Do You Know Where Your Money's Going?

Softface releases upgrade of spend analysis solution

Walnut Creek, CA  December 16, 2002  Technology provider Softface Inc. today announced the availability of Procurement Intelligence Suite 3.0, an upgraded version of the company's automatic spend analysis solution for Global 2000 companies.

Softface said its Procurement Intelligence Suite creates corporate spending analyses using an automated technology with data mining and data cleansing capabilities.

The suite also allows businesses to reduce the number of suppliers with which they work, negotiate discounts from suppliers, remove duplicate inventory from the supply chain, and enforce corporate spending mandates and controls, according to the provider.

The company said its solutions work with any system's historical spending and inventory records, thus allowing customers to stay with their enterprise purchasing processes. Some of the suite's features include an exploratory analytical environment; the ability to view, maintain and analyze information by any number of categories; and better commodity knowledge bases for healthcare, chemical, materials, repair and operation (MRO), and energy sectors.

According to Kendall Mills, group director, worldwide procurement at Cadence Design Systems Inc., "We have been able to analyze a wider range of our spend at a more granular level than our enterprise resource planning (ERP) and e-procurement systems could offer. We accomplished in days what would have taken months to complete manually; we expect to save millions of more dollars moving forward."