What Supports Accurate Spend Analysis

Supply chain organizations are always looking for greater visibility into spending. Spend analysis enables procurement professionals to identify the value of spending with key suppliers. It also allows staff to consider whether the organization receives the best value for its purchases. 

APQC recently used its 2024 Supply Chain Priorities and Challenges research and data from its Open Standards Benchmarking in Procurement to identify how organizations are conducting and improving their spend analysis. The data shows many organizations are embracing the idea of automation for spend analysis tasks. However, they must ensure that they have set a firm foundation for the use of automation through standardization, governance, and data management.

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