Spend Analytics/Analysis

The process of consolidating, cleansing and connecting organization-wide spend and supplier data, tackling complex spend categories, proactively mitigating supplier risks, effectively monitoring the performance of suppliers and providing greater visibility, and unlocking insights and opportunities. This information is critical to the strategic sourcing process. This process is also sometimes referred to as supplier classification. It can also be leveraged in other areas of supply chain management such as inventory management, budgeting, planning and product development.