Transform spend data into savings with Sievo's Spend Analytics software

Besides the obvious benefits of gaining visibility over spend and improving data-driven decision-making, spend analysis is also crucial to ensuring supply continuity. Through spend analysis, Procurement can evaluate supplier performances and take actions with underperforming or at-risk suppliers before it’s too late. Additionally, Procurement can identify new sourcing strategies, such as consolidating purchases or negotiating better payment terms.

Ranked multiple times as the best-in-class Spend Analytics tool by analysts, Sievo Spend Analytics serves as the single source of truth, enabling Procurement to make a greater impact, faster. By combining all your spend data with external data, such as public data, third-party data, and Sievo’s cross-customer Community Data, Sievo provides a holistic overview with transaction-level traceability. Additionally, Sievo digs deep across this entire data landscape and proactively surfaces insights, along with guided actions, to bridge the data-to-action gap.

In contrast to other Spend Analytics tools on the market, Sievo helps you achieve not only cost savings but also process efficiencies through several factors:

• First, we increase the amount of actionable spend through Category Data Improvement, as well as Material and Supplier Data Improvement.

• Second, we help you identify potential savings from the actionable spend through Sievo’s Insights Hub, which delivers holistic and granular savings opportunities.

• Third, each opportunity comes with Automated Actions, shortening your savings capture processes via, e.g., auto-generated supplier emails.

• Lastly, Sievo’s services and analytics empower all users to achieve more results in less time, while enabling you to redeploy Data and IT resources from handling time-consuming data and integration tasks to strategic initiatives.

Often, enterprises have poor data quality, which is not anyone’s fault; it’s a natural consequence of being a large global organization. In fact, this is where Sievo comes in. We thrive on poor data quality - we take your raw data, cleanse it, and enrich it. By filling in the gaps with external data, Sievo brings your poor-quality data to the industry's highest-quality data. Optionally, this cleansed and enriched data can be brought back to your systems, which can be leveraged in use cases beyond Procurement Analytics.

Sievo’s proven Data Extraction, Loading & Transformation process is source-agnostic and requires no manual effort. We provide fast, automated, reliable, and secure data extraction, no matter where your source systems are, with monthly or weekly refreshes:

• On-premise: Sievo Data Extractor pulls data directly from the source without altering it.

• Cloud: Sievo Connectors enable seamless access to diverse sources, supporting hybrid IT landscapes and future-proofing data integration strategies.

As Sievo manages 2%+ global GDP annually, we know the importance of handling data properly. Therefore, we possess the necessary capabilities and expertise to extract only relevant data. We follow the Procure-to-Pay process, and we do not extract transactions involving financial movements (e.g., intercompany charges, goods transfers, payroll, and settlements).

Additionally, we implement robust measures to ensure data security. This is reflected in our ISO 27001 and SOC 2 Type II certifications, as well as our compliance with GDPR and CCPA regulations.

While Sievo’s platform is built on Microsoft Azure, Sievo leverages AI and ML throughout our solutions and data processes. For example, tech like Agentic AI is embedded in Sievo IQ to lower the threshold for users to make data-driven decisions. Sievo IQ does this by answering natural language questions and breaking down complex analytics tasks.

Sievo solutions like Sievo Insights and Payment Term Scenarios are based on predictive analytics, where we use algorithms and ML techniques to identify the likelihood of future outcomes based on historical data. To go even further, our prescriptive analytics, Sievo Action Hub, utilizes predictive models and recommends actions to achieve a desired outcome.

But we don’t stop there! Sievo has the largest R&D in procurement analytics, with an AI-dedicated team. We continuously co-develop with our customers to ensure future-proof setups.

Sievo’s world-class analytics and dashboards are very customizable and can be used without any technical know-how. Rated with a near-perfect UX score, Sievo’s 60+ best-practice dashboards and self-service enable users to make reliable data-driven decisions independently. Users can create custom charts and reports with just a few clicks.

Sievo’s services are designed to empower customers throughout their entire lifecycle:

• Implementation: Without burdening your IT resources, Sievo’s Professional Services team handles the implementation, including taxonomy reviews, data validation workshops, and admin trainings.

• Data accuracy: While customers maintain data ownership, Sievo takes end-to-end data accountability for extraction, integration, cleansing, harmonization, classification, consolidation, enrichment, and transformation of all this data into world-class analytics.

• Go-live: To assure high user adoption, Sievo provides training, certifications, and materials to onboard all users, including user support. Classification and consolidation services are SLA guaranteed, ensuring the industry’s highest data quality with every refresh.

• Long-term: As customers stay with Sievo on average 10+ years, we are committed to growing a successful partnership. Your dedicated account team consults and supports you with best practices at every phase of your maturity journey. Our continuous product co-development, with new releases every few weeks/months, ensures a future-proof setup.

