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Spend Analysis Pro Tip #9 – Do Your Due Diligence

From the outside, spend analysis can look daunting. Once you’re engaged in a spend analysis, the process can grow both tedious and time consuming. This is particularly true when your Procurement team is forced to contend with a large and diverse supply base.

Procurement departments can easily feel tempted to neglect smaller suppliers or apply broad stroke strategies in their spend analysis. In the name of saving time and effort, they cut corners and wind up creating much more work for themselves down the road.

It’s absolutely essential to fully invest in analyzing your spend data and supply base. By reaching out to stakeholders and developing a working understanding of their universe, you’ll establish a foundation for effective strategic sourcing initiatives.