Spend360 provides clients with highly accurate spend visibility in a secure environment and procurement data categorized to their own taxonomy. Our artificial intelligence solution & a dedicated quality team, allows users fast access to your global spend from their desktop, offering easy adoption, fixed costs and without your own IT.
Benefits of using Spend360 include:
- A track record of success e.g Nike, BAE and HSBC. Many more references available.
- Secure environment audited by our customers - no data sent to 3rd parties.
- Accurate results guaranteed;
- Fast – classified over $1tn of client spend globally > 95% accuracy - many clients > $1bn per month
- Cost Effective –productivity delivered at highly competitive fixed cost.
- Your Taxonomy not generic - measured against the client’s own taxonomy not a generic industry standard.
- Low Impact Implementation – fast adoption and no IT support costs;
- Global solution proven across all major languages without loss of functionality;
- Low cost of change – you will not be asking for mid budget project quotes
- Access to a huge pool of procurement knowledge and supplier data;
- Additional Enrichment Services – with the likes of D&B & Lexis Nexis allows enrichment services to maximize your data benefit.
- We price on volume of data itself rather than $ amount.
- Unlimited users.
- Fixed pricing.
- Change Management is built in to our refresh costs.
- Tiered pricing – efficiency means lower cost.
"We run multiple ERP systems across a decentralised and diverse organisation with external expenditure running into billions across a wide geography. The data submitted for categorisation was very varied in its quality and detail. We were particularly impressed by the high level of first time categorisation achieved by the spend 360 approach and its flexibility in dealing with multiple stakeholders in very different operating companies." - Jon Lowther, Associated British Foods
“Security of our data was a major consideration and we wanted to achieve a highly accurate picture of our spend categories across multiple businesses. Spend360 have delivered on both these objectives.” - Don Koulaouzos, Procurement Transformation Manager, BAE Applied Intelligence Systems
Return on Investment Global Examples
- Supplier volume reduced by 11% in Y1
- Invoice volumes reduced 15% in first year. Average cost of processing an invoice around $140, saving hundreds of thousands of dollars
- Savings identified in FM & Marketing > 5% in Y1 = $millions.
- Supplier volumes reduced by 19% in 6 months
- Identified £20m of unmanaged spend & reduced cost by over 40% through sourcing management.
World Leading Management Consultancy
- Identified €millions of un-managed sales and marketing spend. Reduced by more than 50% through approved supplier sourcing.
- Improved service levels on reporting compliance from 3 mth to 1 mth.
- Increased spend visibility > 95% across £multi-billions of spend.
Retailer – probably the best-known logo in the world.
- Reduced 3rd party tail spend by 15% in 12 months - savings in excess of £11M
- Realized insight into IT spend across all 3rd-party resellers and opportunities to increase overall discount with all major vendors
- Spend Analysis
- Supplier Compliance
- Procurement Data Enrichment
- Ready to use dashboards and business intelligence data.
- Supplier Compliance
- Founded in 2009
- Initial solution offering in 2011
- Headquartered in London, with offices in Seattle and Sydney
- Senior team is well versed in deep analytics and algorithm development
- Growing rapidly — added 100 customers in North America over the last two years, with customers in every major vertical
- Aggregated spend data (a large repository) from suppliers around the globe
- Multiple partners in the sourcing and consulting space, including KPMG, PwC, Wax Digital and Scanmarket
- Used by firms such as Capita Procurement Solutions, Proactis and Science Warehouse
- One of only 22 U.K. organizations to win a coveted "Innovate U.K." grant in 2016
Background & OverviewSince its North American launch, in 2014, Spend360 has added 100 new clients in the region and now counts more than 400 global customers. The company has processed more than $1 trillion in spend, empowering it with a global category-level benchmarking and analytic capability that is competitively distinguished. The solution’s emphasis on classification through machine learning is a relatively new approach to structuring and cleansing data in a format that procurement (and finance) can actually use. Historically, human-guided classification has delivered a better result. Regardless of how time-consuming and expensive they may be, lower-cost, machine learning-based approaches have not been competitive. Spend360’s use of deep machine learning, however, is now competitive with human accuracy levels (i.e., 98%), meaning it can identify tail spend suppliers, UNSPSC and company-specific categories — even individual items (with the help of knowledge bases that can evolve). Regardless of how obscure the tail spend suppliers are or how cryptic the organization-specific categories and descriptions are, Spend360 builds the required knowledge base, knowing that it has to do this only once, because after the initial setup and training, the system will learn and evolve on its own, eliminating a significant and ongoing time sink. Spend360’s competitive landscape is complex with many overlapping providers, of which few specialize only in spend analytics. Other standalone analytics providers include:
- AnyData Solutions
- Rosslyn Analytics
- SciQuest Spend Radar