Eved specializes in corporate event procurement and spend management, having introduced EvedPay last year to streamline supplier payments for businesses' event planners.
On Friday (Oct. 14), the company added a new feature to its suite of corporate event financial management solutions, Eved Data Insights. The tool allows companies and their event planning teams to access reports and data analytics into their event spend.
"Evaluating enterprise-level event spend is incredibly complex, and data analytics is the key to unlocking improved performance," said the firm's CEO, founder and product architect, Talia Mashiach. "Our Data Insights reports source line-item detail directly from invoices. Managers can evaluate outcomes and trends with confidence, while eliminating the number of steps historically required to answer who, where, when and how event dollars were and will be spent."
The tool aggregates data across the enterprise and consolidates insights onto a single dashboard. Information can be analyzed by category, supplier and historical spend, Eved said in its announcement. The solution targets spend visibility for financial managers and CFOs, it added, as well as risk mitigation, compliance, cost reduction and other metrics.
In another statement, Eved Senior Vice President of Client Solutions Trista Hannan said Eved Data Insights helps to eliminate the need for manual data entry.
"Many companies rely on a combination of manual entry of spend data into their meeting management tools and payments data from multiple sources, like credit card and PO, making it difficult for data to be trusted for strategic decision-making," she stated. "We follow a more reliable approach that pulls data directly from invoices and streamlines event workflow from request to payment."
"Transparency and agility are critical in order for our clients to identify insights that have immediate impact on cost savings, compliance and meeting program success," the executive continued.
Eved launched EvedPay last year to facilitate payments from corporates to their event suppliers. EvedPay augmented the firm's existing accounts payable and invoice management tools, adding the firm's own payment network into the mix.
In an interview with PYMNTS last year, Eved's Mashiach said corporate event spend hits $770 billion throughout the world.