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Increased Spend Visibility Uncovers Cost Savings
Discover how a fintech company achieved cost optimisation with Spendkey by uncovering a 300% shadow spend overrun and halving supplier count.
Discover how a fintech company achieved cost optimisation with Spendkey by uncovering a 300% shadow spend overrun and halving supplier count.
END-TO-END VISIBILITY
A leading fintech company with an annual turnover of $300m and 1,900 employees was relying heavily on third-party suppliers for goods and services. The business had a lean procurement function, and the senior leadership team had no visibility of spend across various indirect categories.
Financial data was siloed across various systems, with inconsistencies between reports from finance and business unit leaders. This lack of uniformity and transparency in third-party spend data prevented the company from pinpointing cost optimisation opportunities.
The business faced two major challenges:
Limited insight into organisational spending.
Absence of spend visibility, hindering cost optimisation opportunities.
END-TO-END VISIBILITY
Sourced data in MS Excel from multiple ERP systems and migrated it to the Spendkey platform.
Consolidated, condensed and cleaned the data to create a unified data set.
Auto-categorised the data using Spendkey’s standard taxonomy.
12 months of data analysed.
DESIGNED TO DELIVER
Insights from spend data helped the customer to:
Spendkey helped normalise the supplier count from 3227 to 2133 unique suppliers.
Spendkey revealed that expenditure on contingent labour exceeded the budget by threefold.
Identified similar services procured from multiple suppliers, initiating a cost-saving supplier rationalisation.
Spendkey uncovered additional optimisation opportunities based on the analysis of the preceding 12-month expenditure.
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END-TO-END VISIBILITY
Spendkey’s holistic and granular spend visibility helped the customer uncover areas of high spend, enabling the HR team to take the appropriate actions to streamline costs in the contingent labour segment.
Find out how your organisation can:
Get complete visibility into spend.
Identify areas of high spend and revenue leakages.
Track actuals vs budgets at a granular level.
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