The Spend Analysis Process
Corcentric, the Procurement Services Providers behind SpendConsulant, know everything about spend analysis. Since 1992, we’ve conducted spend analyses for several hundred companies. We’ve leveraged all our hard-earned knowledge and to build SpendConsultant. Now, with a little bit of elbow grease, and a lot of sourcing expertise, we can offer a detailed, actionable spend analysis in a matter of weeks. Our process turns raw data into user-friendly savings roadmaps as quickly as possible.
1. We collect your data
- SpendConsultant.com is a service, not a complex ERP integration tool. That means we don’t need to leverage you IT department for a lengthy implementation process.
- Just provide some raw data and we’ll get to work.
- The more data the better. That being said, we can work with as little as a supplier name and an annual spend figure.
2. We normalize your data
- Your data can be a mess. We don’t mind at all.
- We’ll leverage a series of tools to cleanse your data and standardize it based on naming schema and structure.
- We’ll eliminate and consolidate any duplicates (including misspellings) and apply our standardized naming conventions to your suppliers.
3. We classify your data
- SpendConsultant uses a proprietary taxonomy that Corcentric’s consultants have developed over the last few decades of strategic sourcing initiatives. It focuses on how procurement professionals need and want to see their data, not how the government or your finance department would like to see it.
- Now, the fun starts. We take your normalized supplier names – as well as any additional information we’ve got – and look for direct matches within our master datasets.
- If you were unable to provide additional supporting data (such as line item information), we’ll make educated assumptions based on the spend analyses we’ve conducted for companies similar to you.
4. Our Sourcing Experts review your data
- The SpendConsultant process is led by the strategic sourcing consultants at Corcentric. Those same consultants review your data and make sure it’s actually useful for your Procurement team.
- We don’t go it alone. We’ll consistently engage you for feedback and refine our classifications based on your information.
- Optionally – if you want an opportunity assessment, we’ll enrich the data – learn more
5. You get useable information
- Finally, we’ll upload your cleansed and classified data into SpendConsultant.com and provide you with a login.
- You’ll be able to see your transformed raw data in a user-friendly display fashion and examine it however you desire.
- You’ll also gain insights into how our classification works and download any of our work right from the tool.