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Summary BUS307 WEEK 3 Assignment.docx RUNNING HEAD: DATA ANALYSIS, SPEND ANALYSIS AND SIX SIGMA BUS 307 Data Analysis, Spend Analysis and Six Sigma: Making a Business Successful University Arizona Global Campus BUS 307: Operations Management & Quantit$7.49
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Summary BUS307 WEEK 3 Assignment.docx RUNNING HEAD: DATA ANALYSIS, SPEND ANALYSIS AND SIX SIGMA BUS 307 Data Analysis, Spend Analysis and Six Sigma: Making a Business Successful University Arizona Global Campus BUS 307: Operations Management & Quantit
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BUS307 WEEK 3 A RUNNING HEAD: DATA ANALYSIS, SPEND ANALYSIS AND SIX SIGMA BUS 307 Data Analysis, Spend Analysis and Six Sigma: Making a Business Successful University Arizona Global Campus BUS 307: Operations Management & Quantitative Techniques Data analysis skills and thinking may qu...
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RUNNING HEAD: DATA ANALYSIS, SPEND ANALYSIS AND SIX SIGMA
BUS 307
Data Analysis, Spend Analysis and Six Sigma: Making a Business Successful
University Arizona Global Campus
BUS 307: Operations Management & Quantitative Techniques
Data analysis skills and thinking may quite possibly be the most critical aspect of
spend analysis. Utilizing data analysis is the key to understanding how a company operates
and quickly provides data to show which processes are successful and which may be failing.
Having data readily available alone does not provide insight into the operations of a
company. Managers must have the ability to think and analyze the data to conclude what it
means and how to apply it to increase efficiency within the company. Understanding high
operating expenses is crucial when looking for ways to save money within that company.
This analysis requires more than the use of software to comprehend the companies spend
analysis. It requires the understanding of when and where to use personal data analysis over
software. Managers require critical thinking skills and a strong understanding of data analysis
to increase efficiency within the spend analysis. Apart from data and spend analysis, being
familiar with the Six Sigma methodology will also assist
managers when analyzing spending.
Spend analysis is a process that assists in identifying ways to decrease procurement
costs while improving efficiencies. The process by which various goals can be achieved with
gathering, grouping, cleansing, categorizing, and analyzing spend data is referred to as data
analysis. It is essential to point out that not all data presented to an organization is crucial for
making strategic decisions. This data is raw in its current form and does not provide any
, detailed information offhand. For this data to be helpful, it must be analyzed and presented
to be easily
understood. The different data analysis skills help one identify meaningful
information and understand the different patterns of the data (Harrison, 2006). Data analysis
also allows the analyst to determine the consistencies and irregularities in the data to make
sound and credible decisions. To introduce the internal clients to a much better way of
planning their sending
strategies, they must understand its cost proposals. Data analysis is essential because it
provides the information needed, unlike the automatically generated results. Data analysis
presents the data in a more significant manner, making it easier to understand. Data analysis
is
essential in a spend analysis of an organization for several reasons. First, it is a crucial tool
in delivering the savings of an individual or an organization. Organizations can obtain
insight into their spend data and identify any available opportunities they did not know
previously existed (Hammer, 2002). Furthermore, data analysis allows individuals and
organizations to make decisions based on accurate and reliable information, improving
processes within an organization. The result obtained from the spend analysis process can
provide needed direction when implementing a new system in configuration and identifying
relevant departments and employees within the organization.
Additionally, data analysis in the spend analysis process is crucial because it helps
manage relationships with suppliers. Spend analysis will help correct any imbalance that
may be existent and tip it in your favor (Brewer & Eighme, 2005). When it comes to
negotiations, one has the upper hand as they understand the fundamentals of the business
than the suppliers. Data analysis is also essential in managing possible risks that may occur.
When an organization has worked with a given supplier for quite some time, there is a
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