Since Zycus pioneered spend classification technology less than two decades ago, the spend — and now broader “supply” — analytics market has transformed considerably. It used to be difficult to decouple spend visibility offerings from vendors: all that organizations could purchase was integrated data acquisition, classification, enrichment, visualization and analytics capability from a single vendor. But now it’s possible to get different elements from different providers — and even to work with new vendors like Analytics8 that have built their solutions around existing business intelligence ecosystems such as Qlikview and have designed their capabilities from the ground up to enable “self-service” for classification and visualization. Moreover, these newer-generation solutions often do not come with a high price tag, and they can bet set up in weeks, not months, while allowing frequent data refreshes at little or no additional cost to an organization.
This Spend Matters PRO vendor snapshot explores Analytics8 strengths and weaknesses in the spend analysis area, providing facts and expert analysis to help procurement organizations decide if they should shortlist the vendor as a potential provider. Part 1 of our analysis comprised a company and detailed solution overview and a SWOT analysis, as well as a summary recommended fit suggestion for what types of organizations should consider Analytics8. The remaining parts of this multipart series will offer a user selection guide, user interface (UI/UX) analysis, competitive alternatives and evaluation and selection considerations.