Spend Analysis Series Part 4 - Standardizing & Categorizing Spend Data

In our Spend Analysis Series we’ve recommended Where to Begin, reviewed the Types of Data you’ll be working with and gave suggestions on how to approach Decentralized Data Sets. You’ve collected data but now it needs to become information that can tell us how to proceed with our cost reduction initiatives. The next step involves standardizing and categorizing all the of the information gathered up to this point to organize it further and help reach a better understanding of your cost reduction opportunities. 

In this fourth episode of the Spend Analysis Series, Spend Consultant Jennifer Ulrich outlines important details to consider when grouping data into sourcing categories to create a visual of project areas and leverage opportunities. Whether you're considering consolidating your supply base or simply classifying the amount of suppliers for a category of goods or services, Jennifer explains how to use this valuable information for your organization’s advantage.

Through the use of a spend analysis, data is easier to manage and a better understanding of your organization’s overall spend profile is established. Source One Spend Consultants make it easy for you to get the spend visibility you need without the hassle of conducting a manual spend analysis. 

Contact our spend management experts today to learn more about our Spend Analysis as a Service.