The 12 Data Sets of Spend Analysis – Set 11: Sales Data
Description:
There are plenty of mature analysis tools and systems to help retailers determine trends, best sellers, sales strategy, demographics and shopping behaviors, however there is a distinct need to also analyze spend with vendors, that may also be your customers.
Types of Data:
- Revenue breakouts
- Profit centers
Example:
To ensure they are awarding business to their most strategic partners, many companies analyze which partners drive the most revenue versus which drive the least revenue. By incorporating sales data into their spend analysis, companies are able to make strategic decisions regarding their preferred suppliers. For example, if one shipping vendor is driving significantly more revenue for your company, that same shipping vendor should be your preferred supplier for all of your shipments.
Do you include sales data in your spend analysis? Do you use other types of sales data in your spend analysis?
This is the eleventh 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