If you can measure it, then you can improve it.(VALUE ANALYSIS)

Value analysis is all about identifying ways to improve the cost and quality of the products, services, and technologies you buy, and processes you employ to purchase, store, deliver, and distribute them.

If you accept this statement as truth, then the question you may ask yourself is, "What products, services, technologies, and processes should I focus on improving, since I buy somewhere between 16,000 to 48,000 commodities annually?"

The answer: If you can measure it, you can improve it!

What's important to measure and improve

You may have heard of Pareto Analysis (or 80/20 rule), which says that 80% of your savings will be found in 20% of your products, …