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Evolution of Spend Analysis and the Rise of Big Data: Part 5

By Roshnee
In Spend Analysis
Feb 6th, 2014
0 Comments
7780 Views

There are always some best practices that you can fall back on to minimize the risks, no matter what you plan to implement. Similarly is the case with spend analysis implementation. Let’s have a look at few best practices.  (Click here to read part 1  part 2 part 3  and part 4  of the series)

Evolution of Spend Analysis and the Rise of Big Data-Part 5

At Project Level

  • Dedicated executive team with a strong mandate from management
  • Participation of the commodity managers is key, especially while defining classification rules and taxonomy
  • Well-defined objectives and key result areas to be defined at the beginning of the project
  • Timely Management Review Meetings and Steering Group Meetings

At Data Level

  • Dedicated business intelligence team / team which understands data structure within a business warehouse / ERP system
  • Selection of correct taxonomy based on sourcing hierarchy, current taxonomy, if available, and commodities which are procured
  • Process of data extraction to be defined and well documented to reduce rework
  • Selection of correct parameters, based on the reporting needs of the company

Basic Overall Strategy

  • Participation of key stakeholders from all the major business units, especially during perception check meetings
  • Selection of correct user groups, based on the profile and reporting needs, to facilitate adoption
  • Ensuring that a pre-training questionnaire is filled in by all the participants. This will ensure that focused group training sessions are held – one of the key factors of successful adoption.

Stay with us as in the next blog, last in the series we will look at some key benefits of spend data analysis.

For further reading, click on the download button below to access the whitepaper “The Evolution of Spend Analysis and the Rise of Big Data”

Download Whitepaper

 

About "" Has 160 Posts

Roshnee works with the content leadership team of Zycus. She regularly writes on procurement - trends and best practices, sometimes taking the off beat path to bring in a fresh perspective. She also drives the branding activities of her company. In her free time she enjoys hot cuppa coffee with the latest fiction book. She is an MBA in Marketing and a graduate in commerce.

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