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Spend analysis can help you get an accurate view of your organization’s spending, your suppliers, and opportunities for improving your sourcing and procurement activities. There are a number of solutions available to help you collect, cleanse and classify your spend data, but most fall short of actually helping you analyze your business and make more informed decisions about your spending.
Arming yourself with clean and accurate data on your suppliers, costs, risks and other important criteria is absolutely crucial as a first step in understanding where to focus your sourcing efforts, but additional analysis of your organization’s goals, market conditions, and spending patterns can help you develop a sourcing roadmap that generates the greatest results.