Spend Analysis & Opportunity Assessment
What is spend analysis?
Spend analysis is a strategy through which spend data is gathered, cleansed, grouped, categorized and analyzed. The main objective of this is to reduce procurement costs and improve efficiencies by increasing visibility and transparency.
This is a vital first step towards controlling the whole procurement process and creating your holistic procurement plan.
It will allow you to get fundamental insight to spend data, and provide value-for-money, increased leverage, and various opportunities to boost procurement results.
This service determines:
Where is your money being spent?
What are further cost reductions practices?
Our Process Steps
We can make procurement practices to reduce costs, with minimal disruption and fast process time. We connect and enhance data to unlock new savings opportunities and follow your performance regularly.
- We gather data related to procurement and we conduct brief interviews with procurement staff and stakeholders.
- We filter the extracted data to classify suppliers and create an accurate taxonomy. We analyze your business spending and your suppliers so you can understand your supply database.
- Verification of classification with key stakeholders to ensure complete accuracy.
- You will receive an accurate, by category or supplier analysis of your current position along with assessments of all available future cost-saving opportunities.
- We track and assess procurement performance and progress
Why this service?
We understand that our clients are busy with the day-to-day core functions of their companies, yet Spend Analysis & Opportunity Assessment can:
- Save time and allow clients to focus on the added value activities.
- Greatly increase spend visibility and helping clients to identify future cost-saving opportunities easily and continually.
- Leverage benchmark databases to add insight to spend data.
- Provide a unified location to determine all spend across your organization, combining different data sources, business units, geographies etc.
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