{"id":1704,"date":"2019-10-10T16:14:50","date_gmt":"2019-10-10T14:14:50","guid":{"rendered":"http:\/\/smartvco.com\/?p=1704"},"modified":"2026-01-23T07:55:41","modified_gmt":"2026-01-23T06:55:41","slug":"purchasing-fitness-reduce-costs-with-spend-visibility-tools","status":"publish","type":"post","link":"https:\/\/smartvco.com\/en\/purchasing-fitness-reduce-costs-with-spend-visibility-tools\/","title":{"rendered":"Purchasing fitness: reduce costs with spend visibility tools"},"content":{"rendered":"

\"\"<\/p>\n

A recent survey by the Economist Intelligence Unit<\/em> has found that financial managers often complain of a lack of spending visibility.<\/p>\n

The result is a difficulty in correctly addressing cost reduction<\/strong> initiatives.<\/p>\n

The introduction of a modern and innovative tool for spending visibility makes advanced methods for the analysis and management of expenditure accessible to medium-size companies, while once could only be accessed by large companies and multinationals.<\/p>\n

Efficient spend visibility<\/em> tools are designed and implemented to ensure a rapid return on investment by generating real savings.<\/p>\n

At the base there is a system of classification of costs by nature<\/strong> recognized worldwide, because:<\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0 is functional to the offer documentation preparation<\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0 facilitates the exchange of information between suppliers and customers and between different plants, even located in different countries or continents<\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0 regardless of local or geographical influences, traditions and habits.<\/p>\n

The dashboards facilitate the identification of savings potential and the monitoring of the results obtained.<\/p>\n

What benefits<\/strong> can I expect from a spend visibility tool?<\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0 Centralized view for the headquarter<\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0 Unique and easy to use tool (no specific BI skills required)<\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0 Data quality<\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0 Use of all information collected from the sources<\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0 Efficient improvement of operating times<\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0 Effective decision-making and concrete opportunities for savings.<\/p>\n

\u00a0<\/strong><\/p>\n

How to understand if my company is suitable for a cost reduction project supported by a spend visibility tool?<\/p>\n

A series of questions help us do this:<\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0 do you miss a centralized view of overall spending?<\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0 do you have to invest too much time to collect updated data and often from diversified sources (eg ERP or other …)?<\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0 Most of the data in your possession are not structured (eg descriptions) and therefore you cannot analyze them and classify them automatically?<\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0 Can’t you plan effective actions to reduce spending, because you don’t have adequately aggregated data (eg: expense category, supplier, organization)?<\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0 Do you miss a clear view of the breakdown by cost centres (eg organizations, areas, country …)?<\/p>\n

–\u00a0\u00a0\u00a0\u00a0\u00a0 Are your available general tools complex and needing strong specific know-how (eg: creating reports and dashboards)?<\/p>\n

If you answered at least two “Yes”, associating a spend visibility tool with a cost reduction project allows you to maximize efficiency and savings.<\/p>\n

 <\/p>\n

 <\/p>\n

To learn more about the possible cost reduction possibilities with a spend visibility tool, a free check-up is available: to request it, send an email to info@smartvco.com indicating the code V01 in the subject.<\/strong><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

A recent survey by the Economist Intelligence Unit has found that financial managers often complain of a lack of spending visibility. 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