Spend Analysis: Meaning and Importance
Spend analysis is the process of collecting, cleansing, gathering, and analyzing procurement expenditure data of goods and services in an organization.
The benefits of spend analysis in procurement include cost saving, enhancing operational efficiency, improving compliance, and mitigating risks.
Internal sources of spend analysis data include procurement software, ERP system, Expense management system, and accounting system. External sources of spend analysis data include industry benchmarks.
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