Spend taxonomy, your spend finger print
Silo effect is very common to spend taxonomy. Mithra-AI removes these silos across different groups/geographies by creating a holistic view of the organization’s spend structure.
This is where teams can work together on one platform to align and improve on each class and its sub-classes avoiding overlaps or inconsistencies in the structure.
Spend taxonomy is the backbone and fingerprint of the organization so keeping it up to date and accurate is most essential to generate trusted spend insights.
Dynamic Spend Taxonomy
Have you ever seen your full organization’s spend tree? How often do you review it?
Mithra-Ai allows you to visualize, maintain and explore your spend taxonomy in many forms (see snapshots on this page) and ongoing.
Each class of spend can be compared with others: overlaps, unclassified, and inconsistency are marked by Mithra-Ai and this all take few seconds only! You can revise these as the next step in the same format and review new insights that come with it!
Spend taxonomy is fundamental to a great spend management process and usually gets overlooked due to complexity of organizations and their decentralized ownership. With new product introduction your taxonomy also changes. No, panic! Mithra-Ai is there to bridge this gap for you and keeps your taxonomy updated!