Barcanet analytics saves retailer £800,000 in 2 months

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A major retailer has already identified and recovered over £800,000 in incorrect funding calculations.

Barcanet, a market leader in analytics and audit solutions, today announced the launch of their new 'Insight Accelerators'. Central to the company's strategy to consolidate a diverse portfolio of services, the new Insight Accelerators bring a suite of pre-configured analytical tools to the market for the first time. By putting insights directly into the hand of the user, they enable smarter decisions to be made every single day.

Built on the foundation of Barcanet's deep audit and analytics expertise, the Insight Accelerators specialise in simplifying complex data and generating insights that enable users to think smarter and make better decisions. Covering common business challenges, the focus is on saving time and money, driving efficiencies, and improving overall business performance.

Ian Yates, Director at Barcanet, said:
"Customers were always asking us what more we could do with their data. In helping solve their challenges, we have identified a series of valuable use cases for BI and analytics across any organisation. We’re involved in a number of exciting projects, one major High St retailer; operating online and through 1,300 stores across Europe, has already identified and recovered over £800,000 in incorrect funding calculations. Importantly, they use the solution to fix the issues before they recur. “

Barcanet is initially launching 5 Accelerator modules:

  • Promotional Funding Insights - Accurately calculates promotional funding, fully aligning trade activity with contractual promotional incentives, and able to deliver a comprehensive workflow ensuring calculations are accurate and approved.
  • AP Insights - Utilising field-proven proprietary search algorithms and sophisticated pattern matching techniques, the module identifies potential payment errors missed by even state of the art finance systems. Analysing everything from duplicate payments to currency discrepancies, realtime insights enable finance teams to stop incorrect payments from ever being made.
  • Finance Insights - To optimise working capital whilst driving concurrent process improvements, the Finance Insights module centralises multiple data streams and creates real actionable insights that optimise the procure-to-pay process. Taking a data-driven approach enables any business to improve processes and identify bottlenecks and sources of friction.
  • Spend Insights - Improving the visibility of spend on goods and services enables the procurement team to make savings without compromising on quality. By collating disparate data that is often spread across an organisation it allows businesses to make optimal use of their resources.
  • Pricing Insights – Provides intuitive insights into the often complex nature of supplier contracts. Automatically checking that every invoice is inline with the contractually agreed terms enables businesses to make best use of their time and money and apply strict governance to all supply relationships.

Ian added:
"With our new Insight Accelerators, we're providing customers with out-of-the-box functionality from day one. For us, everything is about making data accessible to the many, not the few. We pride ourselves on creating products, and more importantly insights, that the nontechnical person can use without any issues at all.”

To learn more about Insight Accelerators, and other projects currently in progress, visit the Barcanet website today http://www.barcanet.com

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Ian Yates
Barcanet
+44 7868745705
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@usedatawell
since: 07/2015
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