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Why should finance leaders pay attention to spend analytics? Organizations with better spend analysis strategies typically have more mature procurement processes and robust supplier relationships, according to benchmarking firm APQC. A spend analysis program can provide valuable visibility into an organization’s procurement spending, which in turn allows the organization to consolidate both its suppliers and its spending. In addition to cost reductions, spend analysis can improve cycle times, process efficiency, and staff productivity. This white paper will examine some of the challenges of implementing spend analysis tools, the immediate and more forward-looking benefits, and best practices for achieving ROI. |
