CombineNet Spend Analysis Solution: Data Management
Making sense of spend data from disparate sources is the fundamental challenge for generating enterprise-wide spend analysis. Data formats, languages, currencies, partial records, even improperly named items and suppliers add complexity to the efficient management of spend data.
CombineNet Spend Analysis is a next-generation spend management solution that follows a unique approach to data management, completing the initial data cleansing and classification cycle in 3-4 weeks, rather than the 3-6 month cycle offered by first-generation spend analysis methods.
An Innovative Approach to Data Management
Rather than trying to shoehorn your data into a pre-defined data warehouse that is hardwired for a specific taxonomy, CombineNet Spend Analysis can take any data (across multiple languages and currencies) in any format (purchase orders, accounts payables, contracts, sourcing data, etc.) and structure it based on the customer's business needs. The benefits of this data management process also enables faster data refreshes, typically only requiring a few days to complete, rather than multiple months as required by other solutions.
Using data classification rules and algorithms tailored to each customer, this data management approach generates classification rates greater than 95% without manual intervention. Unmatched flexibility in data rules and algorithms means that your spend data is classified to your needs, meaning that the same items purchased at different locations can be classified differently to reflect your spend visibility reporting requirements. Your data is done right the first time, without the need for scores of offshore resources and additional services fees.
For spend analysis solutions that match your unique business needs, contact CombineNet and learn about our innovative approach to spend data management.