Spend Analysis – Benefits of Spend Analysis
Spend analysis in easy words would refer to the process of collecting, classifying, cleansing and analyzing
expenditure information with the aim of minimizing the procurement expenses, monitoring compliance
and enhancing efficiency.
Mulling, on the aspect of spend analysis, the following steps generally attain savings according to
Recognizing the scopes and opportunities to total spend and negotiate superior contracts
Recognizing and minimizing non-compliant spend
Enhancing supplier performance and procurement operations
However, the three essential activities that are linked with generating an efficient spend analysis are-
Gathering the data
Cleansing the data
Re-classifying the data
Spend analysis benefits your company irrespective of your aim to reduce the direct travel expenses to
increase the employee’s travel management. It further assures that all your internal policies and rules
are followed. Today, there are companies that have introduced efficient spend analysis solutions in
terms of business travel and other expenses that help you attain your goals.
Furthermore, most of these solutions are merged with the Cloud Process, that offers your business
continuous visibility and monitor the business travel expenses and other areas of travel management.
Other best practices include travel booking, invoice handling, accounting, travel profile management,
easy-to-use interfaces and many others.
Benefits of spend analysis and other travel expense management solutions are as follows:-
Minimizes travel management expenses by 75 percent
Quicker turnaround time for business travel costs
Brings down the travel expenses by a minimum of 5 percent
Compliance with tax and laws regulations
Secure ownership of profile and trip data
Enhanced control of the company´s business travel expenses and other activities
Control and follow-up of the organization’s travel policies
Company and traveler profile management
Proactive follow up for effective cost control
Enables fast and practical analysis and reporting
Role-based information for authorized users
Real-time information from your entire Value Network
Enhances management of the entire travel-related purchase-to-pay process
All these benefits lead to enhanced customer satisfaction, minimize the administrative expenses and
leads to organizational efficiency. Spend analysis leads to a complete optimization, control and
automation of your travel expense management.
Read More On: business travel expenses, order fulfillment