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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
Kidderminster is a large market and historic minster town and civil parish in Worcestershire, England, 17 miles (27 km) south-west of Birmingham and 15 miles (24 km) north of Worcester. Located north of the River Stour and east of the River Severn, in the 2011 census, it had a population of 55,530.[1] The town is twinned with Husum, Germany.
Situated in the far north of Worcestershire (and with its northern suburbs only 3 and 4 miles from the Staffordshire and Shropshire borders respectively), the town is the main administration centre for the wider Wyre Forest District, which includes the towns of Stourport-on-Severn and Bewdley, along with other outlying settlements.
