Real time Spend Analytics to be a key driver for financial control

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Real time Spend Analytics to be a key driver for financial control

Science Warehouse, a leading provider of procurement and spend management solutions and one of the fastest growing companies in the UK e-business sector, today launched a new business intelligence tool aimed at helping finance and procurement managers drive cost savings and greater control and contract compliance across their organisations.

  • Over 50% see next wave of procurement savings from intelligent spend control and visibility
  • 43% see real time financial reporting and data accuracy as the key strategic goal in 2012
  • 26% want to effectively analyse spend in 2012

Science Warehouse’s continued investment in its spend analytics capability reflects the growing need for organisations to deliver year-on-year cost savings. Indeed, a recent industry survey conducted in partnership between Science Warehouse and eWorld Purchasing and Supply – The Procurement Pulse Survey 2012 – identified a growing demand for increased ‘what, when, whom’ visibility of all expenditure.

The survey revealed an increased priority for better spend analysis with almost a third of respondents (30%) citing a requirement for greater financial control, the ability to effectively analyse spend (26%) and a quarter detailing the need to closely manage cash flow (23%).

The new Science Warehouse business intelligence tool combines an easy to use dashboard view with a series of real-time reports covering a wide range of metrics from category spend through to discounts achieved and supplier performance. Organisations can also build their own custom reports where they need more bespoke views of their spend.

Steve Kerridge, Science Warehouse managing director, said: “Finance Directors are increasingly looking to their procurement departments to deliver cost savings. Getting greater visibility of spend patterns and using solutions such as Science Warehouse to identify future savings opportunities, will be a top priority in 2012 and beyond.

The need for accurate and up to the minute business information is becoming increasingly important as organisations seek to navigate their way through the continued tough economic climate. High quality spend analytics can play a crucial role in driving effective decision making and maximising the value delivered to organisations by their procurement functions.”

Please click here to view a quick demonstration of some of the new features of the Spend Analytics tool.

Please click here to see our first set of results

-ENDS-

Media contacts

For further information please contact Tom Hemingway at Hatch Communications, 01943 855630, tomhemingway@hatchpr.co.uk

Notes to Editors

Science Warehouse & eWorld Purchasing & Supply surveyed 313 business professionals in December 2011. The survey, which covered a wide range of sectors from Manufacturing to Pharmaceuticals and Biotech, illustrated that whilst procurement is delivering real results, the potential for future savings is considerable with only a third of respondents reporting a saving of more than £1 million in 2011.

The survey results indicate that 2012 will be another year in the spotlight for procurement. The survey covered a broad spread of organisations from those with an indirect spend of under £500,000 (24%) to in excess of £10 million (36%). These organisations will overwhelmingly be investing in procurement capabilities and will be expecting to see significant returns. Effective procurement solutions will be critical in ensuring that projected savings are delivered on target.

About Science Warehouse

Science Warehouse is a leading provider of purpose built on-demand procurement and managed catalogue solutions that deliver purchasing efficiencies and control, spend visibility and drive savings.

Science Warehouse help organisations to achieve full procurement control by collating all of their preferred suppliers for indirect goods and services in a single, easy-to-use web-based application. Its fully customisable product suite integrates seamlessly with any finance system and the managed catalogue engine at its core accelerates procure-to-pay programmes. Continuous, customer-driven product development ensures the solution evolves in line with market needs.

Science Warehouse counts some of the world’s leading research and teaching organisations amongst its customers as well as businesses of all sizes in sectors as diverse as construction, life sciences and manufacturing.


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