A New Generation of Spend Analytics with Tungsten

We’ve got a new briefing paper available now, covering the subject of Spend Analytics. The first "spend cubes" were developed some 25 years ago, enabled by the growing power of distributed computing, as executives started realising what their new personal computers could do. That enabled forward-thinking procurement teams to apply computing power to obtain insightful information from data about the money organisations were spending with suppliers. In many ways, the basics of spend analytics have not changed much since then.

But in this paper, we’re coming at it from a different angle, interviewing Stefan Foryszewski from Tungsten to get the latest on the new approaches that are being taken by the firm and their clients. Tungsten is best known as an eInvoicing and supply chain finance provider, the firm having grown out of OB10, the market leading eInvoicing firm. (Stefan was one of the founders). But their analytics offering is gaining interest as it opens up some new applications that are not readily available from “conventional” analytics platforms.

That is because the fact that the data is collected directly from live invoices means that analysis takes place virtually in real time – so pretty much at the point at which the invoice is submitted. This enables the platform and user (for instance) to look at prices on a specific invoice, and compare those to historical prices from that supplier or indeed others for the same product.

The other benefit is that this approach gives true line item detail – so that might allow a user to see exactly which lines are being ordered from a complex catalogue perhaps, and indentify where special contract prices should be negotiated. And again, this can all happen now.

This is not spend analysis that goes back and analyses a year’s worth of data weeks or months after the event – that can of course still be useful, and we see this Tungsten capability as being largely complementary to traditional spend analytics approaches. But the ability to derive actionable intelligence from the data almost as the transaction takes place leads to some interesting possibilities.

We will have more on the paper and some extracts over the next couple of weeks; but for now, you can download it here, free on registration.

Discuss this:

Your email address will not be published. Required fields are marked *