SpendHQ 2.0 Raises the Bar on World-Class Visibility and Spend Analytics
ATLANTA, Georgia — April 13, 2020 — SpendHQ, the market-leading spend analytics platform, announced today the release of their newly designed solution, SpendHQ 2.0. SpendHQ was originally founded as an internal tool by procurement consulting firm, Insight Sourcing Group. It was commercialized in 2013 and today is the largest best-of-breed spend analytics solution in North America, having processed over $4 trillion in spend for many top companies and private equity firms throughout the world.
The release of this powerful and fully modernized solution is timely given the current economic disruption. ‘During these turbulent and uncertain times, the need for world-class spend visibility and the ability to control spending is more important than ever. We remain incredibly dedicated to providing our clients access to sourcing-caliber data, quickly, allowing them to mitigate risk and accelerate savings,’ according to Tom Beaty, founder, and CEO of SpendHQ and Insight Sourcing Group.
The all-new SpendHQ 2.0 solution raises the bar on world-class spend visibility, data accuracy, and savings opportunity identification. SpendHQ 2.0 is a complete, ground-up rebuild of the original award-winning SaaS spend visibility software. Leveraging modern components and highly advanced technologies, such as AI and Machine Learning, the SpendHQ team has designed the new product as a highly efficient platform for rapid growth and innovation.
Spend Matters, the leading procurement technology analyst group, said of SpendHQ 2.0, ‘SpendHQ excels, relative to peers, at surfacing actionable…savings strategies. In one word, after looking at this capability for the first time, multiple Spend Matters analysts said ‘Wow,’ and this analyst was equally impressed.’
According to SpendHQ Chief Technology Officer Jason Bray, ‘SpendHQ 2.0 reflects a complete modernization of the software, built to be ‘future-proof’ so that as new technologies and capabilities become available, we can quickly integrate them. This entirely new platform includes all of the functionality of the legacy product but also advanced embedded analytics and sourcing opportunity identification. We have leveraged cutting edge technology throughout the product including for our frontend data transformation processes.’
SpendHQ 2.0 is a dramatic advancement in the world of procurement analytics in terms of actionable insights, speed and performance, and ease of use. ‘However, it’s just the beginning,’ says Tom Beaty. ‘Given our deep procurement expertise and daily focus on procurement optimization with our consulting clients, we have developed a vision for SpendHQ that will be unlike anything that exists in the market today. This vision is based on the actual results and outcomes we have driven for clients through consulting projects, and we will build that capability into SpendHQ and automate it.’
SpendHQ 2.0 was released on February 17, 2020. To learn more about SpendHQ 2.0, request a custom demo today at spendhq.com.
About SpendHQ & Insight Sourcing Group
SpendHQ is a SaaS spend analysis solution that provides rapid, accurate, and detailed visibility into your enterprise spend data. SpendHQ takes disparate data sources and transforms it into a comprehensive, enterprise-wide view of an organization’s total spend with suppliers. SpendHQ has over 200 customers and works with over half of the top 25 private equity firms in the world to enable these complex organizations to fully leverage their spending power and to capture and sustain EBITDA improvement through procurement savings.
Insight Sourcing Group was founded in 2002 and has become the largest boutique ‘pure-play’ sourcing and procurement firm in North America. The firm has performed over 5,000 strategic sourcing projects and has grown by over 20% a year for the past five years. Inc. Magazine has ranked Insight Sourcing Group among the fastest-growing private companies in America for 12 years in a row. It has been named the #1 Best Medium-Sized Company to work for in Atlanta and the #1 Best Boutique Consulting Firm to work for in the United States.
Insight Sourcing Group Holdings is composed of four subsidiaries. In addition to the original management consulting business (Insight Sourcing Group) and SpendHQ , the company provides energy-related cost optimization through Enterprise Energy Management, and deep post-sourcing analytics focused on savings sustainability and optimization through our newest business unit, Insight Analytics. On December 31st, 2019, a fifth division, group purchasing organization InsightGPO was sold to a large competitor, resulting in a robust partnership with expanded GPO capabilities.