Spend transparency is a big problem for organisations. Not knowing where their money is being spent doesn’t allow them to create strategies for the spend to reduce cost – it’s a big ‘unknown’.
The healthcare sector is particularly susceptible to uncategorised spend, products are complicated and data is poor, meaning products often get grouped incorrectly. Hospitals really benefit from being able to visualise spend, however this requires significant resources and expertise to categorise. To solve this problem, we developed the ‘Hospital Spend Cube’, which takes ‘unknown’ spend data and categorises it in an instant. With our expert knowledge of healthcare spend categories, we know what product goes in which category. We have created a unique category tree that is intuitive to clinicians and suppliers, and the way products are used and made.
Our Cube enables hospitals to instantly address their previous poorly categorised or totally uncategorised spend, leading to significant cost reduction opportunities and spend clarification across the organisation.
Once the historic spend is categorised, all future spend can be properly allocated as purchases are made giving procurement and finance on going data to track activity and savings. Our Cube interfaces with all major accounting software such as SAP and Oracle, and can read invoices in various file formats and instantly categorise the spend, making the spend accuracy ‘live’.