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All spend analysis processes and solutions are not the same. The truth of the matter is that there are many variables beyond the core technology that should be considered before commencing a spend analysis “journey.” When coupled with the right technology, category, process, and supply market expertise, it can reveal key insights and facilitate better business decisions that the technology alone may not yield. With many departure points and even more paths to follow, procurement teams today need the right “guide” to properly prepare them for their trip but also work to ensure they reach their destination.
Ardent Partners’ Research has shown that visibility into enterprise spend is the foundation of procurement excellence. To be strategic, CPOs and procurement departments ought to develop a standardized approach to spend analysis that is scalable and repeatable.