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Manufacturer’s Checklist to Maximize Value

How it All Begins

Activities like spend analysis or product reviews tend to sit idle due to a lack of manpower, time, tools, data access and appropriate skill sets. To determine whether it’s time to prioritize these activities, we offer the following checklist for taking a fresh look at your business.

[Author's Note: If you prefer, you can download the PDF checklist here.]

Is this your organization? 

  • Your product list keeps growing, but products are never removed from the list.

  • The number of different parts being stocked in inventory and the dollar value of inventory on your balance sheet is growing.

  • You’re purchasing many varieties of the same category such as fittings, bolts or O-rings and you don’t know if you’re overpaying for some of these.

  • The procurement team lacks the analytical skills necessary to analyze company spend.

  • You have no visibility into your overall procurement spend. Therefore, you don’t know where the greatest savings opportunities exist.

  • You merged with another company and you each have your own set of suppliers.

  • You’re not sure if your suppliers are in compliance with their contract promises.

  • Employees are making adhoc purchases leading to maverick (unauthorized, off-contract) spend.

Spend Analysis and Product Evaluation

The significance of spend analysis is frequently underestimated. A 2013 Bain report found that companies using analytical techniques are actually:

  • Twice as likely to be in the top quartile of financial performance, and

  • Five times as likely to make decisions faster than their peers. 

These analytical projects can help identify savings opportunities with vendors, product offerings and inventory. In a world where the intelligent use of data is a competitive advantage, those that aren’t equipped to analyze their date yet should establish a path to do so.


Tracey Smith is the President of Numerical Insights LLC, a boutique analytics firm addressing the needs of businesses large and small. If you would like to learn more about using data for better decision-making, please visit or contact Tracey Smith through LinkedIn.