As you can see from the description below, this webinar will focus on the importance of spend data classification in helping you find the “savings” in the proverbial haystack of spend (see below).
Another hay way to think about it is the idiomatic phrase “making hay,” which means to turn something to your advantage (albeit, usually in a competitive sense). Spend classification is an important early step in turning the spend data that resides in your systems of record to your advantage and into actionable intelligence. Hey Now!
Cut through the “Data”Stack to needle in on savings…
Get the best out of your data through classification
Date: Thursday, March 24, 2011
Time: 2:00pm EST
The advancement of IT technology and rapid growth of e-business has led to the wide scale automation of transactional processes. When in need of cutting down costs all you need to do is to gain access to the data captured by such systems and mine it for saving opportunities.
However things are not so simple! Seeing a data dump directly from the system can easily overwhelm any procurement professional. The reason being; transactional data captured here, which includes essential information about the items and commodities purchased, supplier information etc. often lacks detailed descriptions, consistency and may be misclassified. This makes it virtually unusable for analysis!
Don’t worry! Help is at hand, a combination of some simple process changes and automated data classification technology can help organizations easily heighten the spend visibility which would make it possible to identify and act on cost savings opportunities, even when the starting point involves inconsistent and ill-sorted data!
Attend this webinar to learn –
* Means to better categorize and streamline your data to have a consistent representation of the procurement information.
* How to mine this data to uncover genuine savings opportunities
* How to transform the cleaned data into actionable information to help achieve savings