Spend Analysis Software

Get the best spend analysis software for your business. Compare product reviews, pricing below. Read our buyer’s guide for more help.

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SMART by GEP Screenshot
SMART by GEP
★★★★★
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(2)
SMART by GEP is the complete procurement solution with: Full spend analysis and opportunity assessments; Planning and project management; Auctions and sourcing; Contracts and lifecycle management; Supplier management; Purchasing; Invoice handling; and…
Client OS
Web, iOS, Android
Deployment
Cloud Hosted
SpendHQ Screenshot
SpendHQ
★★★★★
★★★★★
(2)
SpendHQ is a faster, simpler spend analysis software. This full-service solution optimizes procurement data in order to drive better business decisions. An award-winning SaaS application, this focused spend analysis provides clear insight. SpendHQ users…
Client OS
Web, iOS, Android
Deployment
Cloud Hosted
ProcurePort Screenshot
ProcurePort
★★★★★
★★★★★
(1)
ProcurePort automates the Procurement Process. Automating Requisitions, RFP, RFQ (quote request), E-auctions, Contract Management, Supplier Management, Award P.O and Invoice Management and Spend Analysis. The solution can be implemented to automate the…
Price Range
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Starting Price
$250/month/user
Client OS
Web
Deployment
Cloud Hosted
JAGGAER ONE Screenshot
JAGGAER ONE is a spend management system that helps you source your entire procurement process. The software easily integrates with your existing ERP systems and accounting software to help you quickly understand your spend. This will lead to better…
Price Range
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Starting Price
$45,000/year
Client OS
Web
Deployment
Cloud Hosted
Oracle E-Business Suite Screenshot
Oracle E-Business Suite is the industry’s only complete and integrated set of enterprise applications, working together seamlessly to streamline every area of your business—from sales, service, and marketing, through financials and human resources, to…
Price Range
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Client OS
Windows, Mac, Web
Deployment
Cloud Hosted
SAS Financial Intelligence Screenshot
SAS Financial Intelligence
★★★★★
★★★★★
(2)
SAS Financial Intelligence solutions provide consolidation, reporting, budgeting, planning and dashboards in a single solution and on one platform. With SAS, you can achieve financial transparency, ensure regulatory compliance, and gain predictive…
Client OS
Deployment
Cloud Hosted
Ariba Spend Analysis Screenshot
Does your organization have true ‘Spend Analysis’? Do you know how much you are spending? On what? And with whom? Simple questions to ask, but challenging to answer. Disparate systems spread across multiple geographies. Incomplete and erroneous data…
Client OS
Deployment
Cloud Hosted
Coupa Procurement Screenshot
Coupa eProcurement is a world-class purchasing system that is simple to use and affordable to buy. It allows organizations to automate manual procedures as well as maintain an electronic record of all purchases. The Coupa eProcurement product line has two…
Client OS
Web
Deployment
Cloud Hosted
Proactis Screenshot
Proactis
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(1)
Business Spend Management software by Proactis helps companies obtain better insight and control of your spending habits. These tools help you see the bottom line while taking in the big picture. From sourcing projects, contract management and procurement…
Client OS
Web, Windows, iOS, Android
Deployment
Cloud or On-Premises
Zycus Procure-to-Pay Suite Screenshot
The Zycus Procure-to-Pay Suite guides procurement in your business to help you make the best buying decisions. Zycus Procure-to-Pay links in with your entire supplier network, such as inventory management, eProcurement, dynamic discounting, and…
Client OS
Web
Deployment
Cloud Hosted
Sievo Screenshot
Sievo
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(2)
Sievo is a procurement and spend management software. A global leader in procurement analytics, Sievo helps companies get better control of their spending and forecast higher ROIs. Use this solution to spend smarter and save more in the long run. Sievo…
Client OS
Web
Deployment
Cloud Hosted
SutiSoft - Spend Management Platform Screenshot
SutiSoft spend management platform helps organizations control costs by providing enterprise-wide visibility over spend area. Right from line item to enterprise-level, you can get accurate and actionable insights on business expenses, which help you…
Client OS
Deployment
Cloud Hosted
Ivalua Screenshot
Ivalua
★★★★★
★★★★★
(2)
Ivalua is a complete procurement platform that provides a unified source-to-pay suite of solutions and functionalities to digitize all processes, manage all spend categories, and improve transparency and data quality. There are a number of solutions…
Client OS
Mac, Windows
Deployment
Cloud or On-Premises
Basware Screenshot
Basware
★★★★★
★★★★★
(2)
Basware is a full source to pay automation software that delivers 100% spend visibility. Basware will streamline your financial processes and help your organization: Cut costs; Increase efficiency; and Reduce risk. Basware will collect and aggregate…
Client OS
Web
Deployment
Cloud Hosted
Kissflow Procurement Cloud Screenshot
Kissflow Procurement Cloud is a flexible procure-to-pay suite that enables businesses of all sizes to streamline their procurement processes from sourcing to invoice processing and supplier management. It is ideal for companies that are transitioning from…
Price Range
   $     $     $     $     $   
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Starting Price
$690/month
Client OS
Web
Deployment
Cloud Hosted

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Spend Analysis Software Buyer’s Guide

What is Spend Analysis Software?

