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As a business owner one should maintain accountability of their business’s finances and how they are spent. Rather accountability is maintained by one’s self or by someone else it is very important to maintain for the betterment of any business financial success. In this paper I will discuss the importance of data analysis skills when it comes to spend analysis, six sigma methodology and its usefulness in spend analysis, and in addition to accounting how marketing and human resource should be involved in spend analysis as well.
Possessing the skills needed to analyze and interpret data when dealing with spend analysis is very beneficial to any company. It allows you to make an accurate assessment on any monies spent, how, where, and why it was spent. In addition it allows you to make an accurate recommendation on where one needs to increase or decrease any monies being spent. “For spend analysis to be effective, data files must be accurate, complete, and consistent.” (“Best Practices,” 2005). In addition one must be able to identify and make any corrections or assessments when data files are incorrect. Software applications can be programmed to automatically populate or produce certain data files based on the information a company is requiring. The process can be long and very tedious, depending on the size of the company and the company’s business transactions.
Adopting the Six sigma methodology can be very beneficial. First, six sigma will streamline...