The Best Spend Analysis Software

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Tipalti Approve Screenshot

Tipalti Approve

Tipalti Approve (formerly known as Approve.com) helps companies take control of business spend by simplifying purchase requests, streamlining approvals, and providing data-driven insights. Tipalti Approve has a robust integration layer that assists organizations in automating manual processes, and keep an electronic record of all purchases, approvals, and purchasing interactions. Flexible forms: Customize forms according to your processes and policies.; Dynamic approval flows: Approvers can
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Starting Price
$2,000/month
Client OS
Web
Deployment
Cloud Hosted
SpendHQ Screenshot

SpendHQ

★★★★★
★★★★★
(2)
SpendHQ is a cloud-based spend analysis and management solution designed to provide comprehensive visibility into company spending. It offers features like data visualizations, category-level insights, and the ability to drill down to individual supplier details. The software also provides a centralized platform for managing supplier agreements and terms. This is especially helpful for companies dealing with numerous suppliers.
Client OS
iOS, Android, Web
Deployment
Cloud Hosted
ProcurePort Screenshot

ProcurePort

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ProcurePort automates the Procurement Process. This software features requisitions, RFP, RFQ (quote request), E-auctions, contract management, supplier management, award P.O., invoice management, and spend analysis. The solution can be implemented to automate the entire Source-to-Pay procurement process or can be utilized by implementing individual modules. ProcurePort integrates easily with any third-party ERP such as SAP, Infor, MS Dynamics, SAGE, Syspro, Plex and many others.
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Client OS
Web
Deployment
Cloud Hosted
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 financial data across your business and give you the tools you need to take action. You’ll be able to understand how money is being used, eliminate wasteful spending, get volume discounts, ensure on-time payments, and source strategic partnerships.
Client OS
Web
Deployment
Cloud Hosted
Spendwise Screenshot
Spendwise is a cloud-based software solution designed to help businesses manage their spending efficiently. It offers features for tracking and managing invoices, purchase orders, bills, and expenses. Key features include access control, accounting integration, audit management, bid management, budget control, and inventory management. Spendwise stands out with its user-friendly interface and ability to assign roles to users for specific transaction access, enhancing control and oversight of financial operations.
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Client OS
Web
Deployment
Cloud Hosted
TRADOGRAM Screenshot

TRADOGRAM

★★★★★
★★★★★
(14)
Tradogram is a cloud-based complete procurement and spend management system built primarily for small to mid-sized companies that have an existing accounting system or ERP. Tradogram integrates with both cloud-based and on-premises solutions.
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Starting Price
$168/user/month
Client OS
Web
Deployment
Cloud Hosted
Coupa Procurement Screenshot

Coupa Procurement

★★★★★
★★★★★
(1)
Coupa Procurement is a cloud-based software designed to streamline procurement processes, offering tools for contract and supplier oversight, inventory control, and purchase orders and requisitions. It assists with spend management, enhancing budget monitoring and fraud prevention. Key features include efficient payment management, compliance tracking, and e-invoicing capabilities. Coupa Procurement is a part of the Coupa Business Spend Management suite, offering software solutions for procurement, supply chain, and finance.
Price Range
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Starting Price
$11/user/month
Client OS
Web
Deployment
Cloud Hosted
GEP SMART Screenshot

GEP SMART

★★★★★
★★★★★
(2)
GEP SMART is a unified source-to-pay (S2P) procurement software that integrates end-to-end procurement functionality for both direct and indirect spend management into a single, cloud-native platform. Key features include contract management, supplier management, procure-to-pay processes, BOM management, quality management, and invoice management. The software helps streamline business process approvals, offers excellent data analysis and visualization capabilities, and supports integration with systems like SAP.
Price Range
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Starting Price
$500,000 (perpetual license)
Client OS
iOS, Android, Web
Deployment
Cloud Hosted
Proactis Screenshot

