FreeMarkets moves into spend tools

21 August 2002
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22 August 2002 | Robin Parker

E-sourcing software vendor FreeMarkets has launched a spend management suite.

The Spend Visibility Solution is a hosted tool that extracts spend data in any format from internal enterprise resource planning and accounts-payable systems and converts it to a standard format in a central location.

It then provides analytics for commodity purchases by both category and supplier usage, assessment of spend management strategies and tools to weigh up price inflation and deflation trends.

The tool also unites data from multiple systems and aids future sourcing plans with automatic updates of spend data and a range of reports and suggestions of how to gain substantial ongoing savings.

Jay Odell, director of product management at FreeMarkets, said a review of spend on resources should be the first task of any sourcing project.

"Outlining effective strategies for better leveraging resources is among the most daunting tasks that sourcing professionals face, and many organisations find it difficult, if not impossible, to obtain a clear view of their corporate spending."

SMaug2002

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