Bus 307 Week 3 Spend Analysis - 1029 Words

BUS 307 – Operations Management Quantitative Techniques Michael Dennis-Leigh July 23, 2012 Spend Analysis I. Introduction The current condition of the economy in the United States (US) and increased economic pressures has reinvigorated many companies to rethink their purchasing practices. One of the best ways for a company to evaluate its spending patterns is through a spend analysis. â€Å"A spend analysis is the process of determining what is being spent, with whom and for what† (Hingorani, 2010, p. 58). In order to accomplish this task companies must use software programs to import and aggregate data from multiple systems. This paper will explore several components of the spend analysis process†¦show more content†¦In the last phase, the verify phase, the team validates the design, implements a pilot to confirm expected results, and verifies that the process output meets the expectations of all stakeholders (Bozarth Handfield, 2008). IV. Functional Area Participation Creating a cross-functional stakeholder team to develop your new spend analysis process will be crucial. While many functional areas should be involved, finance is probably the most vital because they manage a large portion of the data warehouses, and will have valuable knowledge on the best way to extract necessary data. Some of the other functional areas that should be part of your team are pricing, purchasing, operations, product development, and information technology to name a few. Moreover, by involving all functional areas the new process may touch you are much more likely to mitigate resistance to the final spend analysis process. This also gives various groups the ability to assist in the design phase to ensure all functional area requirement are met. Additionally, by including other functional areas in the process you can create more buy-in, avoid pitfalls, and create a holistic process that meets the needs of all stakeholders (Anonymo us, 2005). V. Conclusion Developing a robust spend analysis process is an important part of a company’s strategic plan. While software applications can aid the process there isShow MoreRelatedEmployee Turnover Its Impacts on Organisations3408 Words   |  14 PagesContents Page 1. Definition †¢ †¢ How to calculate Employee Turnover Rate Within the 1st Year Table 1: Average Annual Turnover Rate by Industry and Occupational Groups †¢ †¢ The Rising Turnover Trend The Salmon Fallacy 4 5 3 3 4 2. Effects and Impacts of High Employee Turnover to Organisations 3. Benefits of Employee Retention †¢ Binding: Choices in Retaining Talent a. Offer financial inducements b. Offer intrinsic inducements c. Offer extrinsic inducements d. 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