When
launching a strategic sourcing initiative, knowing where to start can seem like
a labyrinth. However, an effective spend analysis can provide the compass
needed to guide not only your company’s spend reduction activities, but a whole
host of other improvement opportunities as well.
A
quality spend analysis goes beyond
identifying savings opportunities but also:
- Consolidates, cleanses, and classifies spend data across departments, systems, and locations. The structured data creates a repeatable process so you can better monitor change and conduct audits to ensure you’re getting the value you expect.
- Identifies both quantitative and qualitative requirements associated with a spend category. Understanding the quantity and quality of your current suppliers can help you recognize areas of opportunity where your organization’s needs are / are not met.
Students walked away with new insights on:
- How to use different data visualization techniques to communicate the findings to different audiences
- Techniques for managing disparate, decentralized data sets
- The various stakeholders and levels of accountability in completing a spend analysis
- The role of spend analysis not only within a strategic sourcing initiative but as a barometer for financial performance
- How to transform the data into actionable requirements
Based on the success of this
event, LaSalle has invited Ulrich and Source One back for the fall semester.
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