Maketick, Inc. Forays Into Spend Analysis

July 27, 2012 - PRLog -- Providing actionable insights of spend program of a company, Maketick, Inc. collated data to provide an enterprise wide view in the spending details of departments and categories.

Spend analysis can be defined as amassing, cleansing, categorizing and analyzing the expenditure data. The analysis would reduce the procurement costs, monitor compliancy, and improve the efficacy. Spend Analysis facilitates inventory management, planning and budgeting and product development. There are usually three core areas of spend analysis: visibility, analysis, and process. It is only when all three are leveraged then can a company generate answers to its vital questions, which would simultaneously affect the expenditure.  

Part of the larger domain of spend management, most organizations perform spend analysis as the driver for their profitability. Organizations mostly look for options that looked through procurement to increased saving targets with few resources. Companies like Maketick have introduced solutions that proffer tools enabling the organization to manage spending and shape optimal relationships with suppliers.  

One of the fundamentals for strategic sourcing, cost savings, and procurement efficiency, spend analysis yields significant ROI. Implementing spend analysis have improved contract compliancy and decreased sourcing cycle times. There are companies who continue to analyze their spend data sporadically. Since, Spend Analysis Solution monitors maverick spending it therefore, enables companies to trim their inventory costs by 5 to 50%.  

Maketick’s Spend-Analysis solution’s immediate impact:

Enterprise-wide Spend Visibility: Aggregating data from all major platforms inclusive of ERP, the solution enables procurement, finance and other stakeholders to make informed decisions.

Analysis of Spending: Evaluation and scrutiny of expenditure across dozens of different dimensions.


Identification of the savings opportunities: The spend analysis identifies, and prioritizes the sourcing opportunities. It then executes sourcing opportunity modeling and prioritizes development of the decision.

Data enrichment: The spend analysis would organize and categorize the corporate data to provide immediate feedback for improvement.

Reduction of Risks: Potential issues are revealed beforehand with the help of rich data analysis from both internal and external resources.

Ensure compliancy: Companies can monitor spending that ensures compliancy with corporate policies, protect the negotiated savings, and expose other non-compliance issues that are potential.


Features of the Maketick, Inc.’s Spend Analysis solution

Accomplishing data visibility

The spend analysis solution procures data from both internal and external sources including the project contractors. This provides a complete synopsis of the corporate expenses by commodity, purchase, product, or supplier. The solution is scalable in providing stable global environment that would integrate the exponential amount of data.


Data Superiority

The spend analysis solution can extract, cleanse, collaborate and amass any data from any source. This is seamlessly integrated amidst different departments for commodity classification.

Ranking supplier

The customized solution is an adaptable measuring system that ranks the suppliers according to their importance criteria. The dynamic weighting solution enables the user to influence each evaluation criterion as and when needed.

Reports

Identifying opportunities is fundamental for any organization. Only the best-practiced repertoires that identify these opportunities are created.

ABOUT MAKETICK, INC.: Established in Silicon Valley, CA. Maketick, Inc. comprises of a pool of talented professionals who offers consultation, software development, and commercial solutions. Creating some of the finest and popular website portals, Maketick, Inc. gives the client business adept solutions that help them to succeed.

For more details on Spend Analysis Solution, please contact sales@maketick.com or info@maketick.com