Spend Analytics, or Spend Intelligence, is a process used by businesses to gain an understanding and knowledge of how much they are spending on their products and services. It is a vital tool for any company looking to optimize their spending and gain visibility into where their resources are being used.
Spend Intelligence involves a thorough examination of past, current, and future spending to identify potential opportunities for cost savings, including analyzing the appropriate financial metrics and reviewing vendors and other external factors. Companies can use Spend Intelligence to improve their overall efficiency, reduce spending, and increase their profits.
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