Science Warehouse Launches New Spend Analytics Service "Spend Science"

Leeds, February 10, 2016 (Newswire.com) - Science Warehouse, a leading UK provider of e-marketplace solutions, has provided detailed analysis and reporting on in catalogue spend since 2001, and has now launched “Spend Science,” an end-to-end spend analytics service. An intelligent data cleansing and enrichment solution, Spend Science enables procurement professionals to improve procurement planning, contract negotiation and cash management.

The service has been launched in response to growing demand from procurement professionals for better spend data, improved analysis and greater spend control. According to the company’s Procurement Trends Survey 2016, the proportion of procurement professionals who rate data accuracy as a priority for purchasing and procurement solutions has increased by 34% this year on 2015.

In 2015, procurement professionals cited spend analysis as the second most effective technology delivering ROI - and expect it to be the most effective in 2016. Our customers can analyse the spend data from their use of our e-marketplace; however, many of them have spoken to us about their challenges around analysing all of their spend data. As we roll-out our full source-to-settle solution, we're excited to be able to leverage our long experience and offer customers a complete solution for drawing out valuable business insights from all of their spend data.

Philip Padfield, chief executive at Science Warehouse

Chief executive Philip Padfield commented: “In 2015, procurement professionals cited spend analysis as the second most effective technology delivering ROI – and expect it to be the most effective in 2016. Our customers can analyse the spend data from their use of our e-marketplace; however, many of them have spoken to us about their challenges around analysing all of their spend data. 

As we roll-out our full source-to-settle solution, we’re excited to be able to leverage our long experience and offer customers a complete solution for drawing out valuable business insights from all of their spend data.”

A typical customer might have multiple sources of spend data which are difficult to bring together and analyse. Spend Science will organise those disparate data sources into a single, cleansed data set, enhance it with additional business data such as credit ratings and present it visually so that it can be easily analysed and used to identify key savings opportunities.

The new data analytics service will be available to customers from February 2016 with no requirement for an existing catalogue solution. Science Warehouse will be offering demos to interested customers.

ENDS

Notes to editors

1.     About Spend Science

For further information about Spend Science, please see: http://www.sci-ware.com/spend-science.cfm and http://www.sci-ware.com/spend-analysis.cfm

2.     About the Procurement Trends Survey 2016

Issued in December 2015, the survey was conducted by Science Warehouse in association with eWorld Procurement & Supply. Nearly 200 procurement professionals took part, answering questions on the current state of procurement in their organisation and their predictions for procurement in 2016. A summary of key findings can be found here: http://www.sci-ware.com/procurement-trends-survey-2016-summary-findings-released.cfm 

Media contacts

For further information, please contact Ruth Pike or Megan Holmes at Science Warehouse

Tel: 0333 600 6300

Email: ruth.pike@sci-ware.com, megan.holmes@sci-ware.com

About Science Warehouse

Science Warehouse is a leading provider of cloud-based e-procurement and managed catalogue solutions that deliver purchasing efficiencies and control. Its customers include globally recognised organisations across markets as diverse as life sciences, engineering, healthcare, charity and government. For further information, please visit our website, www,sci-ware.com or read more on our company blog, www.sci-ware.com/blog.cfm