80% of CEOs now see data mining and analytics technology as the most important technology to their current strategy (1) but less than 20% report having a fully deployed and integrated solution to control what they spend. (2)
Up to 40% of total spend data is considered inaccurate. Most Spend Analysis tools rely on data sources which only offer a partial view of a company’s total spend.
And yet, clear supplier data is paramount to a company’s strategy. Without clean data, a CPO cannot achieve true Spend visibility.
So, how to get your supplier costs under control ? How to understand, control and optimize your supplier costs by automating procurement activities ?
Is investing in a Business Analytics tool the solution?
No, data issue will remain.
Or data cleansing ?
It will only be a one-shot, manual, time consuming task with limited results.
So where to start ?
You already have all the informations at your disposal !
Invoices and Purchase orders are Data goldmines, the key is in extracting all the information they contain.
Spend Analysis becomes Spend Intelligence.
Data Management becomes Decision Making.
Artificial Intelligence is the key to unlocking all the information contained in your Invoices and Purchase Orders. It enables multiple tasks that cannot be managed by human beings because of volume, complexity or risk of errors.
How it works :
Step by step :
- Each line is extracted from your supplier invoices.
- Its content is automatically matched to a spend category.
- Complete Spend Visibility is available through a customisable dashboard.
If you want to learn more, you can watch this video about Conciliator™, the deep learning invoice analyser :
Sources : (1): PwC’s 18th Annual Global Survey (2): Magic Quadrant for Strategic Sourcing Application Suites », Gartner February 2017