EY launches spend management & supply chain solution

EY and cloud data specialist Snowflake have combined to launch a solution that both provides visibility on procurement spend and also unifies supply chain networks across different industries.

The solution, called EY Spend Insights (SPI), furnishes business owners, managers and execs with tools for strategic decision-making, improved supplier relationships, and optimised purchasing. 

Leveraging machine learning, EY SPI offers “standardised data, automated vendor enrichment and effective negotiation for cost savings and trusted partnerships”, EY says.

EY SPI can combine data from different enterprise resource planning (ERP) systems, sourcing systems, and third-party sources into a single platform, giving organisations spend visibility, and streamlining the procurement lifecycle, says EY.

It is easy to see why EY has made this move. PWC’s 2022 Procurement Survey shows that 82% of digitalised companies succeed with value creation, thanks to procurement data.

Digitised procurement solutions reduce the burden of manual processing, while fostering closer relationships between suppliers and buyers. This creates better market outcomes and improves overall business performance. 

EY, Snowflake bid to streamline supply chains

Faisal Alam, EY Americas Emerging Technology Leader, says: “EY SPI is reshaping the landscape of data management, analytics, risk assessment, and business processes across various sectors. 

“This collaboration presents businesses with a remarkable opportunity to effectively tackle their existing challenges and streamline their supply chains. 

“Businesses can attain strategic insights to unlock new avenues of growth and shift their attention towards strategic achievement.”

Joe DiLaura, Senior Director, Systems Integrators at Snowflake, says: “Full access to data is critical to help streamline manufacturing and supply chain efforts.”