Wizly Budget Spend Analysis
Budget Spend Analysis is traditionally a process involving the collection, cleansing, classifying and analyzing of expenditure data. The analysis is aimed towards decreasing procurement costs, improving efficiency, and monitoring controls and compliance.
This traditional analysis however lacks the connection to Strategic Goals and the related Initiatives. An effective Budget Spend Analysis must trace back spending, from the Account Heads to the Activities and Initiatives, and then back to the Strategic Objectives.
The Wizly Budget Spend Analysis Solution enables full traceability of the spend to the related Strategic Objectives.
The Wizly Budget Spend Analysis Solution, allows for full traceability of amounts spent and accounted for in the financial systems.
The spending can be traced backwards to the Activities and Departments, and further to the Initiatives which constitute these activities.
In addition, by using Wizly Insights, management can examine the correlation between the performance of the Strategic Objectives, the Initiatives, and the actual budget spend for the same.