How to Conduct a Spend Analysis in 7 Steps
A comprehensive checklist
Never before has preserving cash been a higher priority for companies around the globe. CEOs are mandating every area of the enterprise take a good hard look at company spend — analyzing their department’s balance sheet to identify key areas of cost reduction.
Spend analysis is one aspect of spend management that can have a profound effect on identifying areas of cost reduction. It is the act of assessing the who, what, when, where, why, and how of an organization’s buying behavior. It provides critical visibility into an organization’s procurement spending, which in turn helps to manage risk, monitor contract compliance, and leverage buying power.
This checklist will help you to:
- Identify which spend sources are most important in your analysis
- Understand what it means to cleanse data to get the most reliable results
- Group spend data into categories so you know where your money is being spent
- Analyze data to fine-tune performance
Download the free spend analytics checklist now!