Spend analysis software reviews past purchases in order to find ways to save in the future. Sometimes referred to as spend management solutions, the software looks at the three fundamental parts of spending: visibility, analysis, and process. Then, the spend analytics show how your business can improve. In short, your collected spend data can reveal savings opportunities.

Spend analysis has some overlap with procurement software, though they have different functions. Procurement looks at individual order information. Spend analysis software is designed to improve your overall return-on-investment (ROI) by making it easier to review your spending habits across all vectors. And the right software can improve other areas of the company like budgeting, product development, and the management of inventory, suppliers, and contracts.

SpendHQ
SpendHQ spend analysis helps you manage your company spending.

Features of Spend Analysis Software

  • Spend categorization: Organize your spending based on different categories, such as money for vendors, suppliers, materials, labor, or other uses.
  • Supplier classification and normalization: Classify and normalize your suppliers to keep better understand what services and products they offer to your business.
  • Procurement records: Track all key order information, such as the vendor, purchase quantities, item or service purchased, delivery timeframes, and, most importantly, payment terms and costs.
  • Real-time analytics: Review your spending habits in real-time to see where the bulk of your budget is going.
  • Visible reporting: Generate spend cubes, graphs, charts, or other visualizations to represent your historical or real-time spending data.
  • Artificial intelligence and machine learning: Spend analytics solutions utilize artificial intelligence tools like machine learning to provide advanced analytics which can respond to changing situations.
SMART by GEP
SMART by GEP provides many features for spend analysis.

Spend Analysis Benefits

There are many great benefits to utilizing a spend analysis software. Learn a few of them right now:

Build a Spend Cube

One of the first benefits of using spend analysis software is the ability to generate spend cubes. As the name suggests, spend cubes are three-dimensional graphics for measuring spending habits. This is one of the most effective visualizations available for reviewing three factors:

  • Suppliers
  • Corporate business units
  • Category of item

The cube uses the collected data from these to show the overall price and volume of items purchased. By utilizing such a visual manner, you can instantly see opportunities for savings. Even better, you can then showcase these savings in presentations in an easy-to-follow format for management and other C-suite executives.

Strategic Sourcing for Better Savings

There’s more to supplier management than just keeping track of contact information. Where you buy is just as important as what you buy. And you need to know who can offer the best deals. Spend analysis software has tools to help you review supplier relationships or contracts and see which ones aren’t beneficial to you.

The first step is to figure out your company’s ideal budget by reviewing historical spending patterns. By knowing what your company can afford, you can start to establish better supplier relationships. You’ll have better negotiating leverage with your current supplier since you can begin looking for new suppliers who will offer lower rates. Your suppliers would rather keep your company as a client by offering an adjusted price than risk losing you to someone else.

JAGGAER ONE
Get an overview of your spending with JAGGAER ONE.

Cycle Time Reduction

The procurement process doesn’t pay off until you have completely finished a customer request, whether it’s an order for new products or a service request. Spend analysis software shows where your company could improve in order to obtain a higher ROI. Cycle time reduction is just one way your company can change. How? Real-time and historical data analytics can help you see where there are delays along the supply chain.

For example, you may realize one of your suppliers is charging you at a higher rate which means you have to wait to reorder stock. This results in a slower procurement process. By finding these issues with spend analysis software, you can focus on changing these factors to then reduce your overall cycle time. Your procurement team can even test multiple solutions to find the one that offers the most cost savings benefits to your company.

Higher ROI from Your Business Decisions

Of course, the biggest benefit of spend analysis software is finding ways to improve your company ROI. Before you make any important procurement decisions, review your choices with spend analysis software. You can make more informed, actionable decisions when you have all the data laid out before you.

Additionally, spend analysis software includes savings measurement tools. After making changes to your procurement process and reducing your cycle time, you can measure the actual savings you accomplished. When it’s time to report on company earnings, you can demonstrate your exact savings to C-suite executives and board members.

Who Should Use Spend Analysis Software?

Spend analysis systems are most often used by chief procurement officers (CPOs) and chief financial officers (CFOs). However, the software is also beneficial to smaller companies who do not have dedicated C-suite officers. Company presidents, managers, accountants, and anyone in charge of decision making can benefit from spend analysis systems.

When paired with an accounting software, SaaS or on-premise spend analysis solutions can overhaul how your company manages its finances completely. Spend visibility tools make it easier than ever to showcase what’s working and what isn’t.

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