What are some basic guidelines to ensure efficient spend data collection for analysis? Define specific objectives you aim to achieve with greater spend visibility (e.g. higher contract compliance, reducing maverick spend, etc.), capture the spend details tied to your objectives, and cover all possible sources of data, consolidate all data into a single database to avoid high cleansing costs and improve spend visibility and incorporate spend data collection as a training module for buying staff.
Define Clear Spend Analysis Objectives
Cover All Relevant Spend Details and Data Sources
Conduct Data-Entry Training for Buying Staff
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