How Is AI Driving Innovation in Spend Analysis? SpendEdge's Latest Blog Offers Key Insights

SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on how AI is driving innovation in spend analysis.

Costs incurred by any organization are inevitable. Procurement managers often fail to identify avoidable expenses and costs that are contributing to their success. This makes it imperative for organizations to perform spend analysis, analyze expenditure in order to increase procurement efficiency and cost-savings opportunities. Many organizations have already started utilizing spend analysis to improve efficiency, reduce maverick spend, and improve their cost structure. They are leveraging innovative tools and practices to increase their competitiveness.

Wondering how artificial intelligence can help your organization gain new insights to shape effective strategy with spend analytics approaches? Request a free brochure to gain insights into different categories.

SpendEdge offers customized spend analysis solutions to help companies across various industries make informed business decisions, stay informed, mitigate different types of risks and gain a complete picture of the supply market. Our solutions help companies to transform structural capabilities, improve execution efficiency, and improve cost structure.

How AI is Driving Innovation in Spend Analysis?

Strategic sourcing

The majority of companies use historical data during the supplier selection process. However, this is not the best option for companies to base a strategic sourcing decision. They must perform spend analysis to evaluate supplier performance. Leveraging AI can enable companies to view produce demand breakdown, market analysis, cost component analysis, and analyze spend patterns with selected suppliers.

Want to know how analyzing spend patterns can help companies devise effective sourcing strategies? Get in touch with our experts for specific insights.

Supply management

Supplier selection plays a crucial role in managing the supply chain. Companies must constantly monitor and evaluate the supplier performance to ensure the viability of the relationship for the business. Spend analysis helps firms to analyze the spend against suppliers in terms of individual suppliers, purchase volume, mode of shipment, and mode of payment and determines if the relationship is adding value to the company.

Improving the supply management process is crucial for companies to address supply chain disruptions. Subscribe now and gain instant access to 1000+ procurement reports.

Risk management

Many times, despite constant efforts, things don't go as per plan. Companies need to have a strategic management process incorporating risk factors to gain insight into past performance and predict future outcomes. Many analytics platforms perform analysis by integrating factors such as market prices commodity data feeds, and numerous complex data sets to ascertain spending limit.

To gain more insights on how AI is driving innovation in spend analysis, read the complete article here!

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• Leveraging Spend Analysis Solutions to Reduce Procurement Lead Time and Purchasing Spend

About SpendEdge:

SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions.

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