Over the last 50 years, ship management procurement landscape has changed dramatically. From the early days of faxing over requisitions and waiting for quotations from suppliers based worldwide. Then the game-changer internet and world wide web came. With this connecting between parties became simpler and easier. With available technology today ship management procurement is able to take another leap.
It is the act of reviewing spend data to reduce costs, increase efficiency and to improve supplier relationship. Spend analytics is one of the critical tools that procurement organizations use to continuously identify cost saving opportunities, manage risks and improve purchasing power. Data gained from spend analysis can improve perceivability into what the organization spends, further correct any contract compliance issues. In particular organizations have cost savings and improve their bottom line. Additionally, it also aids organizations to strategize short and long term cost savings.