Spend Essay

862 WordsAug 14, 20124 Pages
The ABCs of Spend Analysis Operations Management & Quantitative Techniques: Bus 307 Companies have many different ways of planning strategically for a number of things. Many companies implement their ideas differently, many will use strategic planning and forecasting to grasp an idea of what to expect. Over the years many failed companies have shown us that it is very important to spend time on planning and finding the correct data, because without planning and wrong data companies will crumble. One important gain is to plan effectively for everything. In this paper I will examine the case study “The ABCs of Spend Analysis” in Chapter eleven, and answer the questions given. Spend Analysis is, “a tool that provides companies knowledge about how much is being spent for what goods and services, who are the buyers, and who are the suppliers, thereby identifying opportunities to leverage buying, save money, and improve performance (Best practices 2005)”. After reading the case study, critical thinking skills are a plus in strategic planning. Trying to find the ins and outs of the data seem to be not only time consuming but accurately frustrating. Your data is not going to come from an internet source but departments within the company. If the company is very large this process will take a while to complete. Nevertheless the work is important and it takes many skills to accomplish this benefit. In our case study, talks about how advance data skills training can help to find and build a great spend analysis report. Using critical think skills helps to pull the loaded data from each department and bring the data together to form the information. By doing this it’s not just by using a software but by using a highly way of thinking and data analysis. Planning and sourcing, is a part of gathered data. Now take a look at the case study questions and answers. A.

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