BLOG

Spend Analysis Data and Intelligent Business Decisions

May 5, 2017

The impact of efficient spend analysis in influencing business strategies is something to which companies need to wake up to. It is not just limited to keeping a track of the organization’s expense pattern. Rather it has more to do with drawing meaningful insights and patterns in the data, to help build effective sourcing plans for companies.

Ways in which spend analysis data influences business strategies

 

  1. Enhancing processes

Proper synchronization of work flow and different processes not only makes the work environment seamless, but also plays an important role in cost-cutting. Right from consolidation of invoices, to having better procurement systems at place, spend analysis enables you to identify the loopholes in the system as well as zero-in on the best possible opportunities. This way, an accurate spend analysis data plays a rather critical role in enhancing the workplace processes, as well as generating better return on investment (ROI).

  1. Decrease in maverick spend and increase in savings

Maverick spend is a major pain point for many organizations. And somehow, despite having the best of the plans in place, these expenses seem to be just piling up. However, with the efficient use of spend analysis data, one can easily identify situations which do not have proper contract in place as well as differentiate between non-contracted vendors.

Similarly, with increased focus being given to better services at lesser costs, it has become rather tricky to have a foolproof plan on better savings strategy. The sharp data generated through spend analysis helps you identify prospects, which you did not even know existed.

  1. Better risk management and recovery of over payments

Often it has been noticed that organizations become over-dependent on a supplier. Though at the face of it, this whole scenario looks quite a natural process, the fact is that the organization suffers from this kind of over-dependency. Not only do you stop checking on better and more cost-effective options, but there are good chances of the organization running out of critical goods and services. Recovery of over payments is another major pain point for stakeholders. A through adherence to the spend analysis data helps not only in identification of better suppliers, but also decreases the incidence of over payments.

To know more about role of spend analysis data, best practices, best spend analytics tools, spend analysis software, and spend analysis process  in intelligent business decisions:

 

get in touch

 

 

Getting Down To Business

We are offering Free Trials to all our customers or prospects who have been impacted positively or negatively by Covid-19 and are looking to connect with prospect buyers immediately.

Contact us

Sourcing and Procurement Market Intelligence Services

Products and Tools

Featured

Services Overview

Category Market Intelligence

Supply Market Analysis

Low-Cost/Best-Cost Country Sourcing

Benchmarking

Spend Analysis

Cost Modeling and Should-Cost Analysis

Total Cost of Ownership (TCO) Analysis

Supplier Risk Analysis

Supply Chain Risk Assessment

Supplier Sustainability Assessment

Commodity Price Forecasting

Category Management

Supplier Negotiations

Contract Management

Procurement Store

Purchase Ready-to-use Reports

SEinsightsTM

Our Robust Procurement Platform

BizVibeTM

Suppliers and Buyers Marketplace

SUPPLY MARKET ANALYSIS FOR A METAL MANUFACTURING COMPANY HELPS ACHIEVE ANNUAL SAVINGS OF $15 MILLION

Industries

Industries Overview

Automotive and Tire

Banking, Financial Services and Insurance

Biotechnology, Pharmaceutical and Life Sciences

Chemicals

Energy

Food and Beverage

Industrial and Manufacturing

ICT, Media and Entertainment

Mining, Metals and Minerals

Retail and CPG

Transportation

INCREASING LOCAL PROCUREMENT BY 28% FOR A COMPANY IN THE METALS AND MINING INDUSTRY – A CASE STUDY BY SPENDEDGE

Resources

Featured

Resources Overview

COVID-19 Resources

Blogs

Case Studies

Whitepapers

Webinars

Press Releases and Media Mentions

5 KEY CORONAVIRUS RISK ASSESSMENT STRATEGIES TO OVERCOME HEALTHCARE SUPPLY CHAIN CHALLENGES

IDENTIFYING STRATEGIC PURCHASING PRACTICES FOR A COMPANY IN THE US FOOD SERVICE INDUSTRY | SPENDEDGE’S LATEST SUCCESS STORY

COVID-19

Featured

Overview

Buyers

Diagnostic Test Kit

Additional Resources
Contact

A LOOK INTO THE FUTURE OF THE FOOD AND BEVERAGE INDUSTRY AFTER THE COVID-19 PANDEMIC

Identifying the Top 100 Coronavirus (COVID-19) Test Kit Manufacturers Across Regions

Clients

Featured

Clients Overview

Who We Serve

Case Studies

SUPPLY CHAIN MANAGEMENT HELPS AN IMPORT AND EXPORT INDUSTRY CLIENT ENHANCE SUPPLY CHAIN VISIBILITY

REALIZING SAVINGS OF $15 MILLION IN PACKAGING SPEND FOR AN FMCG CLIENT – PACKAGING SOURCING STRATEGY

About Us

News

About SpendEdge
Why SpendEdge?
Vision, Mission and Values
Clients
Social Impact
Global Offices

Press Releases and Media Mentions

Upcoming Events & Webinars