Besides software and services, Sievo also provides data. Enriching your internal data with external data is crucial for a 360° view of the supply chain, enabling smarter and more informed decisions. In addition to the unlimited third-party enrichments Sievo can integrate for you, we also offer the following external data:

• Cross-customer Community Data: equivalent to 2% global GDP on an annual basis, we derive proprietary insights and benchmarks from Sievo’s customer base. This fuels our customers with performance benchmarks against peers through, e.g., payment terms recommendations and benchmarks, or category and material price indexes.

• Curated public data: By bringing in public data about suppliers, like their revenue and news, our customers can make more accurate and better supplier decisions.

• Supplier database: Consisting of tens of millions of supplier-parenting algorithms and best practices, Sievo can fill in the gaps about your supplier base and provide proactive maintenance on identified market events such as M&As.

• Out-of-the-box third-party data: Commodity indexes that covers metals, direct and indirect categories, as well as CO2 emissions for accurate calculations of your carbon footprint

Yes, Sievo Spend Analytics can be used to build a sustainable and resilient supply chain in order to meet ESG goals. By scaling Sievo Spend Analytics with Sievo’s ESG solutions, you will gain full visibility to all necessary ESG metrics, from CO2 emissions to CSR. Enabling you to partner with most suitable suppliers to mitigate risks and meet compliance standards.

Traditional Spend Analytics tools may bring more benefits to industries like Manufacturing and Healthcare, which have a high volume of raw material or medical supply purchases. However, Sievo is the best-in-class Spend Analytics solution and is industry-agnostic, serving various global enterprises across diverse industries, including consumer packaged goods (CPG), services, pharmaceuticals, and manufacturing. Independent research by The Hackett Group has shown that Sievo customers achieve 63x ROI. So, regardless of the industry your organization is in, you will gain maximum benefit from Sievo.

As the industry-leading Spend Analytics software, Sievo delivers visibility to direct and indirect procurement by leveraging distinct classification approaches for direct and indirect spend:

• Direct spend often includes raw materials and components. Therefore, data points such as material numbers, material groups, SKUs, and others are used to classify accurately.

• Indirect spend often involves smaller, ad-hoc purchases necessary for the company’s day-to-day operations. This also means a possible lack of material numbers. Thus, data points like GL accounts, cost centers, supplier information, and more are used to deliver accurate classification.

Dependent on the number of data sources and your IT infrastructure, Spend Analytics implementations can be done in several weeks to a few months. It’s common for Spend Analytics providers to outsource the implementation where the customer is responsible or where the customer needs to bring in support from consultancies.

At Sievo, we provide an implementation service where Sievo takes the responsibility. A dedicated implementation team, including a Project Manager, a Data architect, a Data Manager, and a Solution Consultant, will be assigned to you. This means no burden on your IT, only a little work during implementation and almost none after go-live. Reflected in our implementation NPS of 63 (scale -100 to 100), Sievo customers have a high level of satisfaction.

Many enterprises have attempted to build an in-house Spend Analytics tool, through for example PowerBI, but have quickly realized that a cobbled-together tool has hidden high costs and ultimately becomes a burden for the company to build and maintain due to the following reasons:

• Data quality & accuracy: You’re responsible for the processes that are often manual and require advanced technical know-how. Without data accuracy guarantees, critical business decisions might be based on incorrect information.

• Data enrichment & integration: Significant technical resources are required to connect internal data sources, and each third-party integration needs to be built and maintained. The few insights gained are incomplete and lack insights, recommendations, and benchmarks from other companies.

• Analytics & actionable insights: You’re bound to the capabilities of the generic data visualization tool you have chosen, which often means you cannot deliver personalized insights nor initiate actions from the setup. This leaves users to manually interpret data without clear guidance on the next course of action.

• TCO & ROI: In-house tools have a high total-cost-of-ownership that results in low ROI. Moreover, hidden high costs jeopardize internal budgets and are laborious to scale, and lack specialized training to increase user adoption.

Besides being ranked multiple times as best-in-class Spend Analytics by analysts, Sievo differentiates in the following aspects:

• Reliable data & end-to-end data accountability: Not only do we deliver the industry’s highest data quality backed by SLA guarantees, but Sievo also takes end-to-end data accountability where the customer remains in control.

• Unmatched data aggregation & seamless enrichment: Sievo is the best at helping companies make sense of their data. We are source-agnostic and can extract from unlimited data sources and enrich with unlimited third-party data sources. Managing 2%+ of global GDP annually, Sievo’s cross-customer Community Data completes your supply chain view.

• High-impact decisions through insights & actions: Procurement can capture maximum savings through our predictive and prescriptive analytics, as Sievo surfaces savings opportunities proactively and is paired with guided actions. Additionally, Sievo IQ can answer natural language questions and break down complex analytics tasks, which lowers the threshold for users to make data-driven decisions.

• Outstanding services & future-proof solutions: Verified by customers, Sievo is easy to implement, use, and scale. Without burdening IT resources, Sievo is the only spend analytics company that handles all the complexities of procurement data and analytics while also providing account support, learning materials, and continuous software innovation. For Sievo customers, this means maximum ROI with low total cost of ownership, fast time-to-value, and high user adoption.