Spend analysis is an important component of financial success that unlocks valuable insights, drives cost savings and helps make informed decisions. 

Spend analysis and spend analytics are often used interchangeably but they are different terms. Spend analytics is the process of gathering, cleansing, classifying and analyzing spend data using dedicated software. Whereas, spend analysis involves analyzing such processed spend data to improve efficiency, reduce costs and boost supplier relationships.

Spend analytics software helps organizations analyze and understand their spending data in a structured and actionable manner. They provide a comprehensive view of procurement activities, supplier relationships and financial transactions, allowing businesses to gain valuable insights and identify areas for improvement.

Between 2023 and 2028, the spend analytics software market is expected to grow at a CAGR of 18.2%. 

In this article, we will explore nine of the best spend analytics software available today.

Why do organizations need spend analytics software?

Organizations must manage expenses to optimize spend and drive operational efficiency. 

Spend analytics bypasses traditional data processing methods to keep data updated in real time and increases the scalability of the system. It offers more in-depth insights than traditional methods, enables easy access to large files and improves utilization and consumption.

The benefits of using spend analytics software are:

  1. Enhanced visibility

Spend analytics software offers a centralized and real-time view of all spending activities across departments and categories. It enables businesses to identify spending trends, track expenses and uncover potential savings opportunities.

  1. Cost optimization

Organizations can identify areas of excessive spending by analyzing spending patterns, negotiating better contracts with suppliers and implementing cost-saving measures. 

  1. Risk mitigation

Spend analysis software helps organizations detect potential risks and compliance issues related to supplier contracts, pricing and regulatory requirements. Thus, businesses can ensure transparency, maintain compliance and mitigate financial and operational threats

  1. Strategic decision making

With accurate and actionable insights provided by spend analysis software, businesses can assess supplier performance, evaluate pricing strategies, identify product/service demand patterns and align their spending with strategic objectives.

9 best spend analytics software

Let’s look at some of the best spend analytics software available:

  1. Spendflo
  2. Zluri
  3. Jaggaer
  4. Vendr
  5. Coupa
  6. SpendHQ
  7. Sievo
  8. Precoro
  9. Xelix
  1. Spendflo 

Spendflo is a software-as-a-service (SaaS) buying platform that helps save up to 30% on a company’s SaaS stack. 

By leveraging their team of expert SaaS buyers, Spendflo negotiates the right price for a company’s SaaS tools. Contract negotiations are informed by benchmark pricing data and insights from similar companies.

Spendflo’s SaaS management platform also centralizes purchase requests, approvals and contracts. 

Key features 

  • Price discovery and negotiation support through battle-tested negotiation tactics and playbooks
  • Centralized platform for managing SaaS purchases, spending and compliance
  • Sentiment hub: periodic surveys to gauge employee sentiment so that SaaS buying decisions are made based on team-specific sentiment data
  • Approval workflows: Rule-based approval workflows across multiple channels (platform + Slack) to involve all stakeholders
Pros Cons
Up to 30% savings on SaaS spend May require additional customization for specific requirements
Multi-channel approval workflows for quicker approvals User feedback and testimonials not provided

Pricing

For companies with an annual SaaS spend of $250K - $1M, pricing starts at $2,500 per month (billed annually).

Rating - 4.7 ⭐️⭐️⭐️⭐⭐️(70 Reviews on G2)

Checkout Customer Case Studies on how Spendflo is helping companies  save thousands on their SaaS Procurement

  1. Learn how Drip Capital achieves 4X ROI & saves 100+ hours in Procurement
  2. How Airmeet achieved 3X faster procurement and SaaS spending optimization.
  1. Zluri

Zluri helps companies of all sizes accelerate innovation and derive real value from their subscription-based software stack through a single intelligent dashboard. It integrates with 800+ popular SaaS applications.

