10 Tips to Get the Most from Your Spend Analysis Solution
A White Paper on Spend Analytics Best Practices
Now more than ever, preserving cash is a top priority for COOs. This means procurement leaders must find strategies for consolidating and cutting non-essential spend without impacting current needs.
A big challenge facing many organizations today is the lack of credible spend information from which to improve purchasing and sourcing decisions. While procurement leaders recognize the need to have complete and reliable data, many are not following best practices when it comes to analyzing their spend and supplier data.
Additionally, while most acknowledge that technology is a key component in the spend analysis process, many find deploying a digital solution too challenging and time consuming to implement—so they stick with tried and true methods they’ve used for years.
Our white paper, 10 Tips to Get the Most from Your Spend Analysis Solution contains insights from practitioners who have implemented a spend analysis plan and technology solution in their organizations. This paper includes insights from organizations in diverse industries to provide a collection of key success factors. Learning from the trials of others will help shape your own spend analysis approach so that you’re able to reach your goals.
This white paper focuses on practical approaches from a practitioner’s point of view to provide actionable advice that you can use immediately to improve your spend analysis activity.
In this white paper you will learn how to:
- Transform your data into actionable insights to make better business decisions
- Collect all spend and supplier-related data from every source for more inclusive analysis
- Evaluate spend management systems to ensure a spend classification that make sense for your business
- Use spend analysis as a true enterprise-wide solution that drives value to other areas of your business
- Tap into more opportunities by digging deeper into spend data across a wider range of sourcing and savings programs
Research shows that spend analysis produces large savings and ROI. This white paper will give you quick-win opportunities to gain momentum and intelligence around spend management.