What is Spend Analysis?
In simple words, Spend Analysis is a process of categorizing the spend in the procurement life cycle by grouping, classifying, and analyzing direct/indirect materials across the organization. Spend Analysis helps in increased procurement efficiency, optimized supply chain costs and enhance vendor relationship.
Steps in Implementing Spend Analysis
The process of implementing Spend Analysis is classified into four core steps:
Achieving effective Spend Analysis is possible with accurate supply chain data and by performing the aforesaid activities to visualize spending patterns.
Benefits of having Accurate Spend Analysis
Talk to one of Spend Analysis specialists to understand what opportunities lies ahead in your supply chain and procurement lifecycle.