Most organizations only manage their major spend, not all of their spend.
Major spend typically makes up 80% of their total third party spend in terms of value but only 20% in terms of volume of transactions.
‘Tail-end’ spend, the 20% of value but 80% of volume, has been largely been ignored by organizations.
Using a spend management system, such as aXpire’s Resolvr, organizations can now manage all of their spend effectively and gain deep insight into their organization’s spend behavior through analytics. This can be further enhanced with effective dashboarding of the results, and ‘deep dive’ analysis.
This informed view of all spend should lead to several benefits, including helping organizations to consolidate their supplier lists, leading to greater discounting opportunities and also greater control.