Spend Analytics Solution OLD
Penny’s spend-analytics services offer clarity and insights on spending across a company’s supply chain.
Spend Analytics Solution
Businesses face multiple problems, and it isn’t just because their spending data is a mess. They don’t have a complete picture of their spending across all platforms. You’re overlooking more than simply cost savings if you don’t have a clear picture of your overall spending. This is where you need a spend analytics solution to help you direct negotiations, hit ESG objectives, and extract the best out of your resources.
Penny’s spend-analytics services offer clarity and insights on spending across a company’s supply chain. We combine adaptable tech and analytics expertise to produce precise findings providing procurement teams confidence in spending data, allowing them to focus on creating value.
AI-Powered Analytics
Utilizing Artificial Intelligence (AI) built-in our cloud-based solution, you can quickly create personalized analytics and insights.
Teams can quickly generate detailed reports, keep tabs on key suppliers, analyze risk, and ensure that internal processes and policies are adhered to. It’s simple to set up and doesn’t require any engineering, IT, or data science expertise.
Universal View Over Spending
Penny uses artificial intelligence (AI) and machine learning to transform and integrate spend data, generated mostly from ERP and accounts payable systems, but also from contract archives, travel and expense, and business payments.
We then apply algorithms to a variety of data sources in order to uncover optimization opportunities. Customized analytics can also be designed in order to tie to other enterprise data sets such as budgets, departmental expenditures, and much more.
Obtain a better understanding of your suppliers’ financial arrangements. The dashboard provides you a complete picture of payment terms, including categories, total expenditure, and the number of partners.
AI-Based Tagging & Normalization
Spend Analytics Categorization
The procurement process rests on the pillars of categorization. Our team of professionals, together with our unique AI, can quickly answer even the most difficult categorization problems.
Using our solution, you can receive instant answers to common queries regarding spending (by category, PO, organizational unit, etc.).
Gain Insight Over Purchase Orders
Analyzing expenditure and savings compliance can lead to discovering valuable details about purchase order approvals and possible violations.
Track and ensure compliance across the organization by understanding who’s buying off purchase orders or if off-PO spend is related to specific categories or suppliers.
Keep Your Spending In Check
Learn how procurement leaders may make better use of their capital and spend less. You can keep track of non-budget expenditure with cross-functional visibility. Limit tail spending by maintaining a proper balance among suppliers, agreements, and POs.
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Frequently Asked Questions
Penny is a cloud-based Procure-To-Pay system. penny helps you digitize and manage your full procurement cycle from request to approval. Manage RFQs to vendors, compare quotations, send POs and even payment. penny was designed to make things easy and consolidate all of your organization’s spending needs into one intelligent system.
- Allocate, manage and monitor budgets by expense accounts, projects, departments, location, teams..etc
- Streamlining procurement means requests, approvals, and POs won’t be lost in emails or offline.
- History and records of requests and purchases can be extracted and tracked easily via the platform.
- Product requests are more accurate through the catalog, and hence avoid purchasing mistakes.
- Reports and analysis can be extracted from the platform, giving you a consolidated data center for all your procurement activities.
- penny is cloud-based and an easy to use platform. The action-board gives your team a user-friendly and simple experience.
Yes, penny is designed to handle complex procurement operations. We make EVERYTHING simple. Via the contract management feature, you can set the terms and conditions of your contract, and the system will recognize the products and the vendors of your request and match it with specified terms of your contract. Easy.
Putting you in control of your spending is integral to our mission. penny allows you to create Expense Accounts that match your P&L, and assign budgets to them. For example, you can assign $X for your “Travel Budget” and reflect on the budget before approving a travel request. In addition, penny allows you to set budgets for cost centers like projects, departments, locations, and so much more. With penny, you can extract reports and view your spend per Expense Accounts or cost center.
