In our professional and personal lives, data seems to be at the centre of a maelstrom! Undoubtedly, we are creating more and more data but understanding it and using it to help deliver your organisation’s objectives can seem overwhelming and confusing.
Also, we are finding that we can’t always trust how we classify data to give us an accurate picture on which to base our decisions on. For example, When is an egg not an egg? When it’s an egg of course!
Ahh, the question of accurate spend classification, where to put an egg? To some people it may be simple, nourishing food; to other’s it is the start of a chicken’s life or a research material. Food, breeding or research? Traditional analytical approaches will look at the Supplier and classify it as food expenditure. How wrong could this be and how many multiples of this type of classification could be lurking in your data?
Moreover, why does it matter? Well, it does matter when header level classification results in missed rebates or the opportunity to negotiate improved terms, identify fraud, control maverick buying or rationalise Suppliers.
But where do you start? Trying to manually classify data in spreadsheet is a nightmare waiting to happen particularly where you are collating data from multiple sources and more often than not by the time you have finished the results are out of date and the next batch of data is building up.
Contact Us if you want to speak to one of our team about how we can make a difference for your organisation.Download our “Analytics - where to start?” guide to find out more