In today's highly-competitive markets, an increasing number of procurement and sourcing professionals are looking to streamline processes and drive superior performance. In the quest for higher savings, more spend under management and increased compliance, sourcing executives must turn to their own repository of spend data to effectively identify opportunities for savings and gain a deeper understanding of their corporate spend.

As dire economic conditions place an unwanted negative backdrop to routine business, spend analysis has risen as a valuable process to the entire enterprise. In fact, 81% of enterprises in our survey for this report cite spend analysis as a high-value function in today's economy.

Competitive Maturity Assessment

Survey results show that the firms enjoying Best-in-Class performance shared several common characteristics. These top-performing organizations are:

• 46% more likely than Laggard organizations to conduct regular reviews of contract compliance
• 44% more likely to classify and cleanse their spend data
• Nearly 40% more likely to leverage spend analysis data to identify sourcing opportunities