* Mapping Category Codes and Category Maps: This involves organizing spend data into specific categories to better understand spending patterns.
* Normalizing Supplier Information: Ensuring consistency in supplier data to facilitate accurate analysis.
* Performing Supplier Mapping: Linking suppliers to specific categories and understanding their spend impact.
* Refining with Financial Data: Integrating financial data to get a comprehensive view of spend, enabling more informed decision-making.
* Conducting Spend Analysis: These activities are all part of spend analysis, which aims to understand where money is being spent, with whom, and on what terms, to identify cost-saving opportunities and improve procurement efficiency.
References:
* CIPS: "Spend Analysis and Cost Reduction"
* ISM: "Spend Analysis: The Key to Strategic Sourcing"