Procurement Opportunity Assessment
A procurement opportunity assessment consolidates fragmented spend data to identify 10-25% cost savings. This guide covers how to gather data, analyze spending patterns, benchmark suppliers, and create an actionable savings roadmap in 4 weeks or less.
Unlock Hidden Savings with a Comprehensive Spend Assessment for Your Business
Achieving a clear, comprehensive view of spending can be a significant challenge, especially for businesses with geographically dispersed operations or multiple lines of business.
With various systems—such as ERP, procurement, and financial platforms—operating in silos, data often becomes fragmented and disorganized across different sources. Having disparate systems or lack of consolidation makes it difficult to fully understand spending patterns and identify opportunities for cost savings.
To help you get started on maximizing the value of a spend assessment, here are some key steps that can guide your efforts toward better spend visibility and cost savings.
1. Consolidate Spend Data Across All Systems
To begin your spend assessment, gather financial data from all key sources such as ERP, purchase order, expense management, and corporate card systems company-wide. By addressing the challenges posed by having disparate systems, you can consolidate this information, providing a comprehensive view of your operational expenses and increasing your spend visibility across the organization.
2. Summarize Key Spend Metrics for Better Decision-Making
Once you have all your data in one place, prepare a summary that consolidates and simplifies your data. Revealing trends, such as total spend by category or supplier, makes it easier to identify areas of overspending and where cost-saving opportunities exist.
3. Build a Cost Savings Roadmap Aligned with Financial Goals
Use the insights gained from your spend assessment to create a roadmap that outlines cost savings and optimization opportunities. Ensure that your roadmap aligns with your company’s financial goals and procurement strategy to drive long-term value.
For more in-depth insights into conducting a successful spend assessment, explore our blog, Demystifying Spend Assessments: A Strategic Imperative. Discover practical tips and strategies to unlock cost savings and optimize your procurement processes.
Frequently Asked Questions
- IT hardware, software, and services
- Marketing and advertising
- Professional services (legal, consulting, recruiting)
- Facilities and MRO (maintenance, repair, operations)
- Travel and expense management
- HR services and benefits administration
- Purchase order data or accounts payable records
- ERP system exports
- Corporate card transaction data
- Existing supplier contracts (if available)
- Any prior spend reports or category analyses
We'll work with whatever data you have and help clean and consolidate it.
- Consolidated spend dashboard showing spend by category, supplier, and business unit
- Benchmarking against industry standards
- Prioritized savings opportunities ranked by potential impact
- Detailed roadmap with implementation timeline
- Option for us to execute the initiatives or transfer knowledge to your team
Ready to Uncover Your Hidden Savings?
Most companies don't realize how much money is hiding in their operational expenses. Fragmented data, outdated contracts, and lack of procurement expertise mean cost reduction opportunities go unnoticed year after year.
Our 4-Week Spend Assessment identifies savings opportunities across your operational spend—typically uncovering 10-25% cost reduction potential in categories like IT, marketing, facilities, and travel.
- Consolidated view of all company spend
- Benchmarking against industry standards
- Prioritized savings opportunities
- Actionable roadmap with clear next steps
- Option for implementation support
The assessment typically pays for itself many times over through savings identified in the first 90 days.
