Spend Analysis

Spend Analysis

:"Spend visibility" redirects here."

Spend analysis is the process of collecting, cleansing, classifying and analyzing expenditure data with the purpose of reducing procurement costs, improving efficiency and monitoring compliance. It can also be leveraged in other areas of business such as inventory management, budgeting and planning, and product development. Spend analysis can provide answers to such questions as:

* What was bought
* When was it bought
* With whom did we buy it
* How much did we pay for it

Spend analysis is often viewed as part of a larger domain known as spend management which incorporates spend analysis, commodity management and strategic sourcing.

According to the report "Market Overview 2008: Automated Spend Analysis" by Forrester Research, "Automated spend analysis software is an essential tool for chief purchasing officers (CPOs) at large, global, diversified enterprises, and it’s a useful tool for many others. Automated spend analysis helps CPOs and CFOs gain insight into what their company buys and from whom, and it helps them realize savings promised by past sourcing efforts. Approximately a dozen vendors offer these solutions, with a series of acquisitions concentrating them in the leading eSourcing vendors like Ariba, Emptoris, Inc., Global eProcure and BravoSolution or in specialists like Ketera Technologies or Zycus.""


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