Eddie McGeachie offered to write a guest blog for Market Dojo. Eddie is the co-founder of Seaforth Analytical Services. They are data analytics specialists providing spend analysis on big data. Eddie’s experience comes from working with numerous blue chip companies.
10 Uses of Big Data Spend Analysis within procurement
- Create a broader level of visibility on company expenditure
- Identify and classify forms of maverick spending
- Present relevant information on large volumes of data in minutes
- Enable a greater understanding of supplier behaviour
- Identify potential supply-chain risks
- Provide a greater understanding of the supplier market and positioning of competitors
- Yield information for category planning and assistance in prioritising your roadmap
- Provide timely information that can be used to improve negotiations with suppliers
- Understanding of key areas for high potential savings on purchases
- Predictive analysis to discover, evaluate and optimise purchasing behaviour
Seaforth is currently working with a partner to produce real-time data analysis for a large multinational procurement team. The aim is to support their team with analysis on specific spend categories in an instant. This will enable their procurement team to easily identify buying patterns in their data and highlight product duplicates or wasted spend.
By using data analysis in conjunction with a category planning tool such as Category Dojo. It will allow companies to identify and compare savings opportunities whilst taking into account factors such as time scales, potential savings and complexity.
For more information on how you can benefit from Spend Data Analysis, go to www.myseaforth.com