Spend Analytics in layman terms is knowing your procurement spend – What, How Much, When, How Frequent, From Where and at what price we are procuring.
In technical terms its collecting, cleansing and making the data workable to take decision in optimising the process of the working.Spend analysis is the process of reviewing procurement spend to optimise costs, increase efficiency or improve supplier management.
The process of spend analysis involves pulling previous purchase data to analyse and assess the who, what, when, where, why, and frequency of an organization’s spending.
The Spend analysis process is not just limited to the Purchase order levels but also captures data like planned v/s. actual lead-time, Delivery performance of suppliers, Quality performance of suppliers, frequencies of deliveries and purchase orders placed in short its the complete value stream mapping of the procurement function.
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