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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 Metropolitan Borough of Rotherham is a metropolitan borough of South Yorkshire, England. It is named after its largest town, Rotherham, but also spans the outlying towns of Maltby, Swinton, Wath-upon-Dearne, Dinnington and also the villages of Rawmarsh and Laughton. A large valley also spans the entire borough. Locally known as the Rother Valley.
The district was formed on 1 April 1974, under the Local Government Act 1972, as a merger of the County Borough of Rotherham, with Maltby, Rawmarsh, Swinton and Wath-upon-Dearne urban districts along with Rotherham Rural District and Kiveton Park Rural District.
Rotherham Metropolitan Borough Council is one of the safest Labour councils in the United Kingdom, although the number of Labour council seats dropped from 92% to 79% in 2014 following the Rotherham child sexual exploitation scandal.[2]
