EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
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Press release
16 Jun 2023
|
London, GB
EY announces the launch of EY Spend Insights on the Snowflake Data Cloud
- Provides a 360-degree view of spend profiles, revolutionizing procurement spend visibility, and creating harmonized supply chain networks across industries.
- Offers commodity managers and supply chain executives a broad suite of tools to help drive strategic decision-making.
The EY organization today announced the launch of EY Spend Insights (EY SPI) on the Snowflake Data Cloud. The solution leverages advanced analytics, automation, and machine learning capabilities. EY SPI transforms the visibility of procurement spend and fosters unified supply chain networks across a multitude of industries including retail, consumer packaged goods, advanced manufacturing, and mobility.
In today's dynamic business environment, organizations face heightened geopolitical risks, inflation, and frequent shipping delays, leading to increased focus on cost-cutting measures. Offering a comprehensive 360-degree view of spend profiles, EY SPI addresses these pain points by supporting commodity managers and supply chain executives with a broad suite of tools to help improve supplier relationships and optimize purchasing savings opportunities.
By leveraging the Snowflake Data Cloud, EY SPI provides a native, cloud-based solution that scales architecturally, and offers enhanced data-driven, strategic decision-making capabilities. It also supports data from multiple enterprise resource planning (ERP) systems, sourcing systems, and third-party sources on Snowflake’s single, integrated platform.
EY SPI leverages machine learning to promote data standardization, automate vendor enrichment, and facilitate effective negotiation, resulting in more cost-effective purchases and trusted long-term relationships with suppliers.
With implementation generally taking as little as eight to ten weeks, compared to traditional solutions requiring six months or more, companies of all technology maturity levels may access the tool at a faster scale. EY SPI offers a flexible cost model, reducing the need for ongoing infrastructure investment.
Faisal Alam, EY Americas Emerging Technology Leader says:
“EY SPI is reshaping the landscape of data management, analytics, risk assessment, and business processes across various sectors. This collaboration presents businesses with a remarkable opportunity to effectively tackle their existing challenges and streamline their supply chains. Businesses can attain strategic insights to unlock new avenues of growth and shift their attention towards strategic achievement.”
Joe DiLaura, Senior Director, Systems Integrators at Snowflake says:
“Full access to data is critical to help streamline manufacturing and supply chain efforts. Our collaboration with the EY organization and the launch of EY SPI aim to help our joint customers unlock the value of their critical data and break down silos to drive smart manufacturing initiatives in today's digital-industrial world.”
For more information about EY Spend Insights and its potential applications, please visit here.
About EY
EY exists to build a better working world, helping to create long-term value for clients, people and society and build trust in the capital markets.
Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate.
Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.
This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.
Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.
This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.
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