Spend Analysis In Procurement Made Effective

All you need to know for achieving more Spend-under-Management, getting greater savings, and mitigating Maverick Spend in the right way.


What Is Spend Analysis In Procurement?

While it’s often regarded as the core element of sourcing, Spend Analysis is usually employed by procurement organizations to proactively identify potential sources of greater savings, effectively manage Supply Chain risks, and therefore improve the overall income-generating potential of the business. By definition, Spend Analysis is intended to provide invaluable data driving performance improvement, contract compliance, and cost reduction.

It’s time to get prepared and take control over your Procurement Spend Under Management. Looking for the right innovative Spend Analysis solution? Then you’re in the right place, as below our team is going to share our best practical knowledge combined with top performing software technologies to give you a quick and reliable progress exactly where your company’s needs are urging for that. Below comes a little groundwork to help you instantly get more Spend Under Management, in line with understanding the “spend cube” approach to reduce costs and eliminate Maverick Spend at its best. But before we go any further, just ask yourself these 3 simple questions — and Nectain will show you the way to find exactly what’s needed in your organization.

Are you facing the lack of Spend Visibility?

Time to put this to the end and stop struggling with no clear visibility on spend. Simply because nobody can possibly manage what cannot be actually measured. But you’re not alone, as even skilled teams are often facing the same challenges across diverse business units and multiple ERPs. Meaning… When there’s absolutely no clue where to find relevant Spend Data, or how to get better visibility into corporate spend so that you can finally get started with the initial Spend Analysis — taking a deep dive into the very basics becomes a MUST. Don’t miss out to master Spend Analysis on the basic level, from data sources and benchmark parameters to getting started in just 6 simple steps:

SPEND ANALYSIS BASICS: 6-Step Guide To Elementary (2-3 minutes reading)

Can you rely on the Numbers?

There is no CPO or procurement team leader who can possess a good decision-making performance when dealing solely with Big Data and nothing else. The reality is, however, when taking crucial decisions often appears hampered with monthly old data or, for example, mind-boggling pivot tables in Excel. Need to get all that huge bulk of data streamlined and fully automated to make a really effective Spend Analysis?? Then you should necessarily go for “4 Tips To Effective Spend Analysis In Procurement”

4 TIPS TO EFFECTIVE SPEND ANALYSIS (3-4 minutes reading)

Need better Savings Opportunities?

While analytical dashboards may overflow with handy tables and nice looking graphs, are they really helpful for you to take on better decision-making? Then, let’s face it — perhaps you need more quality insights, rather than just a greater amount of data. And here is a smarter solution that would help CPOs and procurement leaders who want to prospect more savings opportunities. Nectain has it all available with the latest E-Budgeting tool. Also, don’t forget to browse through “5 Benefits Of Advanced Spend Analysis”


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