Key features

  • Real-time analytics and insights for data-driven decision-making and software optimization
  • Combines SaaS management along with onboarding and offboarding workflows
  • SaaS license optimization

Related Read: Explore more on Zluri vs Spendflo

Pros Cons
Quick customer support and assistance Does not support SAML for Azure AD
Provides insights into both managed SaaS tools and shadow IT Hidden pricing
Enables creation of automations around provisioning and deprovisioning User experience design could be better

Pricing 

Contact the sales team for a quote.

  1. Jaggaer

Jaggaer is a leading provider of spend management solutions, offering comprehensive tools for both downstream and upstream procurement processes. With industry-specific experience and deep functionality, Jaggaer helps companies optimize their sourcing and procurement operations.

Key features 

  • Full suite of products for end-to-end procurement management
  • Vertical-specific solutions addressing unique sector challenges
  • Seamless integration with over 40 ERP applications for synchronized source-to-pay processes
  • Comprehensive supplier enablement and round-the-clock support
  • Superior technology with a true SaaS platform, advanced features like guided buying and AI
Pros Cons
Simple dashboard displays requiring minimum customization Hidden pricing
Consistent software updates Relies on third-party public cloud for data storage

Pricing 

Contact the sales team for a quote.

  1. Vendr

Vendr is designed to simplify and optimize business spend. With a focus on software purchasing, Vendr empowers companies to make informed decisions, negotiate with data-backed insights and centralize their vendor management processes.

Explore more on Vendr vs Spendflo here.

Key features 

  • Pricing benchmarks based on a vast software pricing database for data-driven negotiations
  • Community insights and expert advice for optimized purchasing decisions and negotiation strategies
  • Supplier record with spend history and stakeholder assignment
  • Custom properties with the ability to track across applications and suppliers
  • Integrations with business tools like GSuite, Zip and Okta
Pros Cons
Possesses insights into fair market value for SaaS Does not cover spend analysis or procurement processes beyond SaaS
Negotiates and manages internal compliance like legal, security and budget approvals Integration challenges with existing systems or ERP platforms

Pricing 

  • Starter: $36,000
  • Growth: $78,000
  • Enterprise: $120,000

Related Read: Explore more on Vendr Competitors and alternatives for 2023

  1. Coupa

Coupa focuses on delivering business value through a unified platform that allows organizations to view and control all spend in one place, with a user-centric approach, prescriptive recommendations and accelerated efficiency.

Key features 

  • Purchase requisition and approval workflow automation for policy compliance
  • Supplier management tools for information tracking and collaboration
  • Streamlined purchase order management for improved efficiency
  • Coupa Marketplace to buy additional capabilities
Pros Cons
User-friendly, flexible and intuitive Sourcing module is not organized well and lacks functionality when events need to be created
Offers a Coupa community for support and advice on finance and procurement Amendments to contracts cannot be directly linked to the mother agreement

Pricing

Registered: Free, which includes business profile, orders, e-invoices, catalogs, payments and sourcing events

Verified: $45.75/month (billed annually), which includes everything in Registered plus a verified badge and priority search rank

  1. SpendHQ

SpendHQ offers spend analytics solutions to help companies make sense of their procurement data. They provide actionable insights, strategy development, savings roadmaps, spend compliance, sustainability and procurement performance management. 

SpendHQ offers powerful analytics capabilities and actionable insights to enhance procurement decision-making.

Key features

  • Consolidated view of spend data for analysis across categories, suppliers and business units
  • Automated data cleansing and classification for accurate and consistent spend analysis
  • Customizable dashboards and reports to visualize and track KPIs
  • Identification of cost-saving opportunities through spending pattern analysis
  • Supplier performance management based on metrics like delivery times, quality and pricing
Pros Cons
Fast and accurate data refresh time Hidden pricing
Easy to view data in several formats, including raw data and charts with filters User experience needs to be enhanced
Customizable categorizations to drive insight into category management efforts specific to a company May not be useful for small businesses

Pricing

Contact the sales team for a quote.

  1. Sievo

Sievo is a procurement analytics solution that helps organizations optimize their procurement processes, improve supplier performance and drive cost savings. 

