Data exploration for the modern CFO

Interested in having the resources to do more? Discover how you can spend more time achieving your goals and reaching your full potential with ERA Group.

ERA Group is a network of 1,000+ specialists worldwide. We always have local expertise on your doorstep. ERA’s large network and depth of industry knowledge ensures our consultants deliver Value through Insight to your business.

Whether you would like to set up an initial meeting, gain more valuable insight into your industry or start the cost optimization process, we can help you achieve your business mission and enable you to spend more time focusing on new initiatives and innovation, helping your business succeed.

The role of the CFO has evolved. Modern-day CFOs are harnessing data and creating value for their business, serving as innovators and disruptors for everyday operations. Utilizing financial and operational data, CFOs act as digital guardians who improve efficiency and enable strategy.

As global commerce has continued to evolve, it has hastened the need for business leaders to transform and, in some cases, reinvent their organizations. Today, many large companies, financial institutions, small businesses, and non-profit organizations are looking to pivot operations — utilizing the benefits of big data and spend analytics to unveil opportunities and improve efficiencies.

Spend analytics are critical in achieving these goals, helping leaders monitor and improve cash flow, costs, and procedures to create a more resilient future. However, often it’s difficult to reap the rewards of these benefits when visibility into spending patterns is not quick or easy.

Ask yourself these five questions:

• Do you have complete visibility into where your organization’s dollars are spent?
• Do you have the analytic capabilities needed to identify your risks and opportunities?
• Do you have transparency in procurement metrics beyond your spending and costs?
• Do you have multi-dimensional visibility into companywide spending patterns?
• Can you identify actionable insights across a myriad of dimensions, such as business units, geography, category, and products and services?

If you answered no to one or more of these, bringing in a trusted partner to save you time and energy in achieving these goals may be warranted.

Expense Reduction Analysts’ data exploration tool, SpendVue™, turns data into knowledge in a manner designed to optimize decision-making. Harnessing your company’s financial data, we provide a holistic view of your supply chain, then overlay data from our years of cost savings projects to highlight your savings potential. Using data visualization, your data are displayed in various forms and levels of detail — highlighting supply exposure and associated risks.

Via the dashboard, stakeholders can quickly identify single supplier risk, regional reliance, or maverick employee spending. Furthermore, you can take an overarching look at your organization’s spending or drill down into the finer points to explore things that may otherwise be missed.

SpendVue™ unveils the story hidden in your financial data and enables actions based on facts rather than intuition. Paired with our network of specialists, we highlight actionable insights for immediate improvement at your organization.

If you would like to explore how SpendVue™ can help you make better-informed decisions for your organization, contact us today!

About the Author

Bradly Davidson, C.P.M., CPIM, is Executive Director – SpendVue with Expense Reduction Analysts (ERA).
Based in Atlanta, Brad created and introduced the SpendVue technology to the ERA global network.

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