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Spend Analysis Pro Tip #10 – Take Action

Taking a deep dive into spend can easily lead to paralysis by analysis. Even the best, most thorough spend analysis, however, doesn’t provide any value if your team fails to reach an actionable conclusion.

Bogged down by inefficient processes, poor stakeholder relationships, and needlessly granular data, many spend analysis drag on for far too long without producing results. By the time these analyses are ‘finished,’ techniques have grown outdated, leadership has frown disinterested, and savings opportunities have come and gone.

To make matters worse, an ineffectual spend analysis could lead management to resist the process in the future. That means your spend data will only grow more more mysterious and unmanageable as time goes on.