MARCH 2022
Automation eliminates manual oversight
Fellow InCighters,
With CIO InCight™ the use of AI and Machine Learning automates tasks that require time-consuming manual oversight, are error-prone and not repeatable.
This month we feature how high value data analytics are delivered by automating (no FTEs required) the cleansing, classification and categorization of vendor spend.
In this standard view of InCight Analyzer (TruSpend® vs AP) we see the data from the in place Financial Systems (right side) that their team would have to try and mine and manipulate for an accurate view into vendor spend. They found it not feasible to; unmask the spend through resellers, deliver OEM parentage and accurately categorize spend. TruSpend (left side) does all of that off the shelf without FTEs or consultants. By "doubleclicking" on the vendor one can drill into OEM Parent, OEM, Supplier and products purchased by individual transaction.
From the CPO:
"Pre CIO InCight manual, time intensive, error-prone processes were the norm for us in trying to get line of sight on our IT vendor spend. Our in place financial systems lack of analytics forced us to use human capital to try and create a "spend cube" and take a pass at some form of categorization.
We continually struggled with OEM parentage, direct and indirect purchasing and knowing how to classify spend. Consistent refresh of the data was a challenge and expensive. It was more a point in time exercise. We sorely lacked historical changes in spend by; vendor, supplier, product and category.
Today, our staff can take action and drive insight from the automated, transformed data we receive monthly and not spend time on manual report creation."
The TrueSpend Dashboard is the launchpad into InCight Analyzer that details the vital stats including Total Vendor Spend vs what is IT, a stack ranking from high to low for all OEMs & Suppliers, and categorization of spend. Now human capital spends time taking action - including Cost Optimization, Vendor and Supplier Consolidation.
From the SVP of IT Finance:
"When working with our CIO, CFO and the Lines of Business (LOB) I had no confidence we knew our vendor spend, and how it was changing. Creating our "Top 50" was painful. The much-needed categorization of spend was an aspiration.
CIO InCight's transformation of vendor spend data has taken us into the age of automation - now our team has an accurate monthly refresh in a matter of days. We are no longer mired in manual data manipulation and the inability to track the changes in spend by vendor and category. Instead, we are delivering on cost optimization, consolidation plays, and risk reduction."
From the SVP of Technology Sourcing:
"The intuitive, SaaS delivery of CIO InCight allows access to dozens of stakeholders, so all can work off a single source of truth and eliminate overlapping, manual work streams. The collaboration we now have between IT, Finance, Procurement and the LOBs has been a game changer."
Use Case:
In this video clip, Nasdaq discusses how the data from in place Financial Systems does not deliver on Vendor Spend Analytics.
Have questions?
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Best,
Leif
Leif Easterson
Global Head Customer Success
LEasterson@cxonexus.com
Transforming Data to InCight®
Customer challenges and insights gained by using CIO InCight.
Each one is a chapter in discovery, finding hidden details of the vendor spend data ingested. Our ML & AI-driven Intelligent Fusion Engine IFE® is used to clean and normalize down to the item level and will reveal actionable information.