The introduction of big data analytics and spend visibility have contributed immensely to the increased priority of procurement from low to high. The abundance of information and a clear spend visibility has enabled procurement professionals to make strategic business decisions, leading to improvement in procurement processes and a constant update of the organizational supply chain.
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SpendEdge helps companies of all sizes achieve procurement excellence. (Graphic: Business Wire)
In their recent analysis, procurement market intelligence firm SpendEdge examined the advantages and challenges of spend analysis in a blog titled 'Why is Spend Visibility Important?
SpendEdge observed that organizations often suffer losses due to the misallocation of funds, which happens because of incorrect data and unclear spend visibility. The adoption of spend analysis has helped organizations to gain true spend visibility across geographies and different silos, thereby identifying and evaluating expenses throughout the supply chain.
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Understanding the Importance of Spend Visibility
Organizations need to have a clear picture of where exactly they are investing their funds but many organizations tend not to invest time behind spend analysis activities. "Managing indirect spend categories is an opportunity to create significant savings, however, it is viewed as a challenge that cannot be conquered," said SpendEdge.
To overcome these challenges, organizations can team up with procurement intelligence firms and gain insights on total spend, the best deals and prices offered by suppliers, and plan/maintain optimum levels of inventory. By focusing on these areas, organizations can facilitate cost reductions which will create a positive impact on the organizations balance sheet.
Read more: https://www.spendedge.com/blogs/spend-visibility-important
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