With the stagnant economy, cost control has become the new mantra of every business. Businesses are deploying various strategies to contain costs and maintain profitability. Amongst such strategies is control and visibility into spending with external suppliers.
Spend analytics is the process of aggregating, cleansing, and analyzing corporate spending data for the purpose of reducing costs and improving operational performance. According to industry analysts, businesses deploying spend analytics have been able to reduce spending by 12% based on weighted average. If spend analytics is so critical, why are organizations facing difficulties?
Here are top hurdles to deploying a spend analytics capability that you need to know about: