Benchmarking Performance Against Market & Industry Standards: Spend analysis is critical in understanding how a company's costs have evolved over time. By combining this information with proprietary, best-in-class industry data, Valorant is helping companies maximize value from their supply base and stay ahead of the market.
Managing 3rd Party Risk: We help organizations develop a diversified and robust supplier base for critical items. This in turn reduces a company's dependence on a single supplier, which is critical in minimizing exposure to supply chain disturbances.
Optimizing Working Capital: Gaining visibility into supplier payment terms and ensuring they are aligned with industry standards can help organizations maximize the availability of working capital.
Reducing Maverick Purchasing: Negotiating advantageous terms with strategic suppliers is only beneficial if purchases are made against those specific contracts. Through a spend analysis project, We estimate the amount of spend that falls outside of pre-negotiated, available contracts and develop a strategy (along with CSR and Legal measures) to re-route this spend and drive immediate savings.
Collect spend data from various sources, such as Accounts Payable, General Ledger, Travel and Expense, Claims Systems and ERP solutions
Cleanse data to remove redundancies (e.g. typographical errors), discrepancies (e.g. descriptions vs. transactions) as well as validate and update missing codes
Enrich data to ensure accuracy, vendor standardization and easy viewing
Categorize suppliers as well as spend into meaningful groups based on proprietary, industry-leading taxonomy
Analyze spend to identify savings and performance improvement opportunities
A spend analysis project is successful only if it acts as a foundation through which companies can identify and drive cost-reduction opportunities. By consolidating data across multiple sources, leveraging cutting-edge analytics and classifying spend according to an industry-leading taxonomy, Valorant empowers it’s clients to quickly identify and realize value creation initiatives.
Interested in learning more about how Valorant can help your organization strategically reduce your 3rd party spend, as well as manage vendor-related risk? Reach out to us nowCONTACT US