Spend Analytics Definition
In business, spend analytics is the process of collecting and analyzing data related to an organization’s spending. The goal of spend analytics is to help organizations optimize their spending and improve their financial performance.
Spend analytics can be used to track and monitor an organization’s spending patterns, identify areas of wasteful spending, and develop strategies for reducing or eliminating wasteful spending. Spend analytics can also be used to negotiate better deals with suppliers and to develop more efficient procurement processes.
Organizations that use spend analytics typically see reduced costs, improved operational efficiencies, and better financial performance.
