Spend Analytics
Leverage Spend Analytics as the Foundation for Savings

The spend analysis and sourcing opportunity assessment is the initial phase of any strategic sourcing initiative. Velocity has performed over 545 sourcing engagements which has produced an excess of $800M in realized cost savings for clients.

Comprehensive Data Analysis
-
01
COLLECTDetermine source files for raw data -
02
ASSESSReview current data usage and assumptions -
03
CLEANSEDelete incorrect and/or duplicate data and standardize names and GL accounts -
04
CATEGORIZEUsing leading tools, categorize data according to taxonomy -
05
COLLABORATEWork with suppliers and stakeholders to obtain all agreements and analyze the commitments -
06
SHAPEConduct internal and external analysis, benchmark against the industry and competitors -
07
DEVELOPSegment sourcing savings and opportunity wave plans -
08
PRIORITIZEDevelop formal recommendations and business cases
Ready to begin your Procurement transformation?
Tried & True Methodology for Estimating Opportunities for Sourcing Savings
Leveraging the spend analysis, it’s important to evaluate existing spend management activities. This includes current contracts, in-flight initiatives, key supplier relationships etc. in order to develop a comprehensive list of opportunities. The purpose of the savings opportunity assessment is to gather all information necessary to decide how spend categories should be managed and what approach to take: Strategic or Accelerated sourcing, Quick-Win Bidding or Tactical Procurement.
Savings Opportunities are Best Defined by the Following Factors


Procurement Transformation: A Modern Road Trip, Part 1
Procurement Transformation: A Modern Road Trip, Part 1

Benefits of Partnering with a Procurement Consultant

Benefits of Partnering with a Procurement Consultant

Sourcing Achieves Savings for Environmental Services Provider
Sourcing Achieves Savings for Environmental Services Provider
Leveraging the Results
100% Financial visibility on the spend
Clear path forward on how to achieve savings and by when
Plan of attack, including project schedule and required resources
Procurement Potential
Let us help you uncover your hidden potential
"*" indicates required fields