The 12 Data Sets of Spend Analysis – Set 10: Product Data
Description:
One of the biggest challenges facing large, global companies is the issue of multiple disparate systems which contain unique part numbers, data file structures, and naming conventions. Collecting, cleansing, classifying, and analyzing product and spend-related data ensures that companies are optimizing their preferred suppliers, complying to contract terms, and taking advantage of all available sourcing and savings opportunities.
Types of Data:
- Customer part number
- Item description
- Supplier
- Supplier part number
- Manufacturer's part number
- Bill of material
Example:
Companies can compare part numbers and bill of materials to ensure that parts are being used and purchased efficiently, using preferred suppliers, and taking advantage of contractual savings.
Do you include operational data in your spend analysis? Do you use other types of operational data in your spend analysis?
This is the tenth in a twelve-part series of blog posts on twelve different types of advanced data sets that are used in advanced spend analysis. See our posts on prior data sets. Along with your basic spend data set of supplier name, spend amount, item description, and transaction date, these data sets will further enhance your ability to:
- Gain insight into your company’s spend
- Identify opportunities for savings
- Increase your spend under management
- Provide visibility on what the company is spending money on, with who, and for what
Using all twelve of these data sets to enhance your basic spend data set will provide a true, accurate view of your overall spend and allow you to make smarter spending, sourcing, and savings decisions.
Spend Radar Team