Spend Analysis Technology - Key Aspects

Spend Analysis Technology

Spend analysis technology is a set of solutions developed to boost automation of the spend analysis process in a business organization. It can also be described as business software that offers a concise view of the total purchase spent in a company for different financial transactions. 

Spend analysis technology enhances operational accuracy and efficiency during important tasks like purchase data collection, classification, and analysis. The main motive behind integrating spend analysis technology with the existing tech stack is to ensure supplier compliance and reduce procurement expenses.

Compared with traditional spend analysis tools like ERP or Excel, spend analysis technology offers better functionality to streamline the data analysis process in the sourcing department.