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By Bridget McCrea
2013-11-19
Defined as “the way companies control and optimize the money they spend,” spend management is a best practice that can yield a wide range of benefits for purchasing organizations. It encompasses the full purchasing lifecycle—from sourcing goods and selecting suppliers to setting up contracts and paying suppliers—and helps buyers take a holistic view of procurement from a competitive vantage point.
According to Deloitte, spend management goes beyond the sourcing and procurement function, requiring business units, finance and functions with large spend to align themselves around key spend categories. It provides a comprehensive view, addressing all relevant processes across all the organization’s external spend categories, focuses on continuous process improvement and renewable cost savings, and provides greater control over spending and risks.
“Put simply, spend management helps organizations control and optimize every dollar they’re spending,” says Paulo Moretti, principal at Detroit-based supply chain consulting firm PM2Consult. Here are six ways your purchasing department can begin leveraging spend management to its advantage:
Disclaimer: The opinions, beliefs, and viewpoints expressed by the various authors and/or forum participants on this website do not necessarily reflect the opinions, beliefs, and viewpoints of Digi-Key Electronics or official policies of Digi-Key Electronics.
Bridget McCrea
Bridget McCrea is a Clearwater, FL-based freelance journalist who covers business and technology for various publications.
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