Enable the Power of Spend Categorization
Enable the Power of Spend Categorization
Activation into CXO Nexus’ VFE™ engine is simple and straight forward. Our SaaS app ingests multiple sources of spend data, via APIs and feeds, from many common financial and procurement systems.
In addition to enrichment data on vendors, we can configure your dashboard with market, risk and product data unique to you, so that we deliver you more context and improved Vendor Spend fidelity.
You lead IT spend and determined that the best solution for your company’s overall data mining needs is a solution with DataFox for $1.2 million.
Unbeknownst to you, your European subsidiary purchased data mining solutions from Rialto for $900,000.
You know that the solution your department purchases and manages could solve for the European marketing’s team needs.
With this knowledge and insights, you can streamline your overall company spend on data mining and marketing and get even better solutions and value out of your vendor, for less.
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Using the CXO Nexus InCight™ dashboard reveals that you are paying four unique security companies, three of whose contracts you believed had expired.
Their contracts had automatically rolled over and you realize that you are paying for redundant vendor services.
You realize you are spending 800% more on a regulated vendor than you were aware, due to multiple resellers and geographical spend discrepancies.
You are now at risk with regulatory agencies for inaccurately reporting and for spending more on a riskier vendor.
Business-led IT investments can be additive (they don't divert money away from the CIO's budget) and they often focus on collaboration tools, analytics and technologies to engage customers or improve, whether it's a new CRM tool or social media analytics.
If spent wisely, these investments can give a competitive advantage to a specific part of the business, whether finance, marketing or sales.
Business leaders are seeking out their own tools to analyze and present data. But these tools are only valuable if employees have the skills and judgment to use them effectively for decision making.
As long as the CIO retains oversight and can educate the rest of the business about the risks, it can often be a better, cheaper way to achieve the goals of the IT department, especially when it comes to new innovations.
A Fortune 500 spends $1M+ on a team that includes 12 data scientists + hired consultants to understand spend data. After 3 months, the data is inaccurate, un-actionable and only relevant at that moment in time.
> Redundant spend on Cisco is identified as multiple resellers are identified as selling across multiple departments.
> Vendor Rollup feature reveals you’re spending $7M more with Dell than you thought because you didn’t realize that Dell acquired VMWare and you weren’t leveraging your combined spend with both companies.
> This Visibility gives you the negotiation leverage for a discount saving you millions.
> Your cost savings from these insights enable investment in the latest Cybersecurity and mobile, driving higher revenues and performance
You negotiate with Pivotal believing that you spend $1.5M each year with them per year.
You learn that Dell has acquired them, and between Dell, EMC, VMWare and Pivotal, that you are spending an annual $14M with all of them under the Dell umbrella.
You bring this leverage into your negotiations and drive much better terms across all of these vendors.
You are in the midst of a major cloud migration.
You are considering a serious upgrade to your systems.
You are assessing whether to stay committed to your primary storage vendor, but through the CXO Nexus Peer InCights, you see that spending is down significantly with this vendor by your peers, and that many are investing in a newer solution from another vendor.
This performance insight spurs you to research further into competitive developments, patent filings and macro trends.
You spend $10M/year with Cisco, but you have no idea how that spend breaks down.
Your procurement system identifies this spend as networking, but you realize that
This information will change your needs analysis and the way you negotiate with your vendors in the upcoming year.
You have identified vendors who are no longer in compliance with your regulatory needs, but because you have not audited your vendor list recently, you realize that several of your vendors no longer satisfy your security requirements.
You realize that some of these contracts extend out for years.
You can begin mitigating this risk by shoring up other vendors who meet your risk standards.