The importance of
How can technology help?
Technology can reduce processes that took months, years into weeks, days and thus massively reduce the cost to do the job.
It is difficult to consolidate spend, avoid costs or reduce costs when you don’t know who your suppliers are and what they actually spend. In times of increased costs and inflation, you can’t look away any longer from visibility on your direct and indirect spend.
The problem with UNSPSC
and eClass taxonomies
Predefined common taxonomies are free and very detailed, but it is not always fit for your business, fit to achieve your procurement goals. Finding the balance between what is simple and easy to use, and understandable versus detailed enough to fit the spend profile of how that procurement operations need to work in that environment. It is a big effort to do it and there should be a process behind it to maintain it
The challenges with
Taxonomies change with new products and new suppliers, and they are mostly not classified. There should be a process behind it to maintain your taxonomy. Technology can help to do the heavy lifting.
taxonomy is a necessity
Brian Shanahan, CEO of Informita:
"The Importance and challenges of spend
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