Transform Your Procurement Data with Intelligent Categorization, Cleaning, and Analysis
Leverage our advanced data model and AI engines to clean, normalize, and categorize your data, turning fragmented spend information into clear, actionable insights tailored for procurement professionals.
Why should you consider CostBits?
Comprehensive Data Cleaning
Our AI engines handle the tedious work, automatically receiving, cleaning, and organizing your data to ensure accuracy and consistency.
Unified Data Structure
With CostBits, your data from various source systems is merged into a single, easy-to-navigate format, simplifying analysis and decision-making.
Advanced AI Insights
Go beyond basic analytics. Our AI engines leverage deep data algorithms to clean and normalize your data, enabling instant trend and opportunity analysis for your team.
Continuous Improvement
Our finely-tuned data model evolves with your data, learning from new information to refine its accuracy and provide increasingly valuable insights.
Turning Data Chaos into Actionable Procurement Insights
CostBits is more than just a very high powered data tool. We take your fragmented, raw data and turn it into structured, clean, and categorized data models tailored specifically for procurement. Our platform automates data cleaning, normalization, and categorization to give you a comprehensive, actionable view of your spend. No more navigating through less than relevant general ledger structures—see your data in a way that drives sourcing strategy and cost savings.
Intelligent Data Cleaning, Normalization, and Categorization
Our platform automatically merges, cleans, and normalizes your data from various sources, ensuring it’s consistent and error-free. But we don’t stop there. Our advanced AI engines then categorize your improved data into a detailed procurement category tree. This dual process—cleaning and categorizing—provides an intuitive view of your spend, showing not just where the money goes, but where sourcing opportunities lie. It’s a seamless combination that transforms raw data into clear, actionable insights. And it's compliant with your reporting regulations.
Clean Data: The Foundation of Every Right Decision
Without clean, structured data, every decision is based on a shaky foundation, leading to insights that may miss the mark. That's why at CostBits, our finely-tuned data model and AI engines focus on meticulous data cleaning and categorization. By extracting, normalizing, and organizing your data for you, we eliminate the guesswork, ensuring every insight you get is accurate and actionable. This allows you and your team to stop fighting against data and instead focus on what really matters—driving procurement strategies, aligning with stakeholders, and supporting your company’s growth. We handle the data, so you can handle the impact.
We solve real issues for our clients.
"Procurement was understaffed and our CFO did (rightfully) not really trust our reporting - since it didn't fit with his accounting perspective on the supplier cost. Having now a uniform and easy to use CostBits solution that both Finance and Procurement can engage in - we can focus on execution and support each other in creating results instead of discussing data and poor numbers.”
"Their sales team did tell us that making a similar solution ourselves was not as easy as we made it up to be. Six months later we had only covered the basics, got stuck in excel and CSV files plus neither our data mapping nor the deep analytics visuals really worked. We went back to CostBits for their solution and got back on track in weeks."
"We thought that we already had great spend insights. We had the latest BI tools available, an existing external spend solution and a robust data collection setup. However when CostBits engaged our users - our own staff confirmed that no one used the inhouse BI setup and that they really only used 1-2% of the VERY expensive external spend solution. By moving to CostBits we finally provided our staff with a tool fitted for their actual purpose and right out of the box.”
Frequently asked questions
How does your platform help reduce procurement costs?
Our platform provides full visibility into supplier costs and identifies key areas for savings, guiding strategic actions for impact.
Can your tool handle complex data from multiple sources?
Absolutely. We merge, clean, and enrich data from all sources, providing a unified view of your procurement spend.
How does the CO2 equivalent feature work?
We convert procurement data into CO2 equivalents using standardized calculations, helping you assess and manage your environmental impact.
Is CostBits suitable for medium-sized companies?
Yes, our platform is designed specifically to give medium-sized companies insights usually reserved for industry giants.
How quickly can we see results after using CostBits?
Instantly! Our platform delivers real-time insights so you can start making data-driven decisions right away.
Does CostBits require extensive implementation or training?
No, CostBits is an out-of-the-box solution that’s intuitive to use, minimizing setup time and training requirements.
Can your platform help us with sustainable supplier selection?
Yes, we guide you toward eco-friendly suppliers by showing CO2 equivalents, enabling more sustainable purchasing decisions.
How does your solution fit with our current procurement process?
CostBits integrates seamlessly, providing clear insights without disrupting your existing processes, enhancing efficiency and decision-making.
Do you offer personalized support for your clients?
Yes, we provide tailored support and honest advice, ensuring you get the most out of our platform.
How secure is the data we share on your platform?
Data security is a priority. We employ industry-standard encryption and security protocols to protect your sensitive information.
Can CostBits identify suppliers with high carbon footprints?
Yes, our platform analyzes your supplier data, highlighting those with higher CO2 equivalents to help you make informed, eco-friendly choices.
Does CostBits support global procurement operations?
Yes, we handle international suppliers, offering multi-currency support and global insights to simplify cross-border procurement.
How does CostBits enhance our team’s efficiency?
We handle data processing and provide actionable insights, allowing your team to focus on high-impact cost-saving activities.
Is there a free trial or demo available?
Yes, we offer a trial period so you can explore our platform's capabilities and see its value firsthand.
Can I track supplier performance over time?
Yes, our analytics enable you to monitor and compare supplier performance, assisting in informed, strategic decision-making.
Does CostBits integrate with ERP systems like Microsoft Business Central?
Yes, we offer seamless integration with major ERP systems, making data transfer and analysis more efficient.
How often is the data updated in CostBits?
We provide real-time data updates, ensuring that you always have the latest insights into your procurement spend.
What kind of cost insights can I expect?
Detailed breakdowns of supplier costs, category spending, potential cost-saving areas, and environmental impact insights are part of our core offering.
How customizable are the analytics dashboards?
While our dashboards are out-of-the-box, we actively co-develop new features with clients to ensure they meet real needs.
Can the platform handle different procurement categories?
Yes, CostBits covers a wide range of procurement categories, helping you analyze spend across various segments of your business.
Does CostBits provide recommendations for cost reductions?
Yes, we provide actionable guidance on where to focus your efforts to achieve the greatest cost reductions.
How does your platform support our ESG initiatives?
By converting costs into CO2 equivalents, we help you identify areas to reduce your environmental impact and support sustainable sourcing.
Can I set up user permissions for my team?
Yes, you can configure user permissions to ensure that team members access only the data relevant to their roles.
Is there a learning curve to using CostBits?
Not at all. CostBits is designed with an intuitive interface, ensuring a smooth user experience, even for first-time users.
Can we export reports from the platform?
Yes, our platform allows easy export of reports in various formats, facilitating data sharing and further analysis.
How does CostBits handle data accuracy?
We use automated data cleaning and enrichment processes to ensure your procurement data is accurate and actionable.
Can CostBits analyze indirect procurement costs?
Yes, we provide insights into both direct and indirect procurement, giving you a holistic view of your overall spend.
Does CostBits support multi-departmental procurement analysis?
Absolutely. Our tool breaks down costs by department, allowing for targeted analysis and strategic improvements.
Can the platform help identify maverick spending?
Yes, we highlight off-contract or unexpected expenses, helping you bring maverick spend under control for better cost management.
How does CostBits facilitate supplier negotiations?
With detailed cost breakdowns and spend analysis, we provide the data you need to negotiate better terms with suppliers confidently.