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A spend analysis is perhaps the most versatile analysis in all of procurement. Yet there are still people questioning if it is worth the investment in time and money. So in this post we explore the six most common benefits of a spend analysis: better performance through prioritisation, better performance by leveraging economy of skill and scale, following up on realised savings, ensuring compliance, better forecasting and budgeting and estimating environmental impact
There are only a few established podcasts about procurement. So we were delighted when we were given the opportunity to participate in the Art of Procurement’s start up series. In the episode we talk about how we are trying to democratise advanced analytics and how Spendency is different from other analytics solutions available.
Although all leading procurement organisation works with spend analysis sometimes you hear people question why a spend analysis is even required to get a holistic view of an organisation’s expenditures. Here is why.
Even though spend analysis as a concept has been around since the birth of strategic sourcing in the mid 1980s, the general knowledge of the topic remains low. Many understand the big picture -spend has to do with the classification of expenditures, but fail to see the finer details…