Business Case for Spend Analytics

ROI, Today: Making the Near-Term Business Case for Spend Analytics

Most varieties of procurement software deliver some form of return on investment. Whether it’s an e-procurement system that consolidates process costs or a sourcing tool that optimizes supplier selection, successful vendors can always point to clear ways their solutions deliver value, both immediately and in the future. When it comes to spend analytics, however, demonstrating […]

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Spend Analytics

What is the importance of Spend Analytics

Spend analytics can deliver big benefits to any corporate organization. Spend analytics can help in gaining the visibility to the spend data. It can help to dive deep and track the metrics of procurement performance to provide some actionable insights that can help to identify the opportunities for the process of consolidation to the spends. […]

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Spend Analytics

Why is Spend Analytics important?

Spend Analytics California State University has created a program on Spend Analytics and implemented it, presenting a clear sight to campuses and Chancellor’s Office to bring more savings. The California State University (CSU) previously identified billions of spend in 2011 yet was unable to analyze the reasons behind it. Back in history: CSU used guesswork […]

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Spend Analysis

What is Spend Analysis?

Spend analysis is the process based on the organization of the spend data with goal of improving the efficiency and reducing the costs. The steps included in the process are : Identifying Gathering Cleansing Grouping Categorizing Analyzing Real-time data is used to ensure the accuracy of the report of the analysis generated. Spend management controls […]

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Savings Management

Savings Management: Methods to save more

A group of activities that come under the forecasting savings in procurement are related to the savings management. There can be savings mapping to budget, strategic sourcing plans and the tracking of the savings realization (the savings that actually happen after following a particular procedure).  The saving projects and the realized savings are mentioned and […]

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