how is time spending analysis done
Answers
Answer:
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Explanation:
Spend analysis is the process of collecting spend data from all purchasing sources and systems, cleansing the data, categorizing the data and analyzing it for the purpose of understanding spending trends and identifying saving opportunities.
Explanation:
Spend analysis is the process of collecting spend data from all purchasing sources and systems, cleansing the data, categorizing the data and analyzing it for the purpose of understanding spending trends and identifying saving opportunities. The data included in the spend analysis might include purchasing data, payment data, credit card data and P-card spend data. Procurement/ strategic sourcing professionals are generally responsible for conducting spend analysis in the organization. The information is not only useful for sourcing professionals but also for management and budget owners.
If you have ever performed spend analysis, you might agree that this could be a daunting task, if you don’t have the right tools and technologies in place.
Most of the spend analysis tools have basic features which can help with your spend analysis effort. If you don’t have these tools in place, don’t worry we will cover how to conduct spend analysis without those tools too. But first, let’s cover the basics of spend analysis.
1. Benefits of Spend Analysis
Before we get into how to conduct spend analysis, let’s look at some of the benefits of spend analysis and its common use cases.
There are many benefits of spend analysis, As per APQC (American Productivity & Quality Center) – Best in class companies who have implemented spend analysis programs have lowered their cost of procurement because of cycle time reduction.
Benefits of Spend Analysis APQC
It is important that you define the use cases upfront within your team and with senior management so that a clear data and information structure can be defined upfront.
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