closed loop spend analysis
DESCRIPTION
A Catalyst for TransformationTRANSCRIPT
New report by BravoSolution
A More Holistic Approach to Spend Analysis • Spend analysis is too often a once-a-year activity – Only providing
a snapshot of current spending totals with major suppliers.
• Closed-loop spend analysis uncovers frequent and urgent benefits: • Better decision making with the most up-to-date facts• Improved procurement execution and realized savings • The ability to quantify progress at every stage in the
procurement life cycle
• Spend analysis can be the cornerstone to ongoing procurement transformation and continuous improvement.
Spend Analysis Shortcomings • Limited Data Sets – Traditional spend analysis only depends on
accounts payable, invoicing and purchase order detail.
• Process Inconsistency – Data is refreshed infrequently; users aren’t confident of the quality or results.
• Inflexible analytics – inhibits deep dives into specific categories like quality or risk
More Data, Bigger Impact• In addition to a focus on timely data, closed-looped spend analysis
extends the collection of data to include:• Supplier performance data• Procurement plans & forecasts• Commodity tracking
Extends the value proposition
• Strategic planning• SPM• Risk improvement
Widens user base
• Within procurement
• Outside – finance, marketing, logistics
Repeats waves of success
• Beyond the original opportunities identified
Three Benefits for Procurement
Increased Frequency, On Demand Results
More Frequent Data
Robust compliance
More effective supplier monitoring
Most timely reporting of savings achieved
Improved spend analysis accuracy and
quality
Closed-Loop Spend Analysis: Catalyst for Transformation
Download the full report, free of charge, at BravoSolution.com.
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