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Spend Analysis
Key terms and definitions relating to Spend Analysis
Here are some basic definitions and key concepts to get started.
Spend data(also known as procurement spend data) is information dealing with a company’s expenditures on goods and services purchased from external suppliers.
Spend data managementis the process of collecting, sorting, and managing that spend data.
Spend analysisis the process of analyzing spend data to find patterns, identify cost-saving opportunities, improve performance, and optimize procurement strategies. It involves collecting, cleansing, classifying, and analyzing spend data from various sources to provide insights. The primary goal is to gain visibility into spending to make more informed procurement decisions and improve financial efficiency.
Spend Analytics, on the other hand, refers to the broader application of advanced data analytics techniques to expenditure data. While it includes the basic elements of spend analysis, spend analytics goes further by leveraging tools like artificial intelligence (AI), machine learning, and predictive modeling. This allows organizations to not only understand historical spending patterns but also to predict future spending trends, assess supplier risks, and uncover deeper insights that can drive strategic procurement
The London Borough of Barking and Dagenham (pronunciationⓘ) is a London borough in East London.[1] It lies around 9 miles (14.4 km) east of Central London. It is an Outer London borough and the south is within the London Riverside section of the Thames Gateway; an area designated as a national priority for urban regeneration. At the 2011 census it had a population of 187,000, the majority of which are within the Becontree estate. The borough's three main towns are Barking, Chadwell Heath and Dagenham. The local authority is the Barking and Dagenham London Borough Council. Barking and Dagenham was one of six London boroughs to host the 2012 Summer Olympics.[2]
