Solution
Cognitive Spend Analytics
Key Insights
Improve operating margin by providing spend insights & analyze spend by vendors and categories.
Flag non-standard procurement behavior by identifying non-preferred vendors and off-catalogue purchases.
Improve procurement team’s ability to identify and update product catalogue and vendor contracts.
Explore price optimization opportunities for items purchased at different prices at different locations, from the same or different vendors.
Overview
Cognitive Spend Analytics monitors invoices in real-time across product, vendor, and regional landscapes, while automatically classifying the spend. When a single or collective spend crosses a threshold, an automated exception is raised, identifying the spend category or transaction. The system also provides the ability to analyze spend over multiple dimensions, and drill down to transaction-level details.
Features
- Automated classification reduces manual effort, and helps identify patterns, improving over time with classification algorithms and spend data
- Classifies and reclassifies spend based on natural text processing that identifies key invoice data points and predicts the spend category
- Visualizes spend patterns and drills down to transaction-level details from aggregated spend categories
- Perform trend analysis of global spend across customizable time periods
- Analyze spend across multiple dimensions: vendor, product group, vendor attributes, organization attributes, and regions