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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
Wetherby (/ˈwɛðəbi/ WETH-ə-bee)[2] is a market town and civil parish in the City of Leeds, West Yorkshire, England. It is close to West Yorkshire county's border with North Yorkshire, and lies approximately 12 miles (19 kilometres) from Leeds City Centre, 12 mi (19 km) from York and 8 mi (13 km) from Harrogate. The town stands on the River Wharfe, and for centuries has been a crossing place and staging post on the Great North Road midway between London and Edinburgh.
Wetherby Bridge, which spans the River Wharfe, is a Scheduled Ancient Monument and a Grade II listed structure.[3] The course of the Old Great North Road passes through the town and, as result of its situation on the road, as well as being a major cattle droving route from Scotland to London, many coaching inns were established in Wetherby which are still used by travellers today.
The town sits in the Wetherby ward of Leeds City Council and the Wetherby and Easingwold parliamentary constituency. It was listed in the 2018 Sunday Times report on Best Places to Live in northern England.[4]
