As a Procurement and Supply Management professional, you're probably no stranger to standard industry classification taxonomies like SIC, UNSPSC, NAICS. Often, they're used to categorize spend, indicating what you're spending, how much, and with whom. Using these taxonomies are convenient, but not really conducive to procurement's goals. Procurement professionals want to know where their cost reduction opportunities lay - which means organizing and evaluating spend data based on spend categories. Which is why Source One created a new Spend Analysis as a Service tool,, with a customized taxonomy for procurement by procurement.

Source One Spend Analysis Expert, Brian Seipel and Data Scientist, James Patounas sat down the Kelly Barner of Buyers Meeting Point to discuss this proprietary taxonomy in new podcast: Actionable Spend Analysis Though Applied Data Science. Together they examine how the "scientific method" can be applied to a spend analysis with the help of data science. In addition, Seipel and Patounas explain why Procurement must resist "paralysis by analysis" when it comes to evaluating enterprise spend data and deriving actionable strategies for achieving your spend management goals.
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