Spend Analytics Importance
What is : The process of aggregating, classifying , and leveraging spend data for the purpose of reducing costs, improving operational performance and ensuring compliance
Importance:
1. Spend data is critical for hard $ saving opportunities and developing sourcing, budgeting & planning strategies
2. Drives purchasing compliance with negotiated contracts & identifies missed opportunities
3. Supports data driven communications to campus leadership, stakeholders, team members and suppliers
4. Firms require do regulatory filings especially on certain spend categories
5. Pressures to extend value of existing sourcing, procurement and ERP technology investments