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Spend Matters, March 2012

Closed-Loop Spend Analysis: A Missed Opportunity for Many Organizations

Spend analysis -- in its most basic form -- is a common practice used throughout the procurement world. It provides immense visibility into enterprise-wide spend, answering crucial questions like:

 

  • How much am I spending?
  • Who am I spending it with?
  • In which categories do I spend the most?
  • Where are my opportunities for saving and spending more money?
  • Can I achieve better terms of service?

As economic volatility dominates, there's never been a more important time for spend analysis. Management demands that the procurement team know which levers to pull on supplier costs, where additional savings and efficiencies can be achieved, and how the organization can continue to deliver quality products and services at margins that support growth and profitability.

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