SpendEdge, a leading provider of procurement market intelligence
solutions, has announced the completion of their free downloadable
article on tail
spend management. The article offers a comprehensive
overview of why companies of today need to manage their tail spend. The
article also highlights the tail spend management challenges that
companies face and the best practices that can help companies to
successfully address those challenges.
This press release features multimedia. View the full release here:
Best Practices for Tail Spend Management. (Graphic: Business Wire)
Every year, companies make millions of purchases that are too small to
be tracked by their procurement department. This makes it difficult for
companies to reduce the excess spend and devise effective procurement
policies. However, tail spend management can enable companies to reduce
their maverick spend by standardizing processes across business units.
Download this free resource to know how companies can efficiently manage
their tail spend and reduce
the cost of procurement functions.
Improving tail spend management requires an accurate analysis of
supplier data and purchases Request
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data in real-time.
Best Practices to Improve Tail Spend Management
Conduct Spend Analysis
Companies need to conduct spend analysis to identify the cost reduction
opportunities that they can achieve from their tail end suppliers. It
provides detailed insights into the company’s spend on suppliers and
improves visibility into contract compliance. Companies can also perform
spend analysis by collecting supplier data from different resources
within the company and properly analyzing it.
To know how companies can successfully reap the benefits of tail
spend management, download
the complete article here.
Consolidate Supplier Base
Collecting supplier data helps companies to analyze the performance of
suppliers and understand their relevance for the company. This enables
companies to remove non-compliant suppliers from the supply chain and
transfer the spend to suppliers who have proven their efficiency.
Companies can increase process efficiency and improve ROI by
increasing spend under management. Request
a free proposal to access our complete portfolio of tail
spend management solutions.
Consolidating suppliers decreases the number of suppliers, providing
monetary benefits to companies. It also helps companies to streamline
their processes and address issues in the procure to pay process and
supply chain. However, companies can lose track of their suppliers over
time, creating the need for regular evaluation of suppliers.
in touch with our analysts to
know how companies can improve tail spend management process and
identify cost reduction opportunities.
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