ART - Spend Analysis_Aberdeen Group 2009

The document is a research report by Aberdeen Group titled "Spend Analysis: Transforming Data Into Value." It was published in September 2009. The report emphasizes the significance of spend analysis for procurement and sourcing professionals in the current competitive markets. According to the report, 81% of enterprises consider spend analysis as a high-value function, particularly in the prevailing economic conditions. The document identifies Best-in-Class enterprises based on their exceptional performance in spend under management and sourcing cycle time. These top-performing organizations are more likely to conduct regular reviews of contract compliance, classify and cleanse their spend data, and effectively utilize spend analysis data to identify sourcing opportunities. The report provides actionable recommendations for companies to achieve Best-in-Class performance in their spend analysis programs. These recommendations include automating different phases within the spend analysis process, leveraging spend data in strategic sourcing, and enriching spend data with internal and external market sources. The report also includes benchmarking data, figures, and tables to support its findings.