The first step in transformation is to analyze your spend data and assess savings opportunities.
The spend analysis and sourcing opportunity assessment is the initial phase of any strategic procurement transformation. During this phase, the overall company spend is identified, cleansed, segmented and categorized, clients and procurement specialists are interviewed, and savings opportunities are quantified.
Spend Data Analysis
Velocity utilizes leading proprietary technology solutions combined with a proven 8-step methodology to complete the end-to-end spend visibility program. This methodology has been customized to suit the specific issues of Procurement organizations, and is underpinned by a comprehensive evaluation and benchmark data.
Regardless if you’re journey is about transformation, a spend analysis is an essential tool for effectively managing any procurement function, big or small.
Savings Opportunity Assessment
A good spend analysis is best leveraged when it’s paired with an assessment of sourcing opportunities. More importantly, we feel it’s critical to look beyond the coming years projects and budget planning to effectively determine sourcing and savings potential.
Leveraging the spend analysis, the Velocity team works closely with you to evaluate existing spend management activities, including current contracts, in-flight initiatives, key supplier relationships etc in order to develop a comprehensive filtered list of opportunities.
The purpose of the savings opportunity assessment is to gather all of the information necessary to make a decision on how spend categories should be managed and what approach should be taken, either strategic, accelerated, quick-win or tactical.