Much like Major League Baseball organizations use sabermetrics to analyze and project talent, your organization can use spend analytics to assess not just how much money you spend but also the value you get from it. Does the cash leaving align with the goals and processes put forth by your company's stakeholders? Do you have a comprehensive idea of where that money is going and whether it actually supports those goals and processes? Furthermore, does that knowledge inform and refine those goals?
Smart Spend Compliance: Using Spend Analytics to Reduce the Cost and Risk of Non-Complaince, by Pierre Mitchell, chief research officer at Spend Matters, is now available for complimentary download. Get the tips and strategies you need to get to a place where the answer to all the aforementioned questions is "Yes."