What is spend analysis
Spend analysis involves collecting, cleaning, grouping, categorizing, and analyzing spend data.
The primary goal is to minimize procurement costs and enhance efficiencies by enhancing
visibility and transparency.
This is a very important approach in managing the entire procurement process and formulating a
comprehensive procurement plan. It provides essential insights into spending data, offering
value-for-money, heightened leverage, and diverse opportunities to enhance procurement outcomes.
This service determines where your money is spent, enabling you to recognize practices for cost
optimization.
Our Process
We offer to implement procurement practices for cost reduction with minimal disruption and swift processing times. By connecting and optimizing data, we uncover new opportunities for savings and consistently monitor your performance.
- 1. We collect data pertaining to procurement and conduct concise interviews with procurement staff and stakeholders.
- 2. We refine the extracted data to categorize suppliers and establish a precise taxonomy. We analyze your business expenditures and supplier information, enabling you to comprehend your supply database
- 3. Review the classification with key stakeholders to ensure the accuracy of data collected and analyzed.
- 4. You will obtain a precise analysis of your current position, categorized by either category or supplier, accompanied by evaluations of all potential future cost-saving opportunities.
- 5. Finally, we monitor and evaluate the performance and advancement of procurement.
How it benefits you
We recognize that our clients are engaged in the daily core operations of their businesses, yet Spend Analysis & Opportunity Assessment will offer you the following:
- ✓ Save time and enable clients to focus on the core business.
- ✓ Significantly enhance spend visibility, assisting clients in effortlessly and consistently identifying future cost-saving opportunities
- ✓ Utilize benchmark databases to enhance the understanding of spend data.
- ✓ Offer a centralized platform for assessing all expenditures throughout your organization, merging diverse data sources, business units, geographies, etc.
Get in touch
Let’s get talking. First we need a little info. Only takes a second and we’re on it.