Spend Analysis

From Suppliers Manual

Spend analysis is the process in which expenditure data is collected and analysed to improve visibility. This can reduce costs by seeing exactly when and where money is being spent and how a business can be more cost effective. Spend analysis can be used to create budgets and plan where money should be spent. Profitability is the main aim for most businesses. Benefits of analysing spend include; reducing enterprise spend through procurement visibility, making informed decisions based on facts, finding new areas of savings that were previously unrecognised and being able to establish where current savings are being made. Other areas to look for in existing spend data are invoice duplications and overcharges, both of which could be spotted at a glance. http://en.wikipedia.org/wiki/Spend_analysis

Spend analysis software can be beneficial to Chief Procurement Officers, global business and also smaller business to help visualise exactly what money is spent when, where and to whom. While this software is not generally cheap, the benefits of using a spend analysis tool can provide a really strong return on investment. http://www.techrepublic.com/article/making-the-case-for-spend-analytics/5031713

The In-tend Dashboard is an intelligent procurement solution that allows users to monitor key departmental information in real-time, from senior management down to the performance of teams and individuals. It condenses a huge amount of information into intuitive graphical formats that gives users the big picture, enabling managers to make informed critical decisions at the right time. For more information on this new procurement solution visit www.in-tend.co.uk/dashboard or call 01709331077.