How to classify purchasing data?
For more transparency in procurement, we should not only classify historical data (such as suppliers), but also documents or dynamic data such as invoices or orders.
The classification arranges all objects into given categories. The currently harmonized data can be better analyzed through a general classification (also referred to as categorization) and thus new bundling and savings potentials are discovered. A classification can be made based on a standard, e.g. eCl@ss or UNSPSC or even with an individual scheme.
DataCategorizer 2020
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Read blog articles about spend management, initiative management and data management in procurement, or other articles from our experts.
3 Steps to improve Data Transparency in direct and indirect purchasing
A classification of procurement data – in other words, the purchase vouchers such as invoices and orders – is the second most time-consuming step in the implementation of an efficient Spend Management system. ...
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