Digital procurement solutions provider PROACTIS announced yesterday (July 2) the launch of PROACTIS Spend Analysis, an on-demand cloud solution designed to give company executives a better understanding of the external factors that impact spending, including organization-wide compliance, risk and key performance indicators (KPIs).
The PROACTIS Spend Analysis solution allows customers to upload data from Accounts Payable, Purchase-to-Pay (P2P) and other ERP systems directly into the PROACTIS Cloud processing engine where it is then made available for real-time filtering, visualization and analysis of data on-demand.
“Organizations are being confused by complex and unwieldy BI and Spend Analytics tools,” PROACTIS CEO Rod Jones in a company release. “Old-fashioned tools require data experts to drive BI and build spend reports for management. Today, spend data needs to be rapid or it becomes irrelevant to decision-making. Users expect accurate data at their fingertips, and legacy BI doesn’t deliver this.”
The solution provides a software-as-a-service suite of features that are available to run 24/7, including spend data repository, spend analysis, supplier analysis, compliance KPIs, spend notifications and alerts, and spend data enrichment.
“The new PROACTIS Spend Analysis solution exploits the latest cloud technologies to provide on-demand visibility of total combined spend; automatically classified and enriched. Analytics delivered through intelligent dashboards enable ‘slice and dice’ capability displayed on mobile devices. Customizable alerts enable users to identify where money is spent, negotiate better contracts with suppliers, and rein in maverick spending with confidence” Jones continued.
The first customer of the new solution will be European-based media company Bauer Media Group. The spend analysis tool will be used by Bauer Media to asses the company’s total combined spend, as well as monitor and analyze all accounts payable transactions, identify areas for cost-savings, gain comprehensive information related to its supplier base and received actionable insight from customizable performance notifications.
Max Beddard, CFO at H Bauer, said: “I can see using PROACTIS Spend Analysis will give immediate insights and visibility across our company-wide SAP and PROACTIS P2P solutions which will enable us to track our expenditure, fix issues, manage our processes and set priorities that will give us real benefits.”
“The PROACTIS Spend Analysis solution delivers analytics from ‘live data’ enabling us to categorize spend and identify purchasing behaviors which will create savings. We are looking forward to the imminent release of ‘predictive’ analytics, which will potentially revolutionize the way we behave,” Beddard added.