cloudBuy enables large corporates to benchmark expenditure and recover costs

London - 30 April 2014

Free trial report delivered within 10 working days 

cloudBuy, the world’s leading transactional cloud platform, has  launched SpendAnalytics Discovery, a new service for large corporates looking to benchmark their expenditure and increase profitability. The software uses sophisticated artificial intelligence to identify overspend and provide the required information for the recovery of costs.

cloudBuy has collated over 27 million product instances, meaning the software can quickly identify prices paid by the organization and benchmark this against $500bn of expenditure from over 500 organisations worldwide; equivalent to the GDP of Belgium. The SpendAnalytics Discovery trial report is delivered free of charge within 10 working days and highlights the available cost improvement gains by eliminating price variances and identifying costly ‘off-contract’ spend.

cloudBuy’s SpendAnalytics technology has already been used within the NHS where it has identified £2bn of potential savings. The Discovery report is intended to bring this same intelligence to large corporates, giving an indication of the increased profits they can realise, not by changing the ways in which they operate but rather how much more efficiently their current buying can be done.

Chris Hope, Head of Spend Analysis at cloudBuy said, “A strategic procurement function is the easiest way for a large corporate to boost profitability and increase shareholder value. We’re confident that our SpendAnalytics tools pay for themselves several times over, so confident in fact that we can deliver the initial discovery report at no charge.”   

The SpendAnalytics Discovery report provides a high level view of spend by supplier, purchase order to accounts payable ratio, transaction levels and other similar metrics to enable the organisation to confirm the numbers are in-line with the spend profile of the business. It also provides a summary of savings for each of the following:

  1. Price benchmarking
  2. Price variances
  3. Contract variances
  4. Product switching and consolidation 

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