{"id":28122,"date":"2017-02-01T02:00:59","date_gmt":"2017-02-01T07:00:59","guid":{"rendered":"http:\/\/simfoni.wordjackaqua.com\/?p=28122"},"modified":"2025-02-10T08:50:46","modified_gmt":"2025-02-10T13:50:46","slug":"spend-analysis-in-3-easy-lessons","status":"publish","type":"post","link":"https:\/\/simfoni.com\/spend-analysis\/spend-analysis-in-3-easy-lessons\/","title":{"rendered":"Spend Analysis in 3 Easy Lessons"},"content":{"rendered":"<p><a href=\"https:\/\/simfoni.com\/spend-analysis\/what-is-spend-analysis\/\"><span class=\"\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">Spend analysis<\/span><\/a> is an important sub-discipline of overall <a href=\"https:\/\/simfoni.com\/savings-management\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span class=\"\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">spend management<\/span><\/a> and is primarily concerned with collecting, cleansing, classifying, and analyzing <a href=\"https:\/\/simfoni.com\/procurement\/\" target=\"_blank\" rel=\"noopener\"><strong>procurement<\/strong><\/a> expenditure in order to find opportunities to improve purchasing efficiency and reduce an organization&rsquo;s overall spend.<\/p>\n<p>To business people unfamiliar with <a href=\"https:\/\/simfoni.com\/spend-analysis-guide\/\" data-internallinksmanager029f6b8e52c=\"23\" title=\"Spend Analysis\" target=\"_blank\" rel=\"noopener\"><span class=\"\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">spend analysis<\/span><\/a>, it can seem a very daunting and confusing world. Even <a href=\"https:\/\/simfoni.com\/procurement\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Procurement\" target=\"_blank\" rel=\"noopener\">procurement<\/a> professionals and other staff members with some exposure to <a href=\"https:\/\/simfoni.com\/spend-management-101\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Spend Management\" target=\"_blank\" rel=\"noopener\"><span class=\"\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">spend management<\/span><\/a> are sometimes unsure how <span class=\"\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">spend analysis<\/span> works.<\/p>\n<p>To help inform and break this topic down a little, we have sponsored a white paper: <em><span class=\"\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">Spend Analysis<\/span> in 3 Lessons<\/em>, by Jason Busch, founder and head of strategy at Azul Partners Inc. (You can download the white paper <a href=\"http:\/\/eepurl.com\/czlvIz\" target=\"_blank\" rel=\"noopener noreferrer\">here<\/a>).<\/p>\n<p>Below is a brief synopsis of the subject matter covered in the paper:<\/p>\n<ul>\n<li><strong>Lesson 1: An Introduction to Data Handling &mdash; Cleansing, Enrichment, and Classification- <\/strong>&nbsp;Data that comes out of initial <span class=\"\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">spend analysis<\/span> exercises is often of poor quality, e.g. header and line level detail missing, misspelled, inaccurate, abbreviated, incorrectly coded, or does not subscribe to a specific naming standard. This means that it must be cleaned and enriched to be truly useful.<\/li>\n<\/ul>\n<ul>\n<li><strong>Lesson 2: The Visualization of Spend Data and Quantitative Information- <\/strong>Sharing detailed spend data and quantitative information with relevant people in the organization is vitally important &mdash; but how information is shared is as important as the type of information that is shared. Visual, easy-to-use <span class=\"\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">dashboard<\/span>s that allow users to drill down into the data go a long way towards making the data more useful and understandable.<\/li>\n<\/ul>\n<ul>\n<li><strong>Lesson 3: Spend &ldquo;As You Like It&rdquo; &mdash; Contextual Information and Driving Insight to Action- <\/strong>Having clean, enriched, accurate data that provides detailed, visual insights is vital, but real change and savings will only occur if the insight leads to action. A good spend analyst helps users drill into the data and discover the opportunities for themselves, leading to greater levels of support and backing. <span style=\"color: #ff6600;\"><strong>Read More:-<\/strong><\/span> <a href=\"https:\/\/simfoni.com\/purchase-price-variance\/what-is-purchase-price-variance-why-and-how-is-it-calculated-ppv\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Purchase Price Variance<\/strong><\/a><\/li>\n<\/ul>\n<p>This is a short summary of the subject matter covered in our white paper: <em><strong><span class=\"\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">Spend Analysis<\/span><\/strong> in 3 Easy<\/em>. Click <a href=\"http:\/\/eepurl.com\/czlvIz\" target=\"_blank\" rel=\"noopener noreferrer\">here<\/a> to download the full white paper. Read More:- <strong><a href=\"https:\/\/simfoni.com\/ai-in-procurement\/\" target=\"_blank\" rel=\"noopener noreferrer\">AI in Procurement<\/a><\/strong><\/p>\n<p><a href=\"https:\/\/simfoni.com\/contact\/\">Contact us<\/a>&nbsp;today to learn more about processes that can help your organization deliver using Simfoni&rsquo;s best-in-class&nbsp;<a href=\"https:\/\/simfoni.com\/spend-analytics\/what-is-spend-analytics-why-and-how-it-is-implemented\/\">Spend Analytics<\/a>, <a href=\"https:\/\/simfoni.com\/savings-tracking\/\" data-internallinksmanager029f6b8e52c=\"14\" title=\"Savings Tracking\" target=\"_blank\" rel=\"noopener\">Savings Tracking<\/a>, <a href=\"https:\/\/simfoni.com\/supplier-management\/what-is-supplier-management-why-and-how-it-is-implemented\/\" target=\"_blank\" rel=\"noopener noreferrer\">Supplier Management<\/a>, <a href=\"https:\/\/simfoni.com\/impact-assessment-101\/\" target=\"_blank\" rel=\"noopener noreferrer\">Impact Assessment<\/a>,&nbsp;&amp; <a href=\"https:\/\/spendautomation.com\/\"><span class=\"\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">Tail <span class=\"\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">Spend Management<\/span><\/span><\/a>&nbsp;Technology Solutions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\"><span class=\"\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">Spend analysis<\/span><\/span> is an important sub-discipline of overall <span class=\"\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\"><span class=\"\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">spend management<\/span><\/span> and is primarily concerned with collecting, cleansing, classifying and analyzing procurement expenditure in order to find opportunities to improve purchasing efficiency and reduce an organization&rsquo;s overall spend.<\/p>\n","protected":false},"author":1,"featured_media":28346,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"give_campaign_id":0,"footnotes":""},"categories":[1],"tags":[466,464,468,465,467],"class_list":["post-28122","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-spend-analysis","tag-savings-management","tag-spend-analysis","tag-spend-analytics","tag-spend-forecasting","tag-spend-management"],"yoast_head":"<!-- This site is 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