Procurement professionals are always striving to obtain better deals for the goods and services which they are buying for their companies. They are striving for a great insight into what their companies are buying and whether they can streamline their supplier base and as a result gain savings.
The problem they have is that it is very difficult to get an immediate picture of what the company is spending on and whether it is on contract. Frequently with large organizations, suppliers will attempt to charge more for products they have already agreed prices for and it will be paid at the higher price. The combination of e-Invoicing and Spend Analytics reduces the chance of this happening without been caught by procurement.
E-invoicing allows for clean, consistent e-Invoicing data to pass quickly from the supplier to the buyer. Spend analytics tools, like Tungsten Network Analytics, allow an end user to analyze that invoice at product line level detail, in real-time, to determine if the price of the product has fluctuated at any point and if the price of the product is on contract.
Because Tungsten Network Analytics is real time, procurement is able to receive price variance on a particular product flagged to them immediately – before they have even paid the invoice. The combination of Tungsten e-invoicing and Tungsten Analytics gives procurement professionals a complete picture of their company’s buying history and the opportunity to drive cost savings within the organization.
To learn more about Tungsten Network Analytics, download this Spend Matters research today.