LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their free downloadable article on tail spend management. The article offers a comprehensive overview of why companies of today need to manage their tail spend. The article also highlights the tail spend management challenges that companies face and the best practices that can help companies to successfully address those challenges.
Every year, companies make millions of purchases that are too small to be tracked by their procurement department. This makes it difficult for companies to reduce the excess spend and devise effective procurement policies. However, tail spend management can enable companies to reduce their maverick spend by standardizing processes across business units. Download this free resource to know how companies can efficiently manage their tail spend and reduce the cost of procurement functions.
Improving tail spend management requires an accurate analysis of supplier data and purchases Request a free demo to know how our experts can help you visualize data in real-time.
Best Practices to Improve Tail Spend Management
Conduct Spend Analysis
Companies need to conduct spend analysis to identify the cost reduction opportunities that they can achieve from their tail end suppliers. It provides detailed insights into the company's spend on suppliers and improves visibility into contract compliance. Companies can also perform spend analysis by collecting supplier data from different resources within the company and properly analyzing it.
To know how companies can successfully reap the benefits of tail spend management, download the complete article here.
Consolidate Supplier Base
Collecting supplier data helps companies to analyze the performance of suppliers and understand their relevance for the company. This enables companies to remove non-compliant suppliers from the supply chain and transfer the spend to suppliers who have proven their efficiency.
Companies can increase process efficiency and improve ROI by increasing spend under management. Request a free proposal to access our complete portfolio of tail spend management solutions.
Consolidating suppliers decreases the number of suppliers, providing monetary benefits to companies. It also helps companies to streamline their processes and address issues in the procure to pay process and supply chain. However, companies can lose track of their suppliers over time, creating the need for regular evaluation of suppliers.
Get in touch with our analysts to know how companies can improve tail spend management process and identify cost reduction opportunities.
SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions.
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