Tag procurementanalytics

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What are the benefits of a spend analytics tool?

Many companies spend money to ensure their customers receive the best quality product or service. The hidden costs are often overlooked. Spend analytics tools measure how much money companies spend on procuring products and services.

Some companies are already (or are planning to) invest in a spend analytics tool in order to manage their spend, but due to a lack of knowledge, many are realising the true value of spend analytics.

Here are some of the benefits to help you understand what spend analytics can bring to your organisation.

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4 Ways Procurement Analytics Identifies Savings Opportunities

Analysing your company’s spend structure is often the first step towards building a data-driven procurement organisation. The challenge for companies that have jumped on the analytics bandwagon is translating analytics into fact-based actions that enable procurement savings. In this article, we’ll discuss some promising cost-reduction strategies enabled by analytics that can help grow your procurement savings exponentially.

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