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Spend analysis remains one of the core competencies of the procurement companies, owing to the capabilities it brings with regards to reducing costs and risks. Thus, the future of procurement demands smarter spends analytics, which Sievo is fulfilling with procurement analytics solutions. Founded in 2003, Sievo is an online procurement solution provider that assists customers to unlock the potential of their procurement data. Sievo offers spend management software that helps in procurement controlling, spend analysis, savings program management, and spend budgeting along with forecasting solutions. Spend analysis is one of the key features of the portal, which turns data from different complex sources into meaningful insights. With its spend analysis software, the firm has helped several organizations collect data from both internal and external data sources, automatically, reliably, and fast using its proprietary automated data extractor. Sievo also brings an advanced Collaborative Classification tool to help businesses gain full control over their classification decisions and apply corrections to the data in real-time. The tool also enables full spend transparency and automated savings identification across regions and businesses, and also reduces the time to generate reports by its self-service reporting by revealing the wealth and richness of data.
After diverse source data is converted into meaningful insights, the firm’s spend forecasting solution helps to collect all internal and external data sources to react faster to price changes. It creates a forward-looking view of procurement spend, prices, quantities, and even product profitability.
Sievo’s spend forecasting assists companies to discipline their purchase price variance across the whole organization from every direct material to business unit.
“Sievo’s spend forecasting assists companies to discipline their purchase price variance across the whole organization from every direct material to business unit, facilitating better decision making based on predictive modeling of pricing, product mix, and cost changes,” informs Johan-Peter Teppala, CEO, Sievo Inc. For one of its clients, Deutsche Telekom, Sievo helps to provide procurement data analytics to create both backward looking descriptive analytics and to create forward-looking, prescriptive forecasts. By delivering data intelligence and enabling Deutsche Telekom to take control of their data, Sievo fulfills the analytical needs and offered them the best solution and a platform for growth in this journey.
Furthermore, with its savings life cycle management solution, the company assures its customers the visibility of how they spend money and how to track the savings for the future and key areas where improvements can be made. The firm helps businesses manage savings life cycle from idea to cash and ensures that savings truly hit the bottom line to manage.
Contract management also makes information easily understandable and accessible so that people can make decisions based on the numbers and efficiently manage one centralized repository for all contracts accessible anywhere, anytime. The application also helps in managing renewals and renegotiations by allocating responsibility and setting notifications across the whole team.
Sievo continues to be the leader in innovation in the field of procurement analytics and is continuously bringing in innovations to the market. The firm also aims to ensure that their clients have all the tools to collaborate by focusing on data related topics, machine learning, and human machine collaboration. They also believe in open, honest, and proactive communication with their clients and letting them know as to what they are best at.
Sievo has grown steadily over the last years and has many added fortune 500 companies to its clientele. The firm is also expanding geographically, spreading its wings in the US. “It has been a wonderful journey so far and I am looking forward for the future to conquer the US spend market,” concludes Teppala.