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

  1. Audit existing spend data management capabilities
  2. Access all spend-data sources.
  3. Adopt a common classification schema
  4. Create repeatable process using software or services
  5. Augment category expertise for data classification
  6. Classify spending at a detailed level
  7. Enhance spend data with vital business intelligence
  8. Increase frequency and coverage of spending analyses
  9. Utilize advanced reporting and decision support tools
  10. Continuously expand uses and scope of program

You can read the complete report by clicking on the link below

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