IT is often the largest component of selling, general, and administrative expenses. Vendor spend makes up more than 50% of the annual IT budget. Vendor spend data is complicated, with up to 65% distorted due to buying through resellers, complex product portfolios, sheer volume of purchasing, and rogue spend.
Leveraging advanced technologies to automate the cleaning, classification, and categorization of IT vendor spend data helps companies identify new areas of cost saving delivering quick wins via negotiating leverage and vendor consolidation. Decisions need to be made, and good decisions are based on good data. Watch this webcast from CXN Nexus to learn more.