What is Spend Management?
Spend Management is a procurement function within an organization, and it involves managing how an organization spends money to most cost-effectively obtain the desired products and services. Spend Management often includes the processes of supplier outsourcing, procurement, and supply chain management. It also encompasses the analysis of supplier spending to understand current buying trends and behaviors and inform future purchasing decisions. A spend manager must understand all aspects of an organization’s spending habits and use such knowledge to negotiate terms with suppliers.