Looking to reduce costs? That means you need an understanding of your company's spend profile.

Conducting a Spend Analysis is your first step on the path to cost reduction and category management. In addition to supporting your cost reduction goals, analyzing your company's spend history and profile has a number of other benefits. A spend analysis can also reveal hidden risks such as a lack of supplier diversity, opportunities for process improvement such as centralizing spend data, and improving relationships with suppliers that are key to your product or service.

What does the spend analysis process look like? Check out our Spend Analysis 101 infographic for a quick how-to guide for assessing your company's spend profile.

Looking for more support conducting your spend analysis? Our spend management experts can help! Source One's spend analysis as a service and web platform, www.SpendConsultant.com, means you can get the spend visibility you need to launch your cost reduction initiatives quickly and easily without the hassle of conducting a manual spend analysis. And, with the web tool, simply log in to view your spend data and see your cost reduction opportunities along with category specific strategic sourcing advice and tips!

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