Apr 29, 2021
M&A: Fast Track Vendor Optimization
Mapping spend between two legacy organizations to a common taxonomy is difficult due to multiple ERP and Procurement Systems, but a must-have to ensure an apples-to-apples spend comparison. The AI & ML powered CIO InCight®, an agnostic overlay that works with all in-place Financial Systems, provided this month’s featured client a detailed analysis of the legacy and merged entity’s IT Vendor Spend in fewer than 3 weeks.
Our automation categorizes spend to a standard taxonomy, making this baseline a reality, with no FTEs or consultants required. Companies often disregard this basic need, then painfully realize after Day 1 that their definitions of spend in each category are different.
CIO InCight brought vendor optimization to fruition. Over $45M of cost takeout has been realized in fewer than 9 months, bringing what their CIO calls a “hard synergy” to which IT has delivered the company. We feature two of the optimization plays in this month’s Insider:
#1 Consolidation of Firewall Vendors Delivers $2.4M of savings
The categorization of spend makes it easy to identify overlapping providers. The visibility into the combined entity’s Information Security spend showed six Firewall vendors in place that provided Network Security functionality. IT Finance revealed that CIO InCight “opened their field of vision” with intuitive, automated views of spend. Being able to clearly show how purchasing occurs (direct or via reseller) has been a “game-changer”.
#2 Leveraging Vendor TruSpend® with Dell Technologies saved $3.9M
In this clip, NASDAQ discusses how the "Integration of multiple financial systems" enabled by CIO InCight accelerates the process of optimizing merged companies vendor spend.
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