SPEND ANALYSIS & SOURCING

Companies like Coupa are at the heart of this transformation , offering new tools across its suite and providing savings for its customers .

Earlier this year , Coupa revealed it had helped businesses across the globe unlock US $ 194bn in bottom-line savings , boosting their growth . Coupa ’ s growing community of 10 million suppliers and US $ 6tn in economic spend , not to mention community-generated AI , are making margins multiply .

Shaun Carroll , Group Director of MSS and Chief Procurement Officer at Mitie , which leverages Coupa ’ s tools , said at the time : “ With Coupa , we ’ ve been able to digitise and standardise processes across finance and procurement teams . “ We have access to real-time data , giving us better control and visibility of which businesses we are transacting with and we ’ re able to provide more strategic support to the business .

“ Coupa ’ s helped us realise US $ 18.97m in savings and is being used to support Mitie ’ s target to reach operating profit margins of 4.5-5.5 % in the near term .”

Robert highlighted the use of robotic process automation ( RPA ) and how it simplifies data collection and analysis , while predictive and prescriptive analytics help forecast trends and recommend next steps .

“ With data visualisation tools , complex spend data becomes easier to understand at a glance ,” he added . “ By adopting these technologies , companies aren ’ t just optimising procurement , they ’ re making smarter , more cost-effective decisions .”

proportion of companies to report increased sourcing costs in the past year ( CoreX )

Aligning spend analysis with long-term strategic sourcing goals The integration of advanced spend analysis with strategic sourcing represents a powerful opportunity for organisations to unlock strategic value . By leveraging cutting-edge technologies and data-driven insights , procurement teams can drive significant cost savings , mitigate risks and foster innovation within their supply chains .

As the business landscape continues to evolve , those organisations that embrace these advanced techniques

140 December 2024