How To Make Spend Analysis Do More: Your 4-Step To-Do List

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I always love doing spend analysis webinars. When I first started at Spend Matters in 2010, spend analysis was in its infancy — as in, “hmm, we really might want to start looking at what people buy, and when, and see if we can do maybe do something about what we find out.” It’s a pleasure to sit down with our own internal procurement futurist, Pierre Mitchell, and industry leaders like GEP, to hear about the new (and fascinating) ways procurement people are using their data, as we did in a recent webinar, The Secret Life of Spend Analysis: What’s Hidden in Your Data that You Never Thought to Look For. I highly recommend watching the entire event, but just in case you happen to be a busy procurement person who has 15 minutes vs. the full hour, we’ve pulled out some of the highlights for you!

(1:28) Don’t spend less, spend better - how do you spend better and get your suppliers and stakeholders involved? There are a lot of ways to use analytics!

(6:18) How to get real-time visibility of spend by category, by cost center - only about 52% of spend is classified here. There are challenges!

(13:40) Where to begin - your four-step spend analysis process (special “funny/wrong categorization” highlights at 15:26!)

(22:50) Real-life examples from GEP customers of achieved value & savings

(27:46) How to use spend analysis data as a means to measure project impact

(34:42) Where contract data and spend data meet - and why this is so important!

(37:13) Where will spend analysis go next??

(39:58) Panelist/Audience Q&A

Again, don’t miss The Secret Life of Spend Analysis: What’s Hidden in Your Data that You Never Thought to Look For. And if you have any further (or more specific) questions, don’t hesitate to reach out to Pierre, Paul, or Ed directly. They have many more success stories (and war stories) to share.

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