Spendency

Spendency by Onventis is a spend analysis software designed to assist organizations in gaining insights into their procurement processes. This solution caters to the needs of procurement professionals, finance professionals, purchasing organizations, manufacturing companies, and retail companies.

Key Features

Data Enrichment and Updates: According to the vendor, Spendency enables organizations to enrich and cleanse their existing data while automating the process of keeping it up to date. It also allows the addition of new data sources over time to ensure that procurement analysis remains relevant.

Spend Categorization: Spendency helps organizations compile a holistic view of their procurement by categorizing spend data. It provides insights and analysis to better understand spending patterns and identify potential cost-saving opportunities.

ERP Integration: Spendency seamlessly integrates with existing ERP systems, facilitating data transfer and synchronization. It provides a unified view of procurement data, enhancing accuracy and efficiency in spend analysis.

Ready to Use: According to the vendor, Spendency offers a ready-to-use solution for spend analysis, minimizing implementation and setup time. It aims to eliminate the need for extensive customization, allowing for quick deployment and immediate value realization.

Spend Analytics: Spendency utilizes AI-driven technology to provide transparent spend analysis. The vendor claims that it uncovers potential savings in procurement processes, optimizes cash management, and leverages advanced technologies such as Natural Language Processing, Collaborative Filtering, and Deep Learning.

KPI Reportings: Spendency generates key performance indicator (KPI) reports to offer insights into procurement performance. It helps track and measure cost-saving initiatives, enabling data-driven decision-making in procurement.

Fact-based Approach: According to the vendor, Spendency relies on a data-driven and evidence-based approach to minimize subjective decision-making in procurement. It aims to support evidence-based negotiations and supplier management by utilizing accurate and reliable data for analysis.

Business Spend: Spendency provides visibility into overall business spend, helping organizations identify areas of high expenditure. It aims to enable cost control and optimization strategies, supporting strategic sourcing and supplier negotiations.

How-to-Video: Spendency offers instructional videos to assist users in understanding and navigating the system. These videos provide step-by-step demonstrations of system functionalities, aiming to reduce the need for extensive training and support.