In the first part of our podcast interview series, Mark Cunningham, Founder and CEO of Stytch, will take us on a data-driven journey. Mark will highlight the importance of data for achieving supply chain visibility and explain how a centralized data repository can help to better define supplier relationships. He will also highlight how Dun & Bradstreet data paired with Stytch (a business intelligence platform) will help stitch your procurement analytics gaps together. Listen to the podcast or read the conversation below.
Absolutely. Stytch is a great solution for procurement teams. Stytch is a generalized platform for data and analytics that can be used for many different purposes, but it has specific capabilities that make it shine in the procurement world.
Stytch is a business intelligence platform for reporting and data analysis targeted at Dun & Bradstreet customers. It allows customers to create a central data repository where they can combine data from multiple sources, such as accounting systems, ERP systems, contract management systems, spreadsheets, etc., for the purpose of historical analysis, reporting and visualization.
We have done a lot of work with procurement teams specifically around spend analysis solutions. These solutions provide a single, consolidated view of a customer’s spend and their suppliers. Spend analysis helps to identify inefficiencies and pinpoint areas where spend can be optimized or reduced. It also improves negotiating position with suppliers by providing better visibility into supplier relationships. And of course, by integrating Dun & Bradstreet’s data, customers have the ability to improve underlying data quality while continuously tracking spend and performance of a customer’s supplier base.
Stytch has a unique integration capability with Dun &
Bradstreet. The combination of D&B data and the Stytch platform is
a powerful one. Companies need to have clean, trusted data on which to
base supplier decisions. Using Stytch in combination with D&B
data, companies can match their own internal data to the D-U-N-S
number - a unique business identification key - and then use the
D-U-N-S number as the basis to:
…all of which can be surfaced, blended and analyzed in Stytch. No other BI and analytics platform in the world is connected to Dun & Bradstreet’s data services in the way that Stytch is.
Let me highlight a great example of a Canadian healthcare organization we’ve been working with. This organization is a non-profit that centralizes hospital procurement in order to streamline operating costs and find efficiencies. They needed to aggregate over 65,000 supplier records across 12 different hospitals and were doing this data consolidation and analysis in Excel- a process that took them 6 months and 5 MBA students. They asked us to come in and automate this process. We helped them to combine and enhance vendor records, and rapidly conducted a spend analysis across all hospitals--in 2 days rather than 6 months. We were able to consolidate their spend and standardize ordering amongst vendors. Stytch helped them to understand operational trends and monitor organizational goals on a daily basis, rather than once every 6 months. Ultimately, Stytch helped to reduce costs and increase buying power through the negotiation of better contracts.
From a technological perspective, we did this by combining their spend and vendor data from all the hospitals, into a single, central view in Stytch. This was followed by matching and cleansing their data using D&B’s matching services to identify missing or duplicate data, appending their internal data with D&B data in order to group their spend by region and industry, and adding linkage and family tree data to better understand the significance of some of the vendor family relationships. We then built a series of dashboards that allowed them to analyze their overall spend as well as drill-down into specific vendor relationships and specific materials purchased so they could assess how well those materials were being utilized. We even provided a Data Quality dashboard that showed how the combination of Dun & Bradstreet data, the customer’s own data and the Stytch business intelligence platform allowed them to consolidate, cleanse and enrich that data.
We uncovered some interesting things for them in the process. We identified over 25,000 unique companies and their DUNS numbers - 5,000 of which had duplicate entries among more than 14,000 source records. We found that some surgeons were able to use fewer materials to conduct the exact same surgical procedures, and were able to use the data to investigate why. They had multiple suppliers for the same materials and were paying widely different prices with each supplier. We even uncovered some items that were categorized incorrectly which meant all previous reports had been incorrect. There were thousands of vendor records missing basic contact information and hundreds of inventory items were missing key classification details.
A combination of Stytch and D&B data allowed us to uncover the discrepancies and then work together to fix the underlying data quality issues before analysis.
To learn more about the Stytch platform, check out their website at www.stytch.com or follow them on LinkedIn (Stytch, Inc.) or Twitter @stytchhq. If you are not already a Dun & Bradstreet Customer you can contact their team directly. If you are an existing D&B customer, just contact your Dun & Bradstreet Relationship Manager and ask to get connected with the Stytch team!
Pauline Berry is a Data Research Specialist at Dun & Bradstreet Canada who is most likely rock climbing when she's not researching.
Diana Matynia is a Digital Marketing Specialist at Dun & Bradstreet; you can usually find her painting experimentally on the weekends.