Rest assured, spend analysis mistakes are generally interconnected. An error – improper cleansing, for example – sets your Procurement team up for a series of related errors. Each successive error will compound your lost savings and bring additional headaches to the process of spend analysis.
Extreme caution and close attention are essential from the very start of your spend analyses. Effectively preparing for your initiative is a great first step. Ensure you’ve got the right team, armed with the right tools and techniques.
Once your spend analysis is underway, take care to remain conscious of every potential stumbling block. Maintain close communication with all relevant stakeholders and take care not to trust your automated systems too much. With any luck, you’ll avoid a string of initiative-halting mistakes.