Monetizing Analytic Insights Part III
This is the final piece in the 3-part story of how Seal’s Enterprise Analytics can help organizations monetize analytic insights. In part 1, we discussed how great insights help you solve problems by enabling you to see the entire picture. In part 2, we defined analytics as the method and means to consistently uncover these valuable insights. Today, we’ll complete the story by showing how an insight-producing analytics platform can generate measurable value. It’s also the story of why I joined Seal Software.
Part 3. Monetize it!
Russell Conwell was an American Baptist minister in the 1880’s who was famous for his lecture series titled “Acres of Diamonds.” It’s the story of a prosperous and content land-owner named Al Hafed who was visited by a Buddhist priest who opened his mind to a world of riches possible through unearthing diamond caches. Al Hafed went to bed that night a poor man in his head – for the first time thinking of all that he didn’t have. Soon, Al Hafed sold his land and all his belongings and went out in search of his great riches. Unsuccessful after several years, and having spent all his resources, Al Hafed threw himself into the ocean in despair. Meanwhile, unbeknownst to him, the farmer that bought Al Hafed’s land found a black shiny rock in the fields and put the stone on top of his mantel. As you can guess, that rock turned out to be a diamond, and that farm is known to have become India’s famous Golkonda mines where some of its most precious jewels of the time were mined.
The moral of the story for Conwell was that each one of us has the resources within ourselves to be successful. True to his story, Conwell gave well over 6000 lectures during his tenure and used the proceeds to not only enable thousands of students to receive an education, but also went on to found the historic Temple University in Philadelphia.
What we can glean from the story today is just as obvious but emboldening all the same. There’s a tremendous hidden opportunity that I’ve recognized consistently over the past decade, where companies large and small do not have a meaningful join between two of their most important assets – spend and contracts. Some think they have a good tie, but through conversation quickly realize that it’s only skin deep, and there’s no capability for robust contract compliance or proactive opportunity discovery. In fact, there are millions of dollars in savings and revenue hiding just underneath the surface and within reach of the right innovator who recognizes the unearthed value.
Seal’s Enterprise Analytics joins your most valuable resources and creates a platform that allows you to consistently uncover hidden insights that generate measurable value.
Imagine being able to answer simple but fundamental questions like “how much of my spend is actually under contract?”
- Then of the spend that’s currently not under contract, how much should be?
- Where are the potential rogue vendors and spend?
- Are there rogue spend mixed in with our contracted vendors?
- For example, in the chart below the 4 suppliers (F, G, H, I) are contracted suppliers but the spend marked in Red are non-contracted products or services.
- How would you like to identify the hidden rogue spend by invoice, PO, GL, and even the requester?
- As illustrated below, mitigate supply chain risks by visually and proactively identifying expiring contracts and contracts having change of control.
- Also identify which contracts have auto-renewal terms or auto-price increase terms that’s causing leakage in value?
- What are all the consolidation opportunities in key spend categories and what is the optimal modeled scenario to pursue?
- Uncover savings and revenue generating opportunities by actively measuring and comparing Contract Terms Vs. Actual Spend.
- Below, vendors in red are paying too early and green are okay. How would you like your platform to point out where the opportunities are and what the potential value is?
Do you currently have a platform that allows you to systematically ask & answer these questions?
All of this is possible because Seal has the ability to ingest contracts, and excavate all the valuable terms and data to make them available at your fingertips. It’s the reason I joined Seal. It’s a unique solution in the marketplace that has allowed me to design a solution that critically joins your various enterprise data points, creating a platform that consistently generates insights in an actionable and measurable way.
Where is your organization today? Do you have a meaningful join across your most critical data points? Do you have a platform that consistently unearths hidden value and opportunities? Or, are you the innovator or leader that’s identified the problem and is now looking for that solution to solve that gap? Let us know, and let our platform help you tell your innovation story to the rest of your organization.