Spend Analysis: The Foundation of Strategic Cost Management

A slow economy with still-declining sales has spurred many businesses to find additional ways to manage both internal and external costs. While cost management can span all areas of the enterprise, price pressures from customers are causing many manufacturers to put greater pressure on their suppliers to reduce the prices charged for raw materials and other product-related supplies and services. What more companies need to embrace is the practice of strategic cost management, which extends beyond supplier price analysis and cut-backs to include the measurement and management of all tactical processes that support cost reduction efforts.

This white paper discusses:
  • Why it's important to understand spend data from internal and external sources;
  • How to begin a spend management initiative;
  • The importance of measuring and assessing supplier trends as it relates to the success of a spend management strategy;
  • Traditional roadblocks to spend management;
  • The insightful benefits of "unlimited" spend analytics.

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