consolidated view of procurement data consolidated view of procurement data, savings opportunities

Spend Analytics

        Data analysis on tablet screen

 

From unit of measure and product description to price and purchase transactions, data can have a powerful impact on patient care and your bottom line. Medbuy’s Spend Analytics program can help you understand what it all means and harness the power of your data.

The program is the first of its kind for Canadian hospitals and offers our Members an unmatched view into their purchasing transactions guided by the expertise of our data analysts. The insight you gain into your spend can identify actionable savings opportunities and be leveraged to make the sourcing process more efficient, and ultimately, more effective.

 

Program Highlights

  • Gather information
    Collect transaction data from our Members using monthly automatic data feed
  • Data management
    Provide strong data stewardship by connecting and classifying the data, so it’s useable and standardized
  • Put the data into action
    We turn data into information that is used for spend analysis, RFI/RFP development, relationship management , custom reporting and more
  • Examine the data
    Uncover immediate savings opportunities by conducting price audits, identifying new contract opportunities and much more
  • Provide additional value-added analysis
    Aggregated, consolidated view of procurement data can uncover wider trends and further opportunities

 

Membership Advantage

  • Reduce time and resources
    You can save time and energy by not having to pull and validate spend data as part of the sourcing process 
  • Increase your data accuracy and reliability
    We cleansed nearly 4.9 million transaction line items in the last 18 months, which means fewer errors and higher reliability
  • Gain insight to realize higher savings
    We analyzed $780M in spend and presented Members with more than $1.35 million in savings opportunities in the last two years
  • Expert support
    Dedicated analysts who will help you make sense of the data