Never mind Financial Reporting, what is the business buying?
Spend in any business can be spread over many areas; direct cost, operating cost, HR, IT, Marketing and so on. Trying to report these differing spend requirements in any business is challenged, let alone setting out budgets and projects reporting requirements to channel where spend is shown. But if we compartment spend then how do we know what we have spent and with whom. The world of Free Format Orders and Maverick Spend is common place in every business, but the reality is very few businesses are addressing the long tail of spend and realising the savings they could leverage with better visibility. Bringing spend under control doesn't reduce the operational flexibility of any business, but it does enable you to increase governance, compliance and visibility across the entire cost base of the business.
Most spend analysis solutions look t supplier based solutions and don't look to granulate the data to product and service level, nor do they apply an effective spend taxonomy to underlying data that enables the financial reporting to be maintained but deliver the added benefit of telling your supplier community what you are spending, rather than them informing you of your savings.
In practice, the long tail can deliver up 15% of savings that contribute directly to the bottom line of any business and improve margins significantly. Through a combination of Liber8, Mitig8, Integr8 and Aggreg8 our business solutions can deliver those savings to your business, and deliver that long awaited ROI on technology investments.