Explain Spend Analysis?
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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Question
Explain Spend Analysis?
Expert Solution
Spend analysis:
Spend analysis can be termed as the process of gathering, grouping, cleansing, identifying, categorizing, and the analysis of an organization's spend data. The main goal of the spend analysis is to decrease the cost of procurement and improve efficiencies. The analysis uses real-time data and analytics to give the idea needed to save more money and improve efficiency.
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