This document discusses gaining visibility into organizational spending through spend analysis. It describes categorizing and prioritizing spending to identify savings opportunities. Analyzing markets, suppliers, and trends can provide insights to secure optimal products at competitive prices. Standardizing specifications and criteria can lead to more ethical sourcing. Flexibility in sourcing allows for innovation. Post-evaluation of suppliers ensures compliance with contracts. Collaboration with stakeholders captures knowledge to stay ahead.

1. Procure Smart

2. Gaining 1
1
Visibility
through
Spend Analysis
G a in in g d e e p in s ig h t in t o s p e n d a c r o s s
v a r io u s b u s in e s s s e g m e n t s , d e p a r t m e n t s
a n d s u p p lie r s .
C a t e g o r iz in g m a p p in g a n d p r io r it iz in g e a c h
s p e n d e le m e n t in o r d e r t o id e n t if y g a p s
w h e r e in s a v in g s c a n b e o b t a in e d t h r o u g h
o p t im u m u t ilit y .

3. 2
1
Analyzing
Opportunities
A c o m p le t e 3 6 0 ˚ v ie w o f e x p e n d it u r e
e n a b le s y o u t o r e c o g n iz e o p p o r t u n it ie s
w h e r e s a v in g s c a n b e a c h ie v e d . A b a la n c e d
a p p r o a c h t o w a r d s s p e n d c a n b r in g a b o u t
h u g e s a v in g s o n s u s t a in a b le b a s is

4. 3
1
Analyzing
Markets &
Suppliers
R a n k in g v e n d o r s o n v a r io u s p a r a m e t e r s
a n d a n a ly z in g m a r k e t t r e n d s a n d p a t t e r n s
h e lp s y o u g a in in s ig h t in t o t h e m a r k e t
d r iv e r s .
V e n d o r a s s e s s m e n t a n d r e a l-t im e r e v e r s e
a u c t io n h e lp s s e c u r e o p t im u m p r o d u c t s a t
m a r k e t d r iv e n c o m p e t it iv e p r ic e s .

5. 4
1
Standardization
D e f in in g p r o d u c t s p e c if ic a t io n s m in u t e ly
a n d s e t t in g u p w e ll-d e f in e d v e n d o r e lig ib ilit y
c r it e r ia ' s h e lp s a c h ie v in g s t a n d a r d iz e d a n d
e t h ic a l s o u r c in g .
W o r k in g c lo s e ly w it h t h e u s e r s o f t h e
p r o d u c t s a n d o t h e r s t a k e h o ld e r s w ill h e lp
y o u d e f in e n o t o n ly t h e p r o d u c t
s p e c if ic a t io n s b u t a ls o t h e e x a c t u s a g e
b a s e d o n w h ic h t h e s u p p lie r s c a n b e
c o m f o r t a b le in c o m p e t in g a n d p r o v id in g
o p t im a l p r o d u c t s .

6. 5
1
Flexibility
F le x ib ilit y w h ile s e e k in g in f o r m a t io n f r o m
s u p p lie r s a n d b e in g o p e n t o w a r d s
in n o v a t iv e p r o d u c t s c a n h e lp y o u t o
in n o v a t e in t h e p r o d u c t a n d s e r v ic e y o u
d e liv e r t o y o u r c lie n t s .
F le x ib ilit y in s o u r c in g le a d s y o u t o
in n o v a t iv e p r o d u c t s , n e w s u p p lie r s a n d
f u t u r e p r o d u c t s w h ic h in t u r n c a n b r in g y o u
s a v in g s a n d a c o m p e t it iv e e d g e in t h e lo n g
run.

7. 6
1
Optimize
Suppliers
P o s t B id E v a lu a t io n is a n e c e s s a r y p a r t o f
the p ro c ure me nt p ro c e s s .
P r ic e t h o u g h a d r iv in g c r it e r ia f o r s o u r c in g
s h o u ld n o t r e m a in t h e o n ly c r it e r ia . T h e
s u p p lie r s s h o u ld a ls o b e e v a lu a t e d o n o t h e r
c o n s t r a in t s lik e q u a lit y , s u p p ly c y c le ,
r e lia b ilit y , p a s t p e r f o r m a n c e e t c .

8. 7
1
Contract
Management &
Supply Inspection
E n s u r in g t h a t a ll t h e t e r m s a n d c o n d it io n s o f
t h e c o n t r a c t a r e c o m p lie d w it h b y t h e
s u p p lie r h e lp s y o u e v a lu a t e t h e s u p p lie r f o r
f u t u r e s u p p lie s .
S u p p ly In s p e c t io n e n s u r e s y o u g e t t h e
p r o d u c t y o u h a v e p a id f o r a n d e n c o u r a g e s
h e a lt h y c o m p e t it io n a m o n g s u p p lie r s w h o
a r e c a u t io u s n o t t o s u p p ly s u b s t a n d a r d
p ro d uc ts .

9. 8
1
Collaboration
W o r k in g c lo s e ly w it h s u p p lie r s a n d o t h e r
s t a k e h o ld e r s , c a p t u r in g k n o w le d g e a n d
r e d is t r ib u t in g it e f f e c t iv e ly h e lp s t h e b u y e r s
to s ta y a he a d o f t im e s .

10. We at L-1 Corporate Services work towards making business a
little simpler for you by tapping on the most important division of
your business i.e. the Procurement Division of your organisation.
Procurement is that pivotal process of a business house through
which you acquire goods and services. This process is manifold and
can be very complicated. Our expert professionals with the help of
Procure Smart cutting edge technology, skilled understanding and dedication
towards the goal to make procurement effortless, clear and
understandable have devised an e-procurement platform ;
‘L-1.co.in’
L-1 Corporate Services
5-2-196, No. 7, Distillery Road, Ranigunj, Secunderabad - 500 003.
Phones: +91- 40- 66388414 Mobile: +91- 9985836000
E-mail: info@L-1.co.in Website: www.L-1.co.in