Drowning in spend data but not seeing the impact? I feel you!
Spend data is either a pile of numbers or a goldmine, depends on how we use it!
Too often, we focus on just tracking spend instead of making better decisions with it.
This is not about reports, it’s about clarity. where does the money really go? does it support business goals? what’s wasted?
Our idea: a simple solution with 4 steps to turn spend data into real impact!
1. understand where the money goes?
✳️ collect all spend data: finance reports, purchase orders, invoices, contracts
✳️ clean it up: fix errors, standardize categories, remove duplicates
✳️ ask why?: talk to people behind the spend, find real issues
✳️ identify patterns: spot trends in supplier use, pricing, & buying habits
2. connect spending to business needs!
✴️ define company priorities: growth, quality, sustainability, efficiency
✴️ check if big spending areas match these goals
✴️ measure the impact of poor spend choices: where are we wasting money?
3. take smart actions
✳️ focus on key issues -> pick 2-3 areas with the biggest impact
✳️ turn insights into actions: consolidate suppliers, renegotiate contracts, optimize orders
✳️ engage stakeholders: finance, operations, business teams, & leadership
4. track, adjust, & improve
✴️ monitor progress: follow up on key spend areas regularly
✴️ measure results: are costs down? are processes smoother?
✴️ adjust the approach: stay flexible, improve based on new insights
✴️ recognize improvements: small wins drive long term success
understanding our spend is just the beginning. in part 2 will explore how we take our spend management to the next level with the right tech.
Keep tuned!
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