Analytics can save your life. Possibly a slight exaggeration, but when you’ve got Analytics like ours in place and you think back to the manual reporting you did previously, it really can feel like a life saver.
“It seems these days that the availability of data is outstripping many organisations’ capacity to make effective use of it.” – Jereme Pineda, Analytics Product Manager, Basware.
I’m sure many reading the above will identify with Jereme’s statement, we’re all asked to perform data analysis and make decisions based on the outcome and in most cases, there is more data and less time in which to analyse it. Looking at this from my role in Marketing this is especially true, without solutions like Google Analytics to help analyse online activity my role would be even more spreadsheet dominated that it already is.
So, what about Purchase to Pay (P2P)? Where are the analytics solutions to help you decipher what your companies spend is?
“To some, “analytics” is just a glorified word for reporting – to others, it connotes impenetrable algorithms and supercomputers. To me, analytics sits on a continuum from simple to complex, which reflects organisations’ maturity in the way they use data.” – Jereme Pineda
Whilst P2P analytics can perform reporting, the added benefits go much further. It offers immediate access to your financial performance in a visually pleasing format (not an excel spreadsheet or graph in sight) and the ability for people to self-serve information, eliminating reporting requests. Giving you visibility into the P2P process and most importantly freeing up time for other tasks.
Wouldn’t you enjoy your working day if you could perform less manual tasks and have time for those shelved projects or key relationships that need attention? Well P2P analytics could be the answer.
For a much more detailed explanation of how Basware Analytics can help you to prolong your work satisfaction you can watch Jereme Pineda explain the beginning of the P2P analytics journey and how you can make sense of the vast data that flows through your Purchase to Pay function.