Procurement technology now offers supplier diversity enrichment, enhanced data visualization, advanced reporting capabilities and more
LogicSource, the leader in procurement services and technology, announced enhancements to its spend and data analytics platform, OneMarket Insights.
The new enhancements empower procurement users with additional data enrichments, new visualization functionality and advanced reporting capabilities, enabling faster and more granular data analysis. Dynamic chart and dashboard enhancements empower sourcing and finance leaders with increased visibility to make strategic budgeting and spend management recommendations.
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Noteworthy OneMarket Insights enhancements include:
Supplier Diversity Enrichment
- Slice diversity-enriched supplier and spend data in the aggregate and at taxonomy subcategory level to get details on 20+ different diversity fields to support corporate initiatives.
- Spend cube crosstabs recommend predefined data visualization formats, including six new chart types so you can quickly analyze and understand the bigger picture.
In-Cell Filtering and Drill-Down / Drill-Up Selectors
- Filter the view of any field via a searchable and sortable list of values while exploring spend cube crosstabs. Dive into the most granular details of spend with new drill-down and drill-up selectors in crosstabs and charts.
Advanced Reporting Capabilities
- Toggle between edit and live-data mode for more controlled and customizable report creation.
- Add and remove saved reports, dashboards and cubes from a consolidated favorites list for a more streamlined user experience.
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According to a McKinsey report, 40-80% of an organization’s budget is typically spent on buying goods and services from external suppliers. These purchases often occur across disparate systems and business units, making data collection and data-driven decision-making a near-impossible challenge. Spend analytics tools are built to provide transparency into organization-wide expenditures, but most solutions provide inefficient updates resulting in an outdated view of spending and a lack of available external data for further enrichment. OneMarket Insights’ newest capabilities address these challenges at a more advanced level and bring accurate, actionable information to procurement professionals to drive value for their businesses.
“Because clean, accurate data is the backbone of sound budgeting and purchasing decisions, our OneMarket Insights solution focuses on capturing spend data from every corner of an organization, enriching it with additional third-party data and implementing monthly refreshes to ensure businesses have a real-time view of their organization-wide spending,” said David Pennino, CEO and founder of LogicSource. “With one source of truth, OneMarket Insights empowers procurement leaders to negotiate better pricing backed by the full strength of their total spend, and enables them to proactively attack and reduce costs.”
OneMarket Insights is one of five modules included in LogicSource’s OneMarket Technology Solution, a fully-integrated SaaS platform fueled with expert Procurement services and market intelligence. The purpose-built technology platform provides business leaders with a new agile approach to enable and automate the Source-to-Pay lifecycle.
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