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 organisations objectives can seem overwhelming and confusing.
Also, we are finding that we can’t always trust how we classify data to be giving 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 or rationalise Suppliers. Join our Spend Science webinar to find out how to avoid the bodged classifications that destroy value in procurement and to qualify for your FREE data health check.