Billions of pounds of aggregated spend data used to reduce costs for UK businesses
Spend management software provider Compleat Software is to enable SMEs across the UK to reduce spend with the purchasing power of digital procurement – a service that has only previously been available to enterprise-level organisations.
Compleat’s new digital procurement platform, CompleatProcure, will aggregate billions of pounds of spend data from the invoices it already processes for customers to drive cost savings of up to 15 per cent for businesses. Platform subscribers can expect to make significant, ongoing savings across all suppliers, contracts and services.
The launch follows a recent report from American Express which found the average SME spends £1m on business expenditure per year – £200,000 of which is spent on paying suppliers.
CompleatProcure will combine AI, machine learning and Compleat’s considerable industry experience to provide organisations of all sizes with the level of data required to save money on direct and indirect spend.
Max Kent, Procurement Director at Compleat, said: “Historically, digital procurement was only available to the largest organisations due to the unaffordable cost of consultancy, compliance coordination and the collection of the spend data itself. Compleat recognises that many organisations do not have the data, the scale of spend or the tools readily available to enable effective supplier negotiations and both source and sustain ongoing savings.
“CompleatProcure provides the answer, with new smart spend software that will handle the spend management lifecycle and drive sustainable savings, improving profitability and risk management.”
Compleat will also launch iCompleatOrder, a self-service purchase order application which allows the user to raise, approve and generate purchase orders. In doing so, iCompleatOrder empowers SMEs to track the spend of users before invoices are received, enabling full and shared visibility of corporate spend between the organisation’s departments and finance teams.
Compleat Software’s e-invoice processing tool CompleatCapture collects the spend data that powers both the new digital procurement and purchase order services. With the launch of CompleatProcure and iCompleatOrder, Compleat now handles all stages of the SME spend management lifecycle. from purchase order generation and invoice capture to supplier management and cost reduction.
Neil Robertson, Executive Chairman at Compleat, said: “Companies often have a lack of awareness over just how much they can reduce costs by having insight into current spend and access to the right kind of data. Many businesses rely on historic suppliers and find it difficult to change providers and renegotiate contracts.
“With CompleatProcure, company budget holders will be able to review opportunities for cost savings with suppliers, and we can provide the digital tools to help potential suppliers easily provide SMEs with the best prices and service offerings.
“iCompleatOrder too is all about improving the decision-making potential for businesses. Full access to all the digital spend intelligence from online supplier transactions means SMEs are better informed and can therefore perform better.”
CompleatProcure is scalable and can be used by businesses of all sizes across facilities management, construction, distribution, charities, schools, universities, financial services, transport, hospitality, retail organisations and more.