What is Spend Analytics?

Spend analytics is the process of collecting, cleansing, classifying, and analyzing expenditure data to reduce procurement costs, improve efficiency, and monitor compliance. It provides insights into an organization's spending patterns, identifying areas for potential savings, negotiating better supplier contracts, and improving overall financial performance. This technology is commonly used by procurement, finance, and supply chain departments to gain visibility into their spending, make data-driven decisions, and optimize their procurement strategies.