A formal process usually incorporating software for analyzing procurement data to lower costs is

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Spend analysis is a formal process of collecting, cleansing, classifying, and analyzing expenditure data to lower costs and increase efficiency. It involves using specialized software to identify patterns and trends in purchasing behavior, supplier performance, and pricing. By analyzing procurement data, organizations can make informed decisions about their spending and negotiate better contracts with suppliers to achieve cost savings. Outsourcing, corporate services, and e-procurement are related to, but not specifically focused on, analyzing procurement data to lower costs.

A Formal Process Usually Incorporating Software for Analyzing Procurement Data