Think enterprise when embarking on spend analysis
By Purchasing Staff -- Purchasing, 5/5/2008 7:17:00 PM
Whether looking to get more out of spend analysis or implement a new program, attendees at the 93rd Annual International Supply Management Conference got a chance to meet one of the authors of a new book on the topic Spend Analysis: The Window Into Strategic Sourcing and receive a copy of its first chapter at the Emptoris booth in the educational exhibit hall. The company used the conference as the venue from which to launch the new book.
Kirit Pandit, vice president of content strategy and the head of product management for the spend analysis and compliance solution at Emptoris, was on hand at the event on Sunday to share his knowledge. Pandit co-founded a spend data management company called Intigma, which Emptoris purchased in 2005. He wrote the book with H. Marmanis, who also works for Emptoris.
Pandit told Purchasing that the book has something for everyone with an interest in spend analysis, “a starting point of strategic sourcing that creates a foundation for spend visibility, compliance and control.”
Interest in spend analysis has perked up recently given the uncertain economic environment and companies are looking to supply management to better control costs, Pandit said. From his experience, he finds that supply management pros just embarking on spend analysis tend to want to start small, perhaps looking at the spending of one department.
“While taking such baby steps is okay and provides some opportunity, it’s important to understand the big picture and see the potential,” he said. “Think enterprise. Think about what you can do to paint a broader canvas in your company.”
Spend analysis can help a company to reduce costs by up to 25%.
For more coverage direct from the show floor at Institute for Supply Management meeting in St. Louis, go to the landing page for Purchasing.com’s coverage here.
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