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By utilizing such a visual manner, you can instantly see opportunities for savings. The cube uses the collected data from these to show the overall price and volume of items purchased. This is one of the most effective visualizations available for reviewing three factors: As the name suggests, spend cubes are three-dimensional graphics for measuring spending habits.
GEP SMART TOOL SOFTWARE
One of the first benefits of using spend analysis software is the ability to generate spend cubes. Learn a few of them right now: Build a Spend Cube There are many great benefits to utilizing a spend analysis software. SMART by GEP provides many features for spend analysis. Artificial intelligence and machine learning: Spend analytics solutions utilize artificial intelligence tools like machine learning to provide advanced analytics which can respond to changing situations.Visible reporting: Generate spend cubes, graphs, charts, or other visualizations to represent your historical or real-time spending data.Real-time analytics: Review your spending habits in real-time to see where the bulk of your budget is going.Procurement records: Track all key order information, such as the vendor, purchase quantities, item or service purchased, delivery timeframes, and, most importantly, payment terms and costs.Supplier classification and normalization: Classify and normalize your suppliers to keep better understand what services and products they offer to your business.Spend categorization: Organize your spending based on different categories, such as money for vendors, suppliers, materials, labor, or other uses.SpendHQ spend analysis helps you manage your company spending. And the right software can improve other areas of the company like budgeting, product development, and the management of inventory, suppliers, and contracts. Spend analysis software is designed to improve your overall return-on-investment (ROI) by making it easier to review your spending habits across all vectors. Procurement looks at individual order information. Spend analysis has some overlap with procurement software, though they have different functions. In short, your collected spend data can reveal savings opportunities. Then, the spend analytics show how your business can improve. Sometimes referred to as spend management solutions, the software looks at the three fundamental parts of spending: visibility, analysis, and process. Spend analysis software reviews past purchases in order to find ways to save in the future. Who Should Use Spend Analysis Software?.