Spend analysis: getting the basics of data right
Data has received unprecedented significance in recent times and has emerged as a critical input powering transformational technologies and improving competitiveness. Although the power of data is undisputable, companies continue to grapple with the challenge of poor quality of data. This is particularly true with procurement organizations that are increasingly relying on data to spot patterns, predict spend, and improve processes and procurement performance. This paper highlights the fundamentals of data management for spend analysis and the best practices for getting the basics of data right.