JANUARY 2022
TruSpend® is the Single Source of Truth
Fellow InCighters,
This month, we highlight how the CIO InCight's transformation of IT Vendor TruSpend® is the de facto source for a client's Vendor Spend Analytics Warehouse.
From the Chief Financial Officer:
"Deliver the Data is the foundation we set out to achieve in order to optimize our vast amount of Vendor Spend. We needed to get the right information to the right decision makers faster. CIO InCight's use of advanced analytics and automation solved many issues preventing us from doing this with our IT spend.
With InCight as the source, our Spend Warehouse enables rapid calibration with leadership spanning IT, Finance, Procurement & the Lines of Business that has delivered on expense reduction via leverage of our buying power in conjunction with vendor and supplier consolidation."
From the Senior Vice President of IT Finance:
"Pre CXO Nexus IT Vendor Spend was not accurate in our Spend Warehouse for a myriad of reasons including: OEM parentage, purchasing through resellers, complex product portfolios and inability to categorize spend to a standard Tech taxonomy. In place financial systems were not able to deliver what we needed, and each month we were wasting valuable resources trying to do manual work that was not accurate nor timely. The CIO InCight® AI & ML based engine is the solution as that data feeds our company-wide analytics - all automated and out of the box - it has become the single source of IT Vendor and Category spend for the entire company."
From the Chief Procurement Officer:
"CIO InCight defaults to an industry standard taxonomy for IT Vendor Spend which is huge for us, as the work to try and train our analytics to do that was very expensive, resource and time intensive and not accurate. To be able to seamlessly ingest their ready to use data into our analytics platform has been a game changer and made IT spend a flagship category for collaboration and expense reduction."
Pre InCight, the client had siloed processes with incomplete spend data, and manual data consolidation from multiple incompatible systems that increased the cost and inefficiency of the spend management process.
This month's featured client, now sources all IT Vendor Spend from their instance of CIO InCight, which is automatically refreshed by the 10th of each month and is seamlessly exported into their cloud based warehouse.
Use Case:
In this video clip, Nasdaq discusses how the data from in place Financial Systems does not deliver on Vendor Spend Analytics.
Have questions?
If you're a potential client and have any questions on this use case, please reach out to me.
If you're an existing client and have any questions on this use case or the use of your Augmented Data as the source for other work streams, please contact Customer Success.
Your feedback is welcome on the InCight Insider at support@cxonexus.com.
Best,
Leif
Leif Easterson
Global Head Customer Success
LEasterson@cxonexus.com
Transforming Data to InCight®
