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END-TO-END VISIBILITY

Customer background and challenges

A healthcare solutions company headquartered in the UK with an annual turnover of $60m and over 1,000 employees experienced significant growth from the COVID-19 pandemic.

In response, the company wanted to grasp a comprehensive understanding of the situation, particularly regarding its expenditure patterns and supplier dynamics. Their ultimate objective was to pinpoint potential savings and areas primed for advancement.

Lack of holistic spend visibility made it challenging to:

  • Grasp the full picture of their expenditure and supplier relationships.

  • Recognise the efficiency quotient and identify immediate as well as future opportunities.

  • Determine optimal strategies for enhancements.

supplier contract insights
Category Management
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END-TO-END VISIBILITY

The Solution

  • Sourced financial data from multiple systems and migrated it into the Spendkey platform.

  • Consolidated, condensed and cleaned the data to create a unified data set.

  • Auto-categorised the data using Spendkey’s standard taxonomy.

  • Analysed 12 months of data across all spend categories.

Good Company

DESIGNED TO DELIVER

Benefits

Insights from spend data helped the customer to:

Achieve granular spend visibility

Complete transparency of spending activities enabled the customer to control costs and inform smarter strategic decisions.

Identify hidden
tail spend

Spendkey revealed that 1069 suppliers of a total of 1221 suppliers accounted for only 5% of spend.

Negotiate supplier contracts

Spendkey identified opportunities to negotiate supplier payment terms to deliver £4-5m in cost savings.

Uncover supplier data discrepancies

Rigorous data transformation identified inaccuracies in supplier data causing to additional costs.

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Project Name
Project description
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£25m

Data-backed savings opportunities identified

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95%

Tail spend reductions identified

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30%

Supplier count reduction
 

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£2m

Monthly cash flow optimisation opportunity by negotiating 60-day payment terms with suppliers

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END-TO-END VISIBILITY

Key takeaway

  • Spendkey played a pivotal role in creating a unified data set by integrating disparate data sources across the organisation to provide a centralised and standardised view of the company’s spending activities. Equipped with a single source of truth, the customer gained comprehensive insights into supplier dynamics to enable strategic decision-making.

Find out how your organisation can:

  • Create a unified, accurate and consistent data set by automating time-intensive and error-prone manual processes of data consolidation and cleaning.

  • Harness the power of machine learning and human categorisation to accurately classify spend gain holistic visibility into cost categories to optimise sourcing strategies.

  • Get visibility into supplier, contract, spend trends and market insights empowering you to  reduce supply chain risks, control costs and negotiate better.

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Key takeaway
Working with the best

The quick turnaround of raw data into valuable and actionable insights has resulted in identifying targeted areas that would drive immediate and long-term sustainable benefits for our organisation.

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Healthcare Solutions Company
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Spendkey Wins the Start-Up Award at Global Procurement & Supply Chain Awards 2024  

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