Balance Of Trade
A key CIO InCight® use case is for a company to provide essential multi-year spend information for their IT suppliers back to the Lines of Business (LOBs) that identifies the delta to the suppliers reciprocal spend for their companies’ products and services. The IT, Finance and Procurement teams call this Balance of Trade.
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M&A: Fast Track Vendor Optimization
According to McKinsey, an organization’s Vendor Spend represents on average 25 to 40 percent of a merger’s total cost-saving potential. The core to achieving this is building the right foundation; a combined spend baseline and taxonomy.
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The Importance of Vendor Spend Categorization
MARCH 2021 Fellow InCighters, This month’s Insider highlights how a client leverages the automated Categorization of CIO InCight® to track the spend related to moving…
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OEM Parentage + Reseller Purchasing = TruSpendâ„¢ with your Vendors
By gaining a view of spend that includes OEM Parentage and Reseller Purchasing, equals a Truspendâ„¢ view of your Vendors.
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Identify Redundant Purchasing to Reduce Spend.
Software costs, especially SaaS, can grow at an extraordinary rate as companies invest in new technologies that can be easily implemented. Business Intelligence (BI) tools are a textbook example. Strategic sourcing opportunities are wasted by IT, Finance and Procurement organizations not having a centralized view of spend at the product level and by the Cost Center/ Department making the purchase.
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What to do when a vendor is breached.
When a high profile cyber breach like FireEye is breaking news, being able to quickly identify spend with a breached third party is critical to prepare your response. It’s difficult to know your exposure if you can’t identify spend with a breached supplier – especially when the products are purchased through a reseller.
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Year-end purchases?
2021 budgets are based on 2020 purchasing assumptions. Check with your business partners on deals that must close by year-end that are not in 2021 approved projects. Missing on a year-end purchase that rolls over in to 2021 may adversely impact the 2021 expense and capital budgets of the business. This includes items that automatically renew that you may want to re-negotiate, including maintenance contracts. Due to Covid-19, suppliers are more receptive to review existing discounts.
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Don't miss another installment of customer challenges and insights gained by using CIO InCight.
Each one is a chapter in discovery, finding hidden details of the vendor spend data we have ingested. Using our ML & AI-driven Intelligent Fusion Engine (IFE®) to clean and normalize anonymized client data down to the item level and can reveal deep connections and actionable information.