Spendkey

Spendkey is a spend intelligence platform designed to help businesses gain visibility and control over their spending. According to the vendor, Spendkey is specifically tailored for large multinationals and is utilized by professionals such as CFOs, CIOs, CPOs, finance and procurement professionals, technology and business leaders, as well as management teams. Spendkey is said to be widely adopted in industries such as pharmaceuticals, financial services, retail, professional services, and manufacturing.

Key Features

Amplify your spend visibility: Spendkey is claimed to provide a single, clear view of spending across the organization, consolidating, cleansing, and transforming spend data to create a single version of truth. This is said to enable more informed spending decisions.

Sharpen your control: According to the vendor, Spendkey allows organizations to have better control over their spending behavior by providing insights into what, where, and how much is being spent. Users can analyze spending across categories, suppliers, locations, and geographies, helping businesses identify areas of high costs and potential savings opportunities.

Clean, enrich and drive value from your spend data with Spend.ai: Spendkey's Spend.ai feature is said to automate the process of transforming raw spend data into accurate and actionable insights. By using artificial intelligence and machine learning, Spend.ai is claimed to auto-map transactions to the correct category of spend, reducing human effort and increasing overall accuracy.

Recover Cash: Spendkey is said to help businesses identify and calculate any rebates due from suppliers, contextualizing all aspects of a business' spend to uncover revenue leaks. The platform also claims to help businesses understand their buying power with suppliers and drive discounts through spend aggregation, reducing tail spend.

Strengthen your negotiation power: According to the vendor, Spendkey's insights help businesses understand their buying power with suppliers, identify areas where spend can be aggregated to negotiate better deals, and consolidate their supplier base to drive cost savings and efficiencies. By understanding their existing spend landscape, businesses can optimize payment terms and model their cash flows.

Reduce your tail spend: Spendkey is claimed to help businesses uncover areas where revenue is leaking out of the organization, providing a holistic understanding of all vendors and automating categorization and analysis. By reducing tail spend, businesses can significantly reduce the complexities and costs associated with procurement.

Audit readiness: Spendkey is said to provide real-time, contextualized updates on all spend, simplifying reporting to stakeholders and ensuring businesses are always prepared for audits. Users can easily access spend data across categories, suppliers, and procurement-related KPIs, enabling businesses to be audit-ready with trustworthy data and insights.

What-if Analysis: Spendkey enables businesses to create accurate scenario planning and forecasts in real-time, making data-driven decisions and predicting outcomes. The platform is claimed to bring the benefits of real-time information to the entire organization, helping businesses understand the potential impact of different scenarios on their spending and financial performance.

Business Process Mapping: According to the vendor, Spendkey's mapping capabilities help businesses conduct activity-based costing, identify bottlenecks, and optimize processes. Underpinned by cleaned and labeled data from Spend.ai, the mapping feature enables businesses to drive efficiency across their operations by identifying areas for improvement.