10 Best Practices of Spend Analysis by Aberdeen Group
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This Whitepaper though bit dated, provides a very good overview of Spend Analysis best practices.
Spend Analysis best practices are as follows
- Audit existing spend data management capabilities
- Access all spend-data sources.
- Adopt a common classification schema
- Create repeatable process using software or services
- Augment category expertise for data classification
- Classify spending at a detailed level
- Enhance spend data with vital business intelligence
- Increase frequency and coverage of spending analyses
- Utilize advanced reporting and decision support tools
- Continuously expand uses and scope of program
You can read the complete report by clicking on the link below
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