US firm uses ProIntell spend analytics to achieve visibility of subsidiary spend
The spend visibility challenge
A leading online publisher, aggregator, and distributor of personal finance content has achieved complete spend visibility of its suppliers across all of its subsidiaries.
With annual revenues of $450 million, the business provides proprietary, fully researched, comprehensive, independent and objective personal finance and related editorial content across multiple vertical categories including credit cards, mortgages, deposits, senior care and other categories, such as personal and auto loans, retirement, and taxes.
The ProIntell solution
Spend data had historically been drawn from a number of data sets across 4 subsidiary companies – making it hard to piece together the overall picture of procurement. The data was also formed of key financial information which whilst crucial in running financial reports, did not provide much insight that could be used to inform excellent procurement decision making.
ProIntell is a cloud-based service providing access to a suite of dashboards and reporting tools that deliver immediate insight into exactly how much organisations are spending, what they are spending it on, and which suppliers they are spending it with.
The ProIntell Spend Intelligence Service offers a smart way to monitor, review and benchmark supplier spend in order to optimise costs and improve your profitability on an ongoing basis.
In order to get from ‘accounting numbers’ to actionable, supply-market intelligence, Procura went through a process of data aggregation, cleansing, validation and then detailed, transaction-level categorisation. The final output had the aim of providing complete clarity into the entire non-pay spend of the organisation – “gold dust” in the words of one of the 4 subsidiary Chief Financial Officers.
Bringing spend into focus
Procura created a suite of dashboards and reporting tools that would deliver immediate insight into category, supplier and contract spend.
- For the first time, the organisation achieved complete visibility of all supplier spend.
- Aggregation of category data across four subsidiaries identified procurement opportunities across common categoreis.
- Key common strategic suppliers were identified and targeted for Supplier Relationship Management
With a quarterly data refresh and expert review by the Procura team, essential insights and clear actionable recommendations for procurement would be possible.