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Spend Cube Analysis
Data from the spend cube supports the activities of the procurement team.
Spend Cube Analysis
A spend cube is an overview of a company's spend data presented as a three-dimensional cube. At the most basic level, this enables an organization to identify which cost center is spending money, the vendor they are spending it with, and what goods or services they are spending it on.
The data revealed by the spend cube supports the activities of the procurement team and enables them to deliver positive results for their company. Peter Drucker once said, “if you can’t measure something, you can’t improve it.” Populating the spend cube with the correct data gives procurement oversight of how and where a company's money is spent. This transparency enables the procurement team to make the right decisions to deliver their goals.