BirchStreet Systems, the leading hospitality-focused cloud based procure-to-pay automation software, has unveiled its new Executive Dashboards features in conjunction with Data Management Services. The Executive Dashboards are composed of two data analytics, Business Intelligence driven tools: Spend Visibility and Compliance. BirchStreet also announced its Data Management Services (DMS) as a supplementary resource for customers that lack the dedicated personnel needed to manage their product and supplier level information. These services enable enterprise and property level professionals to optimize spend management by increasing spend compliance and reporting.
The newly developed Spend Visibility Dashboard provides real-time, easy to use insight into property spend metrics by category and time period for all purchases made through the BirchStreet Platform. These customizable data visualization tools provide users with the ability to make better purchasing decisions and to detect how and where budgets are spent. Spend categories can be viewed at any level of the enterprise or at a specific property, or can be drilled down into specific product category types with purchasing details. The Compliance Dashboard tool is designed to help users make better purchasing decisions and increase profitability by flagging the right products and suppliers. When paired with BirchStreet’s Data Management Services offering, customers are relieved of the labor-intensive maintenance of product information management, data crunching and reporting that is often associated with this depth of insight into spend data.
Monitoring spend compliance for all purchasing through BirchStreet can boost profitability by ensuring users buy the right products from the right supplier at the contracted price. This is especially important if customers are using a Group Purchasing Organization (GPO) that leverages buying power to capture program discounts and rebates for purchasing certain items. Customers can obtain maximum rebates if purchases are made within the GPO’s programs, which are typically 15-20% below “street” pricing. Gaining full spend visibility and the tools to measure compliance, helps hospitality organizations maximize the utilization and pricing advantage of pre-negotiated contracts, as well as monitor their spend management Key Performance Indicators (KPIs).
The BirchStreet Executive Dashboards offer enterprise customers an intuitive and customizable platform with multiple fields such as period, category, region, brand, manager name, total spend and non-compliance. There are color-coded compliant spend alerts created to provide graphical, easy to track compliance KPIs, such as 90% or greater, 80% or greater and below 80%. To obtain more granular detailed product-level compliance data, users can use the dashboard to drilldown into each item.
In addition, for those customers looking to outsource the monitoring and cleansing of their product data and compliance activities, BirchStreet’s DMS will not only map product and supplier information, it can create reports to gauge spend improvements and uncover compliance gaps. By uncovering non-compliant items, BirchStreet’s DMS gives its customers visibility into their spending activities and provides the tools needed to improve purchasing behavior for major impact items. The BirchStreet DMS team uses the system’s sophisticated BI and reporting functionality to sift through all expenses and expose gaps.
“Typically, organizations without an eProcurement system have a 40% or below on-contract compliance rate for their purchases,” stated Sushil Garg, CEO at BirchStreet. “However, when customers use BirchStreet, they can achieve upwards of 90% compliance rates that results in overall savings of 7 – 10% of spend, dramatically impacting their bottom line. The Executive Dashboards, coupled with our Data Management Services, provides the type of business intelligence that gives customers a competitive advantage for reducing costs and increasing profitability, while relieving the administrative burden of maintaining product and supplier level data.”