LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement intelligence advisory firm, has announced the completion of their most recent whitepaper on the five best practices in spend analysis. Spend analysis is gaining popularity across industries owing to its ability to carry out a multifaceted review of an organization. It mainly focuses on cost reduction, operational changes, and enhancement of contractual negotiation to improve the organizations’ profitability. Additionally, spend analysis assists organizations in identifying essential opportunities to leverage buying power.
In today’s competitive business scenario, spend analysis helps businesses reduce procurement costs, improve operational performance, and improve relationships with stakeholders. It also helps organizations in understanding and tracking their spend patterns to achieve maximum benefits in the long run.
According to the procurement experts at SpendEdge, “The fundamental objective of spend analytics is to create transparency in spend patterns by aggregating and reporting actual spend on several key dimensions.”
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Best practices in spend analysis:
- Audit existing spend management capabilities – It is essential for organizations to conduct a review of their spend management infrastructure and competencies to gain better visibility into spending patterns.
- Increase the frequency of spend analysis – The dynamic business environment and sales fluctuations make it a necessity to enhance spend analysis capabilities.
- Adopt automation – Automation helps organizations in developing a repeatable process. It also enhances their overall efficiency.
- To read more, download this whitepaper
Download the complete whitepaper on the five best practices in spend analysis here:
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