Spendkey is a comprehensive spend management solution that aims to provide accurate spend visibility and trusted reporting for businesses. It utilizes data transformation and intuitive analytics, supported by powerful AI technology.
The platform offered by Spendkey has the capability to ingest all payments data from various sources. It then extracts, unifies, and categorizes the data, further processing it to provide users with a single, truthful view of their overall spend. By consolidating data from different channels, Spendkey offers a comprehensive analysis of spending patterns and behaviors.
One of the key features of Spendkey is its dynamic multi-dimensional dashboards. These dashboards allow users to explore and analyze spend data across different dimensions, providing valuable insights and revealing hidden spend. Some of the illustrative lists of spend dimensions that Spendkey covers include:
1. Spend by categories: This dimension allows users to understand how their spend is distributed across different expense categories, such as marketing, IT, travel, or supplies.
2. Spend by countries: Users can analyze their spend based on the countries where the transactions occur. This provides insights into regional spending patterns and helps identify potential cost-saving opportunities.
3. Spend by business unit: Spendkey enables users to examine spend at the level of individual business units or departments within an organization. This helps identify areas where spending might be higher or lower than expected.
4. Spend distribution: This dimension offers a visualization of spend distribution over a given time period, allowing users to identify spending trends and patterns.
5. Supplier Segmentation: Spendkey provides insights into supplier relationships and spending patterns by categorizing suppliers based on various criteria, such as size, industry, or geographical location.
6. Maverick Spend: Maverick spend refers to unauthorized or uncontrolled spending outside of established procurement processes. Spendkey helps identify such instances, enabling businesses to address them and implement better controls.
7. Contracted/Non-contracted spend: This dimension helps businesses monitor their spend on contracted versus non-contracted suppliers. It ensures compliance with established contracts and identifies opportunities for better contract utilization.
8. Payment term analysis/Cash flow trends: Spendkey offers analysis of payment terms and cash flow trends, allowing businesses to optimize their cash management and identify potential cash flow issues.
9. Savings opportunities: By analyzing spend data and identifying areas of inefficiency or cost-saving opportunities, Spendkey helps businesses uncover potential savings that can contribute to their bottom line.
Overall, Spendkey's platform provides businesses with a comprehensive view of their spend, enabling them to make data-driven decisions, optimize their procurement processes, and identify areas for cost reduction and savings.
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