Analyzing spending is one of the first steps in the strategic sourcing process. But not every purchasing operation has a good handle on what the company buys and from whom. Spend analysis software can help. These tools identify and classify spending and a whole lot more. With spend data, purchasing can determine where best to spend its time on efforts that consolidate buying and rationalize the supply base, two sure-fire ways to help reduce costs over the long term. It also aids in risk management and contract compliance. Here is a look at some of the companies that offer software for spend analysis and management. Suppliers provided the product descriptions.
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