Claritum
Simplifying Tail Spend Management

As a part of supply chain optimization, organizations focus on gaining increased visibility of expenditures and spend categories. This reveals the significance of tail spend management in monitoring procurement cost and improving efficiency. Presently, companies are on a constant lookout for quicker solutions that can manage complex expenditure and procurement processes.

“We often see a lot of organizations conducting tail spend analysis manually which leads to numerous errors including incorrect spend data. With the influx of new and enhanced technology, we aim at automating tail spend management to a great extent,” says James Samuels, Co-founder & CEO of Claritum. “Our spend management platform allows organizations to track their spending and provide them with accurate reporting tools.” The platform helps drive process efficiencies from sourcing, procurement, and invoicing, building a fully streamlined process.

According to Samuels, today, the nature of supply chains has become much more flexible and collaborative, with increased digitalization. Suppliers need to interact with their customers and experts constantly. Claritum’s cloud-based platform collaborates buyers, suppliers, and experts in the cloud to improve spend visibility and control, achieve cost savings and efficiencies, and reduce risk and waste. “We help clients to onboard large number of suppliers profiling each according to capability, product service, location, and other criteria.” This helps them to rate and monitor the performance of the suppliers and allow fair evaluation of new suppliers to maintain a top-performing supply chain.

Additionally, the platform runs in highly secure and scalable hosting environments. And with complete visibility, it enables users to reduce the time spent dealing with suppliers and customers by making contract management and repeat ordering more resourceful.

Furthermore, Claritum’s Web Services API enables customers to streamline their entire source-to-settle workflow and integrate with buy-side and supply-side software platforms.

We help clients to onboard large number of suppliers profiling each according to capability, product service, location, and other criteria

Whether it’s validating user credentials through a single-sign on process, providing a round trip to initiate a purchase order, or notifying the finance system of approved invoices, the Web Services API automates processes to reduce manual intervention, eliminate re-keying errors, and minimize lost time. “The API captures and initiates requisition and routes back to the appropriate suppliers,” explains Samuels.

To support their continued rapid growth, one of the largest office supplies businesses in the UK, needed a sourcing and procurement software platform that they could trust. After a thorough review of the market, the firm selected Claritum’s spend management platform owing to its easy-to-use structure that can be quickly deployed to multiple users in a large number of locations across the UK. Today, the firm’s Master Data Records, held on their ERP, is updated daily within Claritum via web services integration, ensuring a single ‘point of truth’ for customer and supplier records. The firm is also able to receive comprehensive reporting data capability that enables them to have a deeper visibility over every transaction, across every client and service line in near real-time.

Accelerating organizational strategic capabilities, the company is helping numerous organizations around the globe to control their tail spend and boost the bottom line. “We recognize the need to continually grow and innovate with each passing day offering powerful tools to clients and helping them grow better,” concludes Samuels.