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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
Hounslow (/ˈhaʊnzloʊ/ HOWNZ-loh) is a large suburban district of West London, England, 10+3⁄4 miles (17.5 kilometres) west-southwest of Charing Cross. It is the administrative centre of the London Borough of Hounslow, and is identified in the London Plan as one of the 14 metropolitan centres in Greater London.
It is bounded by Isleworth to the east, Twickenham to its south, Feltham to its west and Southall to its north.
The Hounslow post town covers the TW3, TW4, TW5 and TW6 postcodes. Most of the post town is in the London Borough of Hounslow, but parts fall within the London Borough of Richmond upon Thames and the London Borough of Hillingdon, notably including Heathrow Airport.
