Spend Analysis

Spend Analysis is a dynamic process involving the thorough review of procurement spend with the primary objectives of cost reduction, efficiency enhancement, and the improvement of supplier relationships. In the realm of procurement management, spend analytics entails the systematic collection, cleansing, classification, and analysis of spend information. This can be accomplished through specialized software or dedicated spend cube projects.

The core focus of spend analysis is to identify and understand the drivers behind expenditures, working strategically to minimize costs effectively. This proactive approach aims at enhancing overall business efficiency by pinpointing opportunities for cost reduction and implementing targeted improvements.

Learn more about Ivalua's Spend Analysis Solutions.