SpendHQ: Vendor Analysis (Part 3) — Summary & Competitive Analysis

What happens when you cross the expertise and tenacity of one of the largest independent sourcing and procurement consultancies in North America with a long-enough time horizon to construct a purpose-built analytics application for both their own purposes and to serve their customers with a highly competitive streak that says, “We can do this differently and better that software companies.” You get SpendHQ, that’s what. SpendHQ is a spend analysis solution designed by sourcing and spend experts that blends a SaaS-based deployment model with managed services. SpendHQ manages the entire process of implementation, data integration, spend normalization, classification and enrichment, as well as regular refreshes and the creation and maintenance of savings opportunity reports.

SpendHQ designed its spend analytics as a complete package for procurement organizations that want third-party oversight, guidance and deep insight into “what to do with the data.” The provider’s parent company, Insight Sourcing Group, has been doing spend analysis projects for almost 15 years. While perhaps the largest differentiator of SpendHQ comes from how it unearths different types of savings opportunities and spoon feeds this information to users, the solution is particularly suited for those organizations with a “portfolio” of spend that want to be able to roll-up and roll-down different views of data (e.g., private equity firms, holding company structures, distributed P&Ls).

This final installment of our multipart Spend Matters PRO Vendor Snapshot series covering SpendHQ offers a competitive analysis and comparison with other similar or related vendors that companies may wish to shortlist. It also includes a user selection
guide, user interface and user experience (UI/UX) analysis and summary evaluation and selection considerations. Part 1 and Part 2 of this PRO research series provide a company and deep dive solution overview, a SWOT analysis, product strengths and
weaknesses and a recommended fit analysis for what types of organizations should consider SpendHQ.