Spend analysis
Our approach to spend analysis goes far beyond the usual data collection. We group and analyse your purchasing volume to give you a detailed overview of your expenditure.
Spend analysis:
Your key to sustainable cost optimisation
The ability to manage your purchasing volume effectively is crucial to the success of your company. Costmind offers you a comprehensive spend analysis that brings light into the darkness of your purchasing data. We analyse your entire data set from various perspectives in order to not only uncover potential savings, but also to make the performance of your suppliers transparent. Targeted cost analyses provide you with clear information on cost performance and enable you to identify precise areas of action for cost optimisation.
Why spend analyses are crucial for your company
Spend analyses give you a clear overview of all your expenditure. You identify where your money flows, which areas take up the largest part of your budget and where unnecessary expenditure may be made. This transparency is the first step towards optimising your purchasing strategy.
A detailed evaluation and cost estimate of your purchasing materials allows you to recognise areas with high savings potential. This includes not only obvious overspending, but also opportunities to consolidate purchases, negotiate better terms with suppliers or identify more cost-effective alternatives .
Our spend analyses enable you to objectively evaluate the cost performance of your suppliers. This allows you to determine which suppliers deliver at optimum cost and which are significantly more expensive. On this basis, you can make strategic decisions to optimise your supplier base and build strong long-term partnerships.
Increasing competitiveness through strategic spend analysis in purchasing
Purchasing faces a variety of challenges that require efficient solutions and strategic thinking. In order to master these challenges, it is crucial to use the right approaches and technologies. Carrying out a spend analysis helps companies to better understand their purchasing activities, identify potential for improvement, make informed decisions to optimise their procurement strategy and increase their competitiveness.
Data preparation
Together with our customers, we define the detailed content of the purchase-spend export and prepare the data for analysis.
Expenditure analysis
By quantitatively analysing expenditure on materials by turnover and material category, we make the possible areas of responsibility more transparent.
Product group analysis
By categorising the data into different commodities, we begin to separate material, function and production-dependent product groups, raw materials, consumables, services and the like.
Cost structure
Costmind supports the identification of possible fields of action for potential savings on the basis of evaluations and cost estimates at component level (material, production and overhead costs).
Supplier analysis
We analyse and evaluate the main suppliers and identify the supplier performance for the various material categories.
Benchmarking
With selective comparisons of possible components or assemblies, we discover further cost-saving opportunities for our customers to realise.
Review of cost performance through cost assessment
Intelligent cost analyses are a key element in reducing costs in companies of all sizes and in all sectors. Through the targeted use of these analyses, significant savings can be realised without compromising quality or efficiency. Here are the key points of how intelligent cost analyses help to reduce costs:
- Transparency of expenditure
- Uncovering hidden savings potential
- Optimisation of the product group and supplier strategy
- Improving supplier performance
- Strategic decision-making
- Risk management
Customised analysis strategies
A partnership with Costmind provides your organisation with customised analysis strategies specifically designed to address your specific procurement management needs and challenges. By combining in-depth industry knowledge with advanced analytical techniques, we can help you optimise your cost structure, increase efficiency and ultimately improve your competitiveness.
Get to know us in a personal meeting!
We cordially invite you to get to know Costmind and our experts in a personal meeting. Take the opportunity to find out more about our services, discuss your specific requirements and discover how we can help your organisation become more efficient and cost-effective.
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From revolutionary technology start-ups to established global players – our satisfied customers share their success stories and show how we have achieved extraordinary results together.
Frequently asked questions
A spend analysis is a process in which companies systematically analyse and evaluate their expenditure on materials, services and other resources.
The aim is to obtain a comprehensive overview of the company's expenditure structure in order to identify potential for improvement and make strategic decisions.
It enables organisations to gain insight into their spending patterns, identify potential savings, assess supplier performance and make strategic purchasing decisions to reduce overall costs and improve operational efficiency.
Typically, data from various sources such as ERP systems, procurement and financial accounting systems, credit card statements and other financial systems are used to obtain a comprehensive view of company spending.
The process usually comprises the steps of data collection, data cleansing and classification, data analysis and reporting. Advanced technologies such as AI and machine learning can help to recognise patterns and potential savings in the data more efficiently.
