SPEND ANALYSIS

Gain insight into your spending to optimize your organization’s purchasing power.

Procurement cost analysis is the practice of carefully analyzing an organization’s current and historical costs from a procurement perspective. A comprehensive cost analysis strategy helps to identify savings opportunities in advance, manage negotiation strategies and risks.

Gaining visibility into all your costs is difficult, and most organizations do not have a clear or accurate view of the overall spend profile. Examining procurement history data through procurement cost analysis can help answer a number of questions about an organization’s costs.

Implementing a Spend Analysis solution is an important first step in providing procurement teams with the data and insights they need to identify cost savings opportunities, understand purchasing patterns, manage risk, and increase overall value to the organization. This is a key success factor for strategic procurement and category management in procurement. Analysis of procurement costs is carried out by collecting, classifying and analyzing cost data using a
special module.