June 2021

Cost Center Clarity

Fellow InCighters,

This month, we feature the ability to process Cost Center hierarchies that seamlessly detail where spend occurs outside of central IT management. The Nexus Automation Engine™ uses advanced AI & ML technologies to ingest and normalize an organization’s spend data by assigning categories, detailing supplier and manufacturer parentage, incorporating custom metadata, aligning cost center hierarchies, and more. Data sources include: Accounts Payable, T&E, P Card, Invoices and Purchase Orders.

CIO InCight’s automated, out of the box views showed the direct spend of the Finance, Marketing and Sales lines of business for: AWS & Oracle instances, licensing of: Palantir, Splunk, Snowflake, Adobe & Tableau along with use of consulting services from Abacus & Pythian. All of this spend was not known by the IT Finance, IT Sourcing or IT teams. Centralizing this redundant spend under IT has afforded efficiencies in the Source to Pay process. The enterprise-wide tech spend visibility is used to mitigate regulatory risk by facilitating compliance of governance policy for IT centralized management spend.

Cost Center Clarity is a use case applicable for all types of companies and critical for those in highly regulated industries.

From the IT CFO:
“Lack of functionality from our in place financial systems combined with our inability to analyze T&E and P Card spend via homegrown processes had left us in the dark on business led IT spend. CIO InCight's automated functionality, including Cost Center and Categorization views of our vendor spend, enables us to centralize all IT purchasing. By eliminating discrete purchasing by the lines of business, we have greater leverage with our OEMs, software publishers and service providers along with risk mitigation. Cost Center views are one of my go-to looks when we get our refresh of InCight each month.”

Use Case:

In this video clip, NASDAQ discusses how CIO InCight enabled Cost Center Clarity at the product level.

Have questions?

We can help you in researching specific vendor spend. Send an e-mail to support to request assistance from a Customer Success representative .

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Leif Easterson
Global Head Customer Success

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