Spend is central to procurement operations for an organization. Many digital solutions exist today to accurately profile purchasing data, credit data, payment data to help sourcing professionals and budget owners, however, there are many challenges that continue to exist. BLOCKnit's collaborative Spend Classification and Benchmarking solutions allow organizations to create deep insights and Opportunity Identifications through integrated AI
Most common Spend challenges include:
Distributed and Inaccurate data availability leads to lack of highest quality benchmarks
Unreliable Spend categorizations due to inconsistent data mappings
External data for tiered vendors not always included during analytics for predictive Spend Forecasting
Standard and Custom Taxonomies not validated or governed through specific data details
Why does an organization face Spend challenges?
Inconsistent Data
Data sharing across multiple distributed systems create quality concerns
Shared data lacks common standard and normalization
Spend categories are not accurately outlined
Data collaboration challenges with internal and external entities
Lack of Clarity
Data is analyzed without comprehensive collaborations
Traditional tools and analytics lack in auto-predictive and auto-suggestive opportunities
Pre-categorized guided Spend Procurement
Unaligned disparate Vendor Information
Reactive Decision Making
Unavailability of Vendor information in near real-time
Dependence on Vendor collaboration tools
Unguided decision making due to missing actionable Insights
Delayed visibility in decision progress
How do we address Spend Challenges through Artificial Intelligence?
SpendAI solutions are designed to target Spend Classifications and Benchmarking to provide accurate visibility of opportunities for procurement organization. We use AI-powered, data driven knowledge base decision recommendations, predictions and prescriptions through organizational and externally outsourced Spend and tiered Vendor data.
Consolidate disparate data sources for coherent integration with internal systems
AI-Powered data classification analysis, normalization and hidden pattern highlights
AI-Powered standard and custom Taxonomy consistency with historical and real-time Vendor's information
Manage overall spend benchmarking through intuitive user interfaces
Value through Data-Driven Intelligence
Save on Bottomline Expenses through Data Insights
Improve Vendor Optimization through accurate data model
Discover new Spend Insights with Benchmarking of organizational and vendor data
Higher organizational Productivity through data-driven suggestive actions
