Spend Classification and Analysis
Spend classification is a key initial step to any strategic sourcing or spend management project because it provides an initial baseline and visibility of how a company is spending money and identifies opportunities for savings. An accurate spend analysis provides a strong foundation to truly get spend under control.
WAND starts a spend classification by using an extensive knowledge base that we've built from our database of tens of millions of vendor name variants and rules. This allows us to quickly categorize vendor level data into the taxonomy and the result is a cleansed, normalized, and categorized view of the vendors that your company buys from. From there, it's time to tackle receipt level descriptions. The granular categories available in the WAND Product and Service Taxonomy provides a knowledge base of product categories that gives WAND the ability to perform an efficient and highly accurate spend classification process. Our Metadata Modeling and data classification tools helps us categorize this data to your own spend taxonomy.
Our taxonomy, tools, and processes allow us to use Human Intelligence to generate a high quality spend classification. WAND's tools, product and vendor name database, and our experienced team are a true competitive advantage.
WAND has completed several large spend classification projects including for a major auto manufacturer, a national fast casual chain, a major transportation and logistics company. Find out how we can help your company get a handle on your spend.
UNSPSC? No Thanks.
WAND has developed a standard spend classification taxonomy that is 3-4 levels deep and covers the most common spend categories. The WAND Spend Taxonomy can be extended and customized to make it specific to the needs of your business. the result is a custom spend taxonomy for your business.
UNSPSC is unwieldy, incomplete in places, and may not reflect the needs of your business.If requirements call for data to be presented in UNSPSC or other custom category structures, WAND can map categories into any other category schema, maximizing the flexibility of the classified output.