Category Archives: Procurement

Spend Analytics – 5 Ws of Spend Analysis

spend analytics

In this post, you will learn about 5 Ws of spend analytics. In case you are a procurement professional looking to understand use cases related to spend analytics, you may find this post to be very useful. In simple words, spend analytics is about extracting insights from spend in different procurement categories.  What are we spending on? First and foremost, it is important to get visibility on what items are we spending on. This can be achieved using a dashboard. This form of analytics is also called descriptive analytics. Analyzing item spends can be termed as Item spend analytics. The items can be related to direct or indirect procurement. Indirect …

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Posted in Analytics, Data Science, Procurement.

Spend Analytics using AI & Data Science

What is spend analytics

In this post, you will learn about the high-level concepts of spend analytics in relation to procurement and how data science / machine learning & AI can be used to extract actionable insights from spend analytics. This will be useful for data analytics or business analytics professionals looking to understand the concepts of spend analytics. The following topics will get covered in this post: What is spend analytics? Why spend analytics? Spend analytics – Descriptive & Predictive  Some popular spend analytics products What is Spend Analytics? Simply speaking, spend analytics is about performing systematic computational analysis to extract actionable insights from spend data. As part of spend analytics, the following are …

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Posted in Data Science, Machine Learning, Procurement. Tagged with , .