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Automated Processes Save Time and Resources
Discover how a raw ingredients manufacturer automated budgeting and forecasting to achieve a 75% reduction in manual effort with Spendkey.
Discover how a raw ingredients manufacturer automated budgeting and forecasting to achieve a 75% reduction in manual effort with Spendkey.
END-TO-END VISIBILITY
A large raw ingredients manufacturer was operating out of multiple global locations, with an annual turnover of $3bn and over 4,500 employees. The customer used an alternative Excel-based solution for budgeting and forecasting, but it didn’t provide the granular level of spend categorisation and visibility required. As a result, the Chief Information Officer struggled to track IT spend vs. budget and valuable time and resources were wasted on manual processes.
Key challenges included:
A lack of holistic spend granularity, making it impossible to track IT spend vs. budget.
Inability to understand the actual impact on forecasts in real time.
Manual forecasting and budgeting processes limiting the granularity of third-party expenditures.
Financial and business reports lacking a unified granular taxonomy.
How to allocate charges equitably and transparently across the entire business.
END-TO-END VISIBILITY
After an initial proof of concept, Spendkey was selected as the partner of choice to handle the automation of the customer’s budgeting and forecasting process.
Sourced financial, employee, and IT asset data from multiple systems and migrated it into the Spendkey platform.
Mapped IT asset data against employee data to get insights into the IT assets used by each employee to evaluate optimisation opportunities.
Enhanced the IT financial taxonomy to increase visibility into IT purchases.
DESIGNED TO DELIVER
Insights from spend data helped the customer to:
Spendkey provided 5 levels of spend granularity by transforming their existing 3 level taxonomy.
Spendkey replaced Excel-based methods with automated processes to track and adjust IT budget forecasts for better financial management.
Improved spend granularity helped uncover £2M in immediate savings on IT OpEx by identifying non-IT spend allocated to technology.
Spendkey rectified IT asset database inconsistencies, clarifying IT costs by consumption across units and regions, and pinpointed process failures for enhanced spend management.
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END-TO-END VISIBILITY
Spendkey automated the budgeting and forecasting process to provide 100% accuracy while reducing manual effort. Excel-based reports were replaced by automated outputs based on accurate, real-time data. Overall, the entire budgeting and forecasting process was streamlined to enhance the visibility of spend impact on forecasts.
Find out how your organisation can:
Define accurate budgets and forecasts using your data.
Replace manual reports with automated processing of reliable, real-time data.
Automate cumbersome data consolidation and cleaning tasks to create a unified, accurate, and consistent dataset.
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