Procurement management in short is an efficient way to manage spend, using efficient optimization of suppliers, vendors and getting a visibility into spend across many dimensions with the aim to gain maximum savings. Some companies employ the use of a procurement management software to handle their processes, while others still prefer to manage their spend manually. However, in both the methods, what is found lacking is intelligent analytics.
There is a lot of manual interference in the process owing to the fact that usually, legacy software is incapable of accommodating business changes easily. Also, the categorization of spend along with being dependent on people, is also biased. With a lot of external dependence, chances are huge that the reports generated or prepared manually are not true to the actual spend. In fact, the reports are usually static and non-intelligent.
How can you avoid this and make sure you are receiving accurate and unbiased report?
CAPIOT Spend Analytics is an answer to these persistent issues.
CAPIOT Spend Analytics is an analytical tool that augments your procurement software to provide dynamic and intelligent reports along with smart categorization powered by Omni Data Platform and Machine Learning. Following are some more features of CAPIOT Spend Analytics:
Data collaboration – What currently happens is that reports are generated department/software wise giving details of their spend. However, these reports then manually need to be collaborated and presented to the management to get an overview of the organizational spend. With CAPIOT Spend Analytics, data is pulled by the solution, without human intervention, from all the other systems, cleansed and stored in the first layer for further processing.
Machine Learning – Machine learning is the key differentiator that gives CAPIOT Spend Analytics the edge. A pre-trained ML model forms the foundational layer of the solution based on UNSPSC codes. Powered with pre-trained model, categorization of spend data can be computed faster and finding relevant datum among the huge stream of data from all other legacy systems is not a hassle anymore.
Supplier savings – Coupled with Omni Data Platform, CAPIOT Spend Analytics gives you the ease of integration with any external data-sources through web-services/API. It creates a flexible data-mart that makes real time price comparison against other vendors and organizations possible
Powerful Visualization – With ODP (Omni Data Platform), CAPIOT Spend Analytics gives a real time report on price and supplier comparison. The dashboards are interactive and powered by business intelligence that gives the user the ability to perform advanced analytics and statistical computations.
Compliance – CAPIOT Spend Analytics not only makes sure that the data is compliance friendly, but also finds violators. Quiet likely, finding if all the compliance has been adopted or no or which department needs more attention than others and if there are any violations and why, finding answers to all these usually would take days if not weeks, but with CAPIOT Spend Analytics, these tasks are reduced to hours and minutes.
To know more about how can CAPIOT Spend Analytics solution give you an in-depth analysis of your spend, write to us at firstname.lastname@example.org or call us at +91-77778-88673.