Spend Data Cleaning
The effectiveness of spend analysis is not measured by what type of reports and graphs you can generate based on your spend data. Rather it lies in the accuracy and reliability of that raw data.
Data cleaning is the first step in the process of analyzing, identifying, and rectifying inaccurate raw data. Incomplete, or erroneous reports on your spend data can invite trouble for your business.
Often, it is seen organizations lack the resources needed to have an impact on the end result of the analysis. This happens because of inadequate data cleaning which results in inaccuracies creeping in your analysis.
True data cleaning can be a difficult job, but it doesn’t have to be that way if you have the right solutions. We at GainEdge have built a new approach towards data preparation that helps our clients get the best value out of their raw data with proper data cleaning.
Our analysts make sure that the spend analysis reports you produce are consistent and intuitive. We analyze how your spend data is classified and validated based on the goals and rules you have set. We identify duplication, incomplete, and irrelevant data and convert it into a meaningful and unique form of work. It will be ready to be uploaded in the set targets.
Success to any spend analysis projects can be achieved only when there are complete transparency and visibility on the spend. There should be a common framework. Your data will be chaotic when you have the data coming in from different vendors and different locations. It is only when the information is organized properly, it will have any relevance.
That is what we do. GainEdge collects all your information regardless of where it is located. We prioritize it into one single framework whatever form it is in. The data situation differs among enterprises. Our experts will work on the data and bring it into shape with complete accuracy.
It is a process which defines specification traits to a particular product and the same attributes are used to describe the specification across the manufacturer. Applying all the material that are available in your raw data spend, GainEdge can classify the spend correctly.
It has a lot of significance in spend analysis. Spend taxonomy helps in accurately identifying the complete spend in different regions of your enterprise. Our procurement analysts at GainEdge create a taxonomy to enable significant savings in the future. We gain visibility of the supply trends, deal with suppliers who offer better terms to match with your business rules.
Data cleaning and data preparation enable savings opportunities. But organizations fail to capitalize as they lack the skills to identify and locate where the savings can be realized. There are many strategies that you can use but how to determine which is the best for your business?
GainEdge has the resources and capabilities to search and analyze the right spend data as per your business rules. We can identify the loopholes where your spend is high, where the payment terms differ for a category and many similar. We alert you if the payment cost differs in different departments for the same product.