E-Sourcing Forum » Spend Management Defined

Spend Management Defined

August 21st, 2006 at 08:04am David Bush - Iasta

In the recent issue of APICS magazine (not available online yet), there is an article titled Spend Right, which goes into detail about spend management and tools that can help. The article also does a nice job of explaining that the tools merely help the people do their jobs more effectively. Andy Bartels, of Forrester, is also quoted and makes an effort to describe spend management by component:

Spend Analysis: get visibility into the corporate spend
Supplier Assessment: determination of who is being used and who should be used
Sourcing: start the competitive bidding process
Manage contracts: secure compliance with negotiated paper
Order fulfillment
Invoices: verification and payment

Among other interesting quotes: “Business leaders are starting to consider spend management a core business process that needs to be optimized across the company.”

Overall, it is a very good article which describes the equal importance of having a good set of tools along with a solid strategy for usage within the company. Examples from real users, such as Diebold and Kennametal, offer effective advice from implemented tools like Ariba and Ketera, respectively.

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Entry Filed under: Functionality, General, Technology / SaaS, e-Sourcing Marketplace

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