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GET RESULTS FAST
fully-automated for 7-day turn around
Benifit from the outcome of a three-year knowledge transfer partnership with cloudBuy, The University of Reading and Goldsmiths College, London
FIND GENUINE SAVINGS
Find genuine cashable savings with full granular, line-item level reporting
we’ll interrogate your data down to line-item level to identify exactly where your procurement pound is not achieving the best price.
Services
SpendInsight analyzes your spend quickly and effectively
Even used a one-off service, it is particularly useful in budgeting periods or as part of a saving review process, as it will give a clear starting point and set of actionable savings.
PULLING TOGETHER
Working with our partners for you
Working with partners that lead in thier fields.
Our Guarantees
Savings or your money back
'cloudBuy expect you to make significant savings, and guarantee that you will identify more savings than the cost of the pack.’
Data Collection
The purpose of the data collection is to establish the total spend for your organisation, and identify the items which were purchased. This is achieved by collecting data from both the Accounts Payable (AP) and the Purchase Order systems (PO), plus additional supporting information.
Artificial Intelligence
Made for dirty data
Our artificial intelligence engine does the hard work of understanding what you are buying and matching it all up.
Our 3 years of research have resulted in a significant improvement over the previous state of the art. Furthermore, the high quality purchasing data from Coding International means that our improved algorithms start with a better set of training data.
The SpendInsight data pack reports on four types of savings:
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Price variance, where the the same product is bought from the same supplier but at different prices.
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Price benchmark compares the average unit price achieved with other organisations that participate in the benchmark.
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Contract adherence.
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Contract opportunities, for example where framework contracts are available.
Resources
Having identified and quantified the areas where you have savings opportunities, in an easy and cost effective manner, the next stage is to implement a program to realise the savings.
If your organisation needs help or additional resources for the savings realisation phase we have a range of additional services and partners who can help you to maximise your cashable results.
Welcome to SpendInsight
SpendInsight offers a fast track to savings for organisations of all sizes. Engineered in partnership with two of the UK’s leading universities, SpendInsight represents a significant step forward in the ‘tool set’ of the procurement professional.
Spend analysis in just 7 days
Upload your raw data and within 7 days we will return a completed data pack, ready for you to identify savings immediately. No consultants, no hidden cost, no distractions, just results – or we return your fees.
Available on framework agreement
For public sector buyers, SpendInsight is available on National framework through OGC Buying Solutions. It is highly secure and can scale to deal with the data of very large organisations.
Transform data into management information
The data pack shows your areas for potential savings, and allows you to drill down by commodity or service right back to the original purchase order for checking. The data pack highlights:
- where you are buying the same item at multiple prices,
- off-contract spend, better deals through using pre-tendered contracts,
- cheaper products that are functionally equivalent,
- and product benchmark pricing (if you are prepared to share your data anonymously).
To put things into perspective: hire a data analyst for a month or run SpendInsight – which will produce greater savings opportunities? The cost is very similar...
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Why Choose cloudBuy?
Get results fast: fully-automated for 7-day turnaround
Find genuine cashable savings with full granular, line-item level reporting
£120 billion analysed to date
Benchmarks you against Europe’s largest pool of spend data
Find out more
cloudBuy SpendInsight is the ultimate budget pruning tool. Powered by artificial intelligence technology (the outcome of a three-year knowledge transfer partnership with cloudBuy, The University of Reading and Goldsmiths College, London), we’ll interrogate your data down to line-item level to identify exactly where your procurement pound is not achieving the best price.
As well as highlighting these examples of poor value, we’ll benchmark each product against the hundreds of other buying organisations in our data pool to work out a fair benchmark price for you to aim for.
Finally, we’ll work alongside your legacy systems to show you not only orders that contravened contract pricing, but the specifics of that order - right down to requisitioner. These revelations will spearhead your spend recovery efforts.
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'The project was particularly exciting as it allowed for joint work with leading academics at the University of Reading and Research scientists at cloudBuy. This is one of the largest and most innovative KTP projects ever undertaken and we are very excited by the results. We believe that the new tool is groundbreaking and has come at exactly the right time to help public and private sector organizations achieve savings.'
Professor Mark Bishop, Department of Computing
Goldsmiths
'It's really useful because we can look at the information from all different angles and it's so easy to use,' says Ms Hamilton. 'It will help us rationalise and standardise our suppliers and products, which in turn means we can get better prices.'
Vicki Hamilton, The Head of Procurement and Supplies for the Outer South East London Shared Procurement
London Procurement Program
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