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Language: English

Achieving spend visibility: benefits, barriers, and best practices


Spend Visibility Spend Management Supply Management

The benefits of spend visibility are numerous. Organizations with good visibility can better identify savings opportunities, better enforce contract compliance, and help facilitate compliance with regulatory and financial reporting requirements with a comprehensive auditable record of their spend. From a spend management perspective, these benefits can often translate into significant savings that could equate to hundreds of millions of dollars for a large enterprise. The barriers to achieving spend visibility are significant. Spend data is dispersed across multiple, incompatible systems. Data quality is poor or coded for financial reporting, without the information needed to drive procurement decisions. Further, data is often incomplete, lacking specific part or item attributes necessary to identify many savings opportunities.


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