Can you give me examples of spend management?
Introduction
Spend management is one of the most important steps in any company’s spend planning process. It can make or break your business. If you’re not managing your spend well, then you may end up with too much inventory and unsold products rather than having enough on hand to meet customer demand.
Define your category strategy.
The next step is to define your category strategy. This means identifying the drivers that will propel you forward, as well as defining your categories and providing a high-level look at where they fit within the overall portfolio.
For example, if you’re a fast-moving consumer goods (FMCG) company and have identified three key categories—food/snacks, beverages/beverages mixers, personal care products—and two business units that make up each of tho...