From the course: Excel Supply Chain Analysis: Solving Procurement Problems
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Manage a procurement budget
From the course: Excel Supply Chain Analysis: Solving Procurement Problems
Manage a procurement budget
- [Instructor] Every year, Kinetico creates a budget for their business. Effective budget management is essential for procurement professionals to control costs, ensure financial stability, and make informed purchasing decisions. Excel offers powerful tools that can help us plan, track, and analyze our procurement budget, ensuring that our organization maximizes the value from every dollar we spend. In this video, we'll guide you through the process of setting up and managing a procurement budget using Excel. First, we need to organize our financial data into key categories and track our spending over time. The key components of a Procurement Budget spreadsheet include the supplier name, expense categories, budgeted amount, actual amount, and variance. If you have the exercise files, open up 03_01 Budget, or you can set up your Excel sheet on your own. Next, we'll categorize our procurement expenses and list the suppliers. In Column A, list our suppliers for each category. In Column…
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