Briefly Describe the Objective of Spend Analysis and the General

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The Answer is Spend analysis is the application of quantitative techniques to purchasing data in an effort to better understand spending patterns and identify opportunities for improvement. Spend analysis can be used to answer a wide variety of questions. For example, management might want to know the categories of products or services that make up the bulk of company spending, how much is being spent with various suppliers, and how spending patterns vary across different locations. The primary requirement for accomplishing the analysis is having the necessary data and a means for manipulating it. Because the questions are varied, the analytical tools needed also vary widely. Some companies have software systems used for operations that contain the ability to perform these analyses. Other companies may turn to a spreadsheet package to perform the required analyses.

Briefly Describe the Objective of Spend Analysis and the General

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