Identify a product, service or category of spend and outline its importance and impact to your organization’s stakeholders.

Identify a product, service or category of spend and outline its importance and impact to your organization’s stakeholders. Prepare brief market analysis and demonstrate how your procurement function will produce value for money outcomes. Your final submission should also review the current approaches to managing prices and costs for the product, service or category you have identified, as well as highlighting the impact of markets to secure cost savings for your organization.

Spend category refers to the reasonable grouping of similar expenditure items that fall under a specific definition in any organization. One example of the spend category, in this case, includes the informational technology covering both the IT software and hardware respectively. Information technology helps an organization to manage data and communicate using new technology. This approach has increased efficiency as well as helping an organization to experience quality communication and data management respectively. Information technology is essential also since it allows the organization to view and compare the changes in the national and global perspectives and hence influence the competitiveness of the organization and its capacity to survive and be successful.

 

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