Proactis

★★★★★
★★★★★
(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 transactions to supplier collaboration and automated invoice processing, this fully integrated spend management solution is the ideal platform for managing and controlling all purchasing and spend. @youtube Source-to-Pay: Solutions for the full
Client OS
Windows, iOS, Android, Web
Deployment
Cloud or On-Premises
JAGGAER ONE Screenshot

JAGGAER ONE

★★★★★
★★★★★
(1)
JAGGAER ONE is a comprehensive cloud-based solution designed for eProcurement, sourcing, supply chain collaboration, invoicing, and contract management. Key features include supplier management, e-sourcing, contract lifecycle management, purchase order management, and spend analytics. It streamlines complex procurement processes, offers enhanced visibility into spending and contracts, and improves collaboration among stakeholders. The platform is known for its real-time insights, automated workflows, and cost reduction capabilities.
Price Range
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Starting Price
$45,000/year
Client OS
Web
Deployment
Cloud Hosted
Sievo Screenshot

Sievo

★★★★★
★★★★★
(2)
Sievo is a SaaS procurement analytics solution that includes spend analysis, savings lifecycle, spend forecasting, and contract management. This software provides a detailed inside spend overview by region, customer, and country, offering valuable insights for operations managers. Its capabilities include managing saving projects, project pipelines, and providing a global approach to procurement activities, handling different currencies and tracking all spend patterns across suppliers.
Client OS
Web
Deployment
Cloud Hosted
Oracle E-Business Suite Screenshot

Oracle E-Business Suite

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 supply chain and manufacturing. Oracle E-Business Suite is your fastest path to high-quality enterprise intelligence, bringing your company a true 360-degree view of your finances, your customers, and your supply chains, so you can make faster,
Price Range
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Client OS
Windows, macOS, Web
Deployment
Cloud Hosted
SAS Financial Intelligence Screenshot

SAS Financial Intelligence

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(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, analytic insight into financial performance. Our comprehensive offerings for Finance allow you to access the wealth of knowledge in your financial and non-financial data to adapt to the expanded role of trusted advisor at every level in the
Ariba Spend Analysis Screenshot

Ariba Spend Analysis

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. Multiple classification schemes. All these factors obscure spend analysis, leading you to make mis-informed sourcing and business decisions. And that can cost you money and put your business at risk. Imagine the power of having accurate, up-to-date
Zycus Procure-to-Pay Suite Screenshot

Zycus Procure-to-Pay Suite

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 eInvoicing. Zycus helps innovate the procurement process in your organization through an easy to use, comprehensive, and compliant procure-to-pay software. The features provided via Zycus Procure-to-Pay Suite help create a better shopping experience for
Client OS
Web
Deployment
Cloud Hosted
SutiSoft - Spend Management Platform Screenshot

SutiSoft - Spend Management Platform

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 understand the spending quickly and identify savings opportunities. Stating it as a unified solution, SutiSoft has integrated the Travel & Expense Management, Procurement Management, Accounts Payable, and Invoicing into a single system-Spend
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. Main features include source-to-contract, supplier risk and performance management, procure-to-pay, and spend analysis. The cloud-based platform offers unified source-to-pay capabilities, making it suitable for various business procurement needs.
Client OS
Windows, macOS
Deployment
Cloud or On-Premises
Kissflow Procurement Cloud Screenshot

Kissflow Procurement Cloud

★★★★★
★★★★★
(3)
Kissflow Procurement Cloud is a flexible procure-to-pay software that enables businesses of all sizes to streamline their procurement processes. Its modules include purchase orders, purchase requisition, vendor management, purchase invoicing, analytics, and integrations, all in one unified platform. If you’re transitioning from manual procurement management tools or replacing disparate systems, look no further than Kissflow Procurement Cloud. @youtube Rule-based workflows; Automated three-way
Price Range
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Starting Price
$1,990/month
Client OS
Web
Deployment
Cloud Hosted

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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
  • 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.

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.