more to provide a full, granular picture of your spend. We do the hard work with data so you can manage your categories strategically!
Insight Analytics takes detailed category data and identifies where purchases are being made with non-preferred suppliers, uncontracted products and services, or unapproved items. By leveraging granular, buyer-level data, we can identify the specific individuals who are not complying with purchasing policies and take corrective actions to address.
Savings Tracking is a critical but often overlooked role of a best-in-class procurement team. Insight Analytics brings a detailed approach to savings tracking, isolating the impact of different factors such as negotiated price savings versus volume fluctuations, to prove which savings are real and which aren’t. We partner with you to fix the issues so your savings dollars hit the bottom-line.
Insight Analytics targets all savings levers, including price, demand, compliance, and optimization (among others), to identify and implement savings on a continual basis. By working with external suppliers and internal stakeholders, we leave no stone unturned in search of maximum savings.
For certain categories, understanding a market index is critical in making buying decisions, ensuring accurate pricing, and timing of launch of a new sourcing event. Insight Analytics ties commodity index data to category spending and dashboards to provide a full understanding of your categories and the market.