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Spend Management Strategies to Overcome Procurement Challenges

Bhalchandra Nisal

Solution Architect, Innovation and Transformation Group (Data and Analytics), Europe Manufacturing, TCS

Harshit Goyal

Business Consultant, Innovation and Transformation Group (Data and Analytics), Europe Manufacturing, TCS

Dr. Ravishankar Kandallu

Data Scientist, Manufacturing Research and Innovation Unit, TCS

Helping manufacturers generate business value from spend management strategies

To mitigate risks from events like COVID-19 and tackle supply chain challenges, the procurement function in manufacturing firms is optimizing its processes. This helps the firms reduce costs and have overall spend visibility, thereby helping them trim down discretionary spending to preserve cash. Through a spend management framework, this paper:

  • Explores how firms can generate business value from spend management strategies through data-driven analysis
  • Addresses the challenges and difficulties procurement teams encounter in managing direct, indirect and maverick spends
  • Highlights the technological interventions required in a spend analysis process.