Sourcing strategy, category expertise and procurement execution are all critical components of a highly effective supplier management program. However, the success of such a program is also heavily dependent upon your ability to access, organize, and analyze spend data. Spend analysis offers invaluable insights into spending patterns, contract compliance and supplier performance. Such an insight is critical for identifying hard-dollar savings opportunities and improving sourcing strategies.
The Spend Analysis process consists of four key steps...
 

Procurement has the dubious distinction of being at the center of all enterprise activity yet, at the same time being on the fringes. Unless you are a procurement outsourcing service provider, there are very few exceptions where procurement is considered the single most important core competence of an organization. And yet the very essence of any enterprise is buying and selling goods or services. Sales is obviously considered to be a top function in most organizations. Why wouldn't the corresponding procurement function be regarded similarly? Fortunately, 89% of our respondents indicated that the procurement function has grown more strategic over the last three years.