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Procurement Taxonomy

Procurement is an important step in business processes which ensures the buyer receives goods, services, or work at the best possible price when all aspects such as quality, quantity, time, and location are compared. As with any aspect of business which deals with the push and pull of purchasers and suppliers, all these processes are bound to create loads of documents and data. WAND’s Procurement Taxonomy allows you to organize your documents and data with ease, train your AI with speed, and begin to use your company’s documents and data in no time! As with all our taxonomies, this strong foundation metadata model can be customized to include additional terms relating to your specific needs or industry.

This taxonomy contains 145 terms and 109 synonyms. Top-level terms include:
• Procurement Process (91)
• Suppliers (47)
• Types of Procurement (4)

While one taxonomy is good, multiple taxonomies to address other areas of your business is better! Check out some of our curated recommendations for other taxonomies that pair well with the

Procurement Taxonomy

WAND has also created Taxonomy Suites which address all of the domains of knowledge within your business. Check out all of our suites here or take a look at our pick for you.

More Taxonomy Information

WAND is the industry leader in developing and providing pre-built foundation taxonomies to companies around the world to improve organization, tagging, and search of unstructured and semi-structured information.

Turn any taxonomy project from a challenging build to a simple edit. Available in formats to support multiple enterprise applications, WAND Foundation Taxonomies jump-start any taxonomy initiative and are available for every industry vertical and business function.

There are more than 150 common enterprise applications that can use taxonomy covering categories like Artificial Intelligence, Search, B.I. Analytics, Big Data, Records Management, Data Mining, Knowledge Graphs, Predictive Analytics, CRM Client Classification, Expertise Identification, Document Tagging, and Sentiment Analytics.

 

The WAND Taxonomies  are foundation taxonomies, meaning they are designed to provide a strong starting point which can then be customized for the needs of a specific business. It’s difficult to find a taxonomy that will be a perfect fit for your needs straight out of the box, so foundation taxonomies are a great place to start because they can provide an initial 80% starting point and jumpstart. With foundation taxonomies, the time spent developing taxonomy is dramatically reduced. Foundation taxonomies provide a common-sense starting point for all stakeholders in a taxonomy project so that targeted feedback can be provided to customize the taxonomy specifically for your needs.

 

WAND has professional services and related tools to help customize these foundation taxonomies. Be sure to visit our news feed to learn about updates to individual taxonomies in the catalog.

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