Mar 25, 2021
The Importance of Vendor Spend Categorization
This month’s Insider highlights how a client leverages the automated Categorization of CIO InCight® to track the spend related to moving legacy IT infrastructure to the Cloud. CIO InCight details the amount of Vendor Spend for thirteen (13) industry standard Categories. For the IaaS Cloud migration the Storage, Compute & Data Center Categories were the focus. Users have seamless, real time access to the volume of Vendors in use per Category. Seeing how much was being purchased via resellers and how spend was increasing year over year – by Category and Vendor.
CIO InCight provides companies the ability to identify the total spend up to a parent organization by querying their AI & ML based Augmented Data. Even if purchased through a reseller or outside of the technology organization access to the total spend is seamless.
The example below highlights spend in the Compute, Storage and Data Center Categories. Derived from querying the Augmented Data created by the CIO InCight AI & ML engine, the industry standard for automated and repeatable visibility into Vendor spend. No client FTEs are required to process data and our service is compatible with all financial systems.
The below TruSpend® identifies how OEM, Software Publisher and Service Provider spend is being purchased both direct and through resellers. By triangulating this with the Category of the spend the client has the toolset to manage the impact of moving legacy gear to an IaaS solution. Prior to CIO InCight, manual point in time exercises to unearth their total spend with a Vendor was the norm, with Categorization an afterthought. Resulting in efforts that did not scale, were error prone and lacked the needed historical data to compare results to.
Worth noting the client is leveraging the Augmented Data to be the “source of truth” that feeds internal analytics initiatives. We will look to highlight these use cases more in a future InCight Insider.
In this clip, NASDAQ discusses how the "Categorization of Vendor Spend" enabled by CIO InCight simplifies the process of identifying vendor spend redundancies.
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Global Head Customer Success
Transforming Data to InCight®