How One Talent Agency Turned Spend Analysis Software Into a Revenue Finder
Leave it to a talent agency to have the imagination to convert a spend analytics solution into a revenue management tool. This particular talent agency manages sports stars, fashion icons and live events across 25 countries. In managing those major events, they truly see both ends of the process – those who want to sponsor an event and the events themselves that need sponsoring.
Finding the Money
The challenge the agency faced was trying to understand which of their vendors that could also make good targets for sponsorship proposals. With data spread across thousands of departments and divisions, they could see just pieces of data. They needed a system that could pull of the data into a single view.
Coincidentally, the agency’s finance team had been using JAGGAER Spend Radar for years to consolidate spend data across divisions. With Spend Radar, the finance team can identify inefficient purchasing, consolidate vendors and jump start savings initiatives.
Introducing ‘Revenue Radar’
With Spend Radar already connected to so much of the firm’s data, the agency went ahead with setting up a second instance of the system to pull together their revenue information, and ‘Revenue Radar’ was created. The finance team now can examine all of the revenue and spend data together, and also work with the business development to analyze revenue information.
“Spend Radar became our conduit to all of the unique business units and how they worked differently,” one agency executive said. “It allowed us to understand what the spend and revenue truly was and made sure we were capturing contractual arrangements. Spend Radar gave us a better understanding of our internal business to make better strategic decisions.”