Procurement professionals rely on spend analysis to identify the suppliers that receive the most procurement dollars and to think strategically about whether the organization is receiving the best value from its purchases. Traditionally, spend analysis has involved some time-intensive data management challenges such as data cleansing. But automation can now streamline this effort so that procurement professionals have accurate, up-to-date analysis.
From APQC’s Sourcing and Procurement Blueprint for Success, this article details the importance of automating spend analysis and data cleansing for procurement. These findings are supported by APQC’s Open Standards Benchmarking results and real-world examples from top performers.