Spend Management initiatives hit serious roadblocks due to bad data quality. The more dispersed the organization around the world, higher is the severity of this problem.
“Spend data” that is typically generated in “upstream processes” like Purchase Requisition, Purchase Orders, Catalogs or Material Masters and “downstream processes” like Invoice, Pro-Card statements is often fragmented and inconsistent, and lacks a common coding structure. Aggregation of such data, classification to one standardized schema, and enriching the same with structured attributes, is a Herculean task that cannot be done without making the right investment in Spend Data Management software.
Senior Management at leading Fortune 500 organizations i.e. the CPO and CIO, are launching massive data management initiatives to tackle persistent problems that cannot be wished away any further. The TOP 4 pain areas, identified by leading analysts and researchers in conjunction with our customers that have a significant impact on any enterprise spend management ROI are as follows: |
