PRINCETON, N.J. - The procurement world is an ever-evolving one, as is the world of analytics. When procurement first evolved as a distinct and strategic function as opposed to purchasing, it was grounded on superior spend visibility and analytics.
However, Spend Analysis is often perceived as a rear-view mirror, one which provides little benefits in real-time. One of the primary reasons being that most Spend Analytics tools that form the backbone of every procurement strategy, have not undergone any significant changes in the last few years… up till now.
Zycus’ Spend Analysis solution, which has a reputation of bringing transformative innovations like patented Artificial Intelligence powered classification, automated spend opportunity mining etc., recently released three unique functionalities that will take spend analysis one step towards being proactive rather than reactive.
Nicknamed Spend Monitoring, Quick Search and Flip-to-Chart, together these functionalities will redefine the way spend analysis is carried out for years to come.
Together these features enable commodity managers to:
- Enable tactical buyers to perform an instant look-up on historic transactions based on a simple Google-like search interface
- Provide valuable information like last price paid, payment terms agreed on, supplier for a particular item
- Help gain valuable insights at a glance with the help of rich and improved visualization capabilities
- Interactive graphs to help commodity managers navigate through the spend data in an intuitive manner and derive insights
- Monitor and track critical changes in the spend profile in comparison to the previous year
Essentially, with the adoption of these features companies will now be able to utilize spend data as a knowledge center to help guide purchasing decisions (as opposed to post-facto analysis and sourcing opportunity finding), actively prevent unwanted spending and make it easier to strategize with veracious visual data representation.
It remains to be seen how companies adopt this tools and re-shape their existing processes, but one thing is certain - exciting times lie ahead in the field of procurement analytics.
Public Relations, Zycus Inc.
Direct: +1 866 563 9219