Sourcing best practice: understand your spend history

Before rushing into any sourcing activity, be sure you understand what it is you are asking for and who can provide it for you. We use spend analysis techniques to help you make better sourcing and supplier decisions. Your requirements will most likely be based on your expenditure history, but you also will have your future requirements in mind. Professional procurement organizations have developed some best practices and it makes sense to follow these steps to achieve the best results. 1. Analyze your spend Doing an in-depth analysis of your spend over the last one or two years will reveal patterns of expenditure that may be a surprise to you. Study your accounts payable information an

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