The UN Standard Products and Services Code (UNSPSC), the global product and services classification standard, has been revolutionizing purchasing and supply management across the world. Whether you’re deliberating on the need for a common product and classification standard for your company, or an advanced UNSPSC adopter, revisiting the basics can help you improve your purchasing and supply management processes.
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Having realized the savings that can be generated by managing corporate spending, many organizations are now aiming to employ and leverage spend analysis to implement sourcing and procurement strategies. Is quality data the cornerstone of successful spend analysis? Most of us would say yes, without hesitation. However, if you dig deeper, you might be in for a surprise.
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It’s only lately that people have been questioning the value of information they’re able to garner from within “spend data” warehouses. Why can t we leverage traditional tools to give the sourcing and purchasing community what they want? To understand the limitations of traditional data-cleansing technology, and why spend data necessitates special algorithms, we need to start with the basics.
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