Large organizations see an incredible amount of data everyday. A huge amount of this data relates to invoices. Many have taken the first step in handling this large amount of incoming data by making sure the mass of invoices which are sent to them are sent electronically. However, that has only removed one part of the problem which is to streamline the invoicing process.
The problem remains for procurement professionals of how to access this data quickly and easily and make key decisions based on this data. The key to resolving this issue is to utilize a real time analytics system on this data which looks at invoice line level detail. Enter Tungsten Network Analytics.
By looking at line level detail, the system is able to flag to procurement any changes in prices for products, and identify exactly how much they are spending with which suppliers. The benefit of this is that procurement are able to attend any future supplier contract negotiations understanding:
- How much they have spent with the suppliers
- What they have spent it on
- If they are buying the same product from any other suppliers and if it is cheaper
- If the supplier has charged a price outside of the contract which has been agreed.
To find out more about the benefits of Tungsten Network Analytics, download this Spend Matters research today!