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Spend Analysis: Lessons from the Best-in-Class

New research from the Aberdeen Group underscores the criticality of spend analysis to overall spend management. The findings also show, however, that many companies struggle with putting together an effective spend analysis program. The insight and guidelines offered here can help any company advance up the competency ladder toward Best-in-Class—regardless of the starting point.

By ·

New research from the Aberdeen Group underscores the criticality of spend analysis to overall spend management. The findings also show, however, that many companies struggle with putting together an effective spend analysis program. The insight and guidelines offered here can help any company advance up the competency ladder toward
Best-in-Class—regardless of the starting point.

Companies today continue to struggle to obtain a 360-degree view of spend data. Those that can distinguish themselves as Best-in-Class organizations—top-performing
enterprises measured on a series of distinct key performance indicators—not only extract, cleanse, classify, and analyze their spend data from multiple sources, but also leverage spend analysis as a predictive measure to improve spend compliance and reduce supplier risk through market and supplier data. The Aberdeen Group recently concluded an in-depth report examining the crucial set of processes that encompass spend analysis by exploring the pressures, strategic actions, and capabilities of 132 organizations surveyed globally.

Our research found that spend analysis, when performed correctly, provides the capability to increase visibility into spending, promote insightful sourcing decisions, and identify cost savings opportunities. However, the success of any supply management program is largely dependent upon the ability to properly access, organize, and analyze spend data.

This requires a unique combination of process and technology to get spend analysis done right. This article presents highlights of our research, focusing in particular on the key attributes of a successful spend analysis program and the characteristics displayed by Best-in-Class companies. The article then lays out the steps necessary to continually improve the spend analysis process at your organization— regardless of your current maturity level.

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By ·
Download Article PDF

New research from the Aberdeen Group underscores the criticality of spend analysis to overall spend management. The findings also show, however, that many companies struggle with putting together an effective spend analysis program. The insight and guidelines offered here can help any company advance up the competency ladder toward
Best-in-Class—regardless of the starting point.

Companies today continue to struggle to obtain a 360-degree view of spend data. Those that can distinguish themselves as Best-in-Class organizations—top-performing
enterprises measured on a series of distinct key performance indicators—not only extract, cleanse, classify, and analyze their spend data from multiple sources, but also leverage spend analysis as a predictive measure to improve spend compliance and reduce supplier risk through market and supplier data. The Aberdeen Group recently concluded an in-depth report examining the crucial set of processes that encompass spend analysis by exploring the pressures, strategic actions, and capabilities of 132 organizations surveyed globally.

Our research found that spend analysis, when performed correctly, provides the capability to increase visibility into spending, promote insightful sourcing decisions, and identify cost savings opportunities. However, the success of any supply management program is largely dependent upon the ability to properly access, organize, and analyze spend data.

This requires a unique combination of process and technology to get spend analysis done right. This article presents highlights of our research, focusing in particular on the key attributes of a successful spend analysis program and the characteristics displayed by Best-in-Class companies. The article then lays out the steps necessary to continually improve the spend analysis process at your organization— regardless of your current maturity level.

SUBSCRIBERS: Click here to download PDF of the full article.

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Third Party Risk: Too Close for Comfort
You’ve got a handle on many of the potential supply chain "disrupters" that can paralyze your business. But the real risk is embedded in areas you may have overlooked.
Download Today!
From the December 2017
This is a comprehensive guide to services, products and educational opportunities targeted specifically to supply chain professionals. As with years past, we’re also featuring several articles we trust will offer food for thought in your supply chain throughout the coming year.
Transportation Trends: The last mile, history repeating
Economic Outlook: A Complex and Uneven Scenario for Global Supply Chains
View More From this Issue
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