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Accurate, Unified Data Inform Strategic Saving Decisions
Learn how a healthcare solutions company uncovered £25m in savings opportunities and reduced supplier count by 30% with Spendkey.
Learn how a healthcare solutions company uncovered £25m in savings opportunities and reduced supplier count by 30% with Spendkey.
END-TO-END VISIBILITY
A healthcare solutions company headquartered in the UK with an annual turnover of $60m and over 1,000 employees experienced significant growth from the COVID-19 pandemic.
In response, the company wanted to grasp a comprehensive understanding of the situation, particularly regarding its expenditure patterns and supplier dynamics. Their ultimate objective was to pinpoint potential savings and areas primed for advancement.
Lack of holistic spend visibility made it challenging to:
Grasp the full picture of their expenditure and supplier relationships.
Recognise the efficiency quotient and identify immediate as well as future opportunities.
Determine optimal strategies for enhancements.
END-TO-END VISIBILITY
Sourced financial data from multiple systems and migrated it into the Spendkey platform.
Consolidated, condensed and cleaned the data to create a unified data set.
Auto-categorised the data using Spendkey’s standard taxonomy.
Analysed 12 months of data across all spend categories.
DESIGNED TO DELIVER
Insights from spend data helped the customer to:
Complete transparency of spending activities enabled the customer to control costs and inform smarter strategic decisions.
Spendkey revealed that 1069 suppliers of a total of 1221 suppliers accounted for only 5% of spend.
Spendkey identified opportunities to negotiate supplier payment terms to deliver £4-5m in cost savings.
Rigorous data transformation identified inaccuracies in supplier data causing to additional costs.
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END-TO-END VISIBILITY
Spendkey played a pivotal role in creating a unified data set by integrating disparate data sources across the organisation to provide a centralised and standardised view of the company’s spending activities. Equipped with a single source of truth, the customer gained comprehensive insights into supplier dynamics to enable strategic decision-making.
Find out how your organisation can:
Create a unified, accurate and consistent data set by automating time-intensive and error-prone manual processes of data consolidation and cleaning.
Harness the power of machine learning and human categorisation to accurately classify spend gain holistic visibility into cost categories to optimise sourcing strategies.
Get visibility into supplier, contract, spend trends and market insights empowering you to reduce supply chain risks, control costs and negotiate better.
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