Standardize Your Commodity Taxonomy Before You Automate

A procurement spend taxonomy is a well thought out database structure that puts spend data into groups that make it easier to obtain and analyze. When effectively deployed, a strong taxonomy will improve the effectiveness of both your tactical and strategic procurement efforts.

The benefits include:

  • Immediate visibility of current and historical spend (at a total, category, commodity, and segment level)
  • Significantly reduced time to get correct data and turn it into usable information
  • Near-immediate ability to recognize changing spend patterns including rouge spend
  • Easy deployment of procurement dashboards

Click here for a brief slide set summarizing what an effective spend taxonomy looks like.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: