To successfully manage operational costs in any organization, one must analyze the spending patterns in detail. In asset-intensive organizations, like oil & gas, mining, chemicals, and pharmaceuticals, the MRO spend is significant. Enventure has been serving clients who are looking to enhance their MRO Spend Analytics capabilities, so they can implement changes, to optimize spend and reduce inventory, without increasing the risk component.
Enventure’s approach to spend analysis is a practical one, considering what has been working within the organization, as well as the how and why. The fundamental need for an MRO Spend Analytics program to work is a good classification system, so the spend items can be classified in an intelligent manner. We implement industry-standard classification systems for clients, like UNSPSC; or we can also implement a customized classification system that is more aligned to their specific business needs. Implementing the classification system involves reviewing the entire material master to assign the right classification codes to each item. Once this is done, it becomes possible to analyze historic transactional data, as well as manage the ongoing spend reporting efficiently.
We also provide Spend Analytics as a managed service, so clients can benefit from the intelligence provided by Spend Analytics, without consuming internal resource bandwidth. We are platform-agnostic, so our services can be delivered on any platform of your preference. Our approach ensures that clients have accurate baseline data (material and supplier), which can be leveraged to create reliable spend analytics reports, with drill-down options to deep dive as well as management dashboards and recommendations, based on the spend analysis done.