Spend Analytics

Understanding where budget funds are being spent is the foundation for effective management of third party purchase expense. Detailed and thorough analysis of aggregate spend across the organization often uncovers otherwise unknown opportunities for improvement.

Looking across your entire organization for areas of fragmented or redundant spending, or simply identifying spend that is not in compliance with company policy, can often lead to fast and easy cost reductions.

Typical business challenges surrounding spend analysis include:

  • Ability to leverage total spend effectively; large tail spend 
  • Buying the same goods/services at varying price points across different locations
  • Spend data spread across multiple systems, unable to easily report in aggregate
  • Moving beyond business unit focus to understand largest spend categories and supplier share of total spend across the enterprise

The Creovia Group can assist with spend analysis services through:

  • Spend aggregation and categorization summary
  • Identification of largest spend reduction opportunities to support sourcing activities
  • Spend database development