There are many benefits to conducting a proper spend analysis.  Understanding the details of your spend profile is essential to planning and executing an effective strategic sourcing initiative. Completed with the appropriate attention to detail, a spend analysis provides the foundation for any successful cost savings project.

Done incorrectly, however, and a spend analysis can cause innumerable headaches. Going to market with inaccurate data can lead you to miss out on savings and delay the process to the point of creating "lost opportunity" costs.

Here are a few common traps that even the experienced procurement professional might find themselves falling into.

Obtaining an accurate picture of your purchasing habits is essential for both reducing costs and carrying out strategic initiatives.  For 25 years, Source One has helped its clients save billions thanks to our thorough spend analysis services.  Our unique solution, Spend Consultant requires little input from your team, but provides a comprehensive, individualized, and actionable plan to achieve savings and more easily manage spend categories. 

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