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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
Wiltshire (/ˈwɪlt.ʃər, -ʃɪər/;[1] abbreviated to Wilts) is a ceremonial county in South West England. It borders Gloucestershire to the north, Oxfordshire and Berkshire to the east, Hampshire to the south-east, Dorset to the south, and Somerset to the west. The largest settlement is Swindon, and Trowbridge is the county town.
The county has an area of 1,346 sq mi (3,490 km2) and a population of 720,060. The county is mostly rural, with the centre and south-west sparsely populated. After Swindon (183,638), the largest settlements are the city of Salisbury (41,820) and the towns of Chippenham (37,548) and Trowbridge (37,169). For local government purposes the county comprises two unitary authority areas: Swindon and Wiltshire.
Undulating chalk downlands characterize much of the county; the North Wessex Downs in the east, Salisbury Plain in the centre and Cranbourne Chase in the south. The north-west is part of the Cotswolds, a limestone area. The county's major rivers are both called the Avon: the northern Avon enters the county in the north-west and flows in a southwesterly direction before leaving it near Bradford-on-Avon; the southern Avon rises on Salisbury Plain, flows through Salisbury and then into Hampshire.
Salisbury Plain is noted for the Stonehenge and Avebury stone circles, which together are a UNESCO World Heritage Site, and other ancient landmarks. Much of the plain is a training area for the British Army. The city of Salisbury is notable for its medieval cathedral. Large country houses open to the public include Longleat, where there is also a safari park, and the National Trust's Stourhead.