The platform provides a single source of truth for procurement, finance and leadership teams. It also offers comprehensive spend visibility, contract management and supplier management capabilities.

Key features 

  • Detailed spend analysis to understand spending patterns and identify cost-saving opportunities
  • Robust contract management with features like contract repository, milestone alerts and automated compliance monitoring
  • Supplier performance management through KPIs and scorecards
  • Tracking and measuring cost savings achieved through procurement initiatives
  • Customizable reporting and visualization tools for creating informative dashboards and reports
Pros Cons
Intuitive interface and useful charts Hidden pricing
Excellent customer service Lacks detailed reporting analysis

Pricing 

Contact the sales team for a quote.

  1. Precoro

Precoro is a procurement software that simplifies and automates procurement processes, from purchase requisition to invoice reconciliation. It helps companies spend smarter by automating spending workflows and bringing transparency and predictability to the process. 

Key features 

  • Online purchase requisitions and automated approval workflow for compliance with policies
  • Streamlined creation, approval and tracking of purchase orders for improved procurement efficiency
  • Supplier management to track performance and collaborate throughout the procurement lifecycle
  • Spend control features for budget tracking, alerts and real-time visibility into available budgets
  • Invoice reconciliation by matching invoices with purchase orders and contracts for accurate payment processing
Pros Cons
Efficient implementation team Integration challenges with existing systems, such as ERP platforms or accounting software
Simple, intuitive system with a good budgeting tool Integration with existing systems may require expertise
Frequent upgrades to improve tool functionalities Scalability for complex purchasing approaches may be limited

Pricing

  • For smaller teams with ≤ 20 users: $35 per user per month (billed annually)
  • For larger teams with ≥ 20 users: customized pricing

  1. Xelix

Xelix is an AI-powered finance software that automates processes, identifies payment risks  and delivers meaningful insights. Their platform includes modules for protection against threats, statement reconciliation and intelligent analytics. 

Key features 

  • AI-powered threat detection for identifying hidden risks and errors in data
  • Automated statement reconciliation to save time and resources
  • Intelligent analytics module for making quicker and smarter decisions
Pros Cons
Efficient statement reconciliation Limited scalability for larger enterprises
Excellent customer service Data privacy concerns with AI capabilities
User-friendly Hidden pricing

Pricing 

Contact the sales team for a quote.

Empowering financial excellence 

Organizations can unlock valuable insights, streamline procurement processes and drive sustainable financial performance in today's competitive landscape by selecting the right software solution.

Spendflo empowers high-growth businesses to save up to 30% on its SaaS stack with its team of expert buyers and its unified platform for SaaS buying and optimization.

Get a free savings analysis with us!

FAQs

What are the typical challenges that spend analytics software can help address?

Spend analytics software addresses challenges such as limited visibility into spending activities, difficulty identifying cost-saving opportunities, compliance risks and the need for data-driven decision-making.

How does spend analytics software assist in identifying cost-saving opportunities?

Spend analytics software assists in identifying cost-saving opportunities by analyzing spending patterns, tracking expenses and highlighting areas of excessive spending. It empowers organizations to negotiate better contracts with suppliers, implement cost-saving measures and optimize procurement processes.

Can spend analytics software be scaled for use in small, medium and large enterprises?

Absolutely! Spend analytics software offers scalability and customization options for small, medium and large enterprises. With different pricing plans and customizable features, organizations can select a software solution that aligns with their specific scale and requirements, ensuring optimal utilization and value generation.

What types of data can be analyzed using spend analytics software?

Spend analytics software can analyze a wide range of procurement and spending activities data, including purchase orders, invoices, contracts, supplier performance metrics, spending trends across categories and departments and budget tracking. By aggregating and analyzing this data, the software provides valuable insights and actionable information, enabling organizations to optimize spending and procurement processes effectively.

Vaishnavi Babu
Content
Karthikeyan Manivannan
Design

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