Spend Analysis is the first critical component of the procurement transformation journey as any successful sourcing strategy must be based on facts rather than intuition. Accurate and insightful spend analysis lays a strong foundation for identifying opportunities for cost reduction, process optimization and improvement, risk mitigation, and value creation. It enables you to devise and implement changes that exponentially improves the value in procuring goods and services.

Dataction follows a structured and holistic approach towards spend analytics. An approach thatmakes best use of the amalgamation of machine and human intelligence. This enables us to provide solutions that have a vast and more granular classification coverage.Hence, our solutions have enhanced accuracy as compared to solutions offered by our competitors who primarily rely on standardized software that processes data based on restrained algorithms. Our approach also provides superiorresults in case a custom taxonomy is in use rather than a standard one such as UNSPSC. Hence, for the same projects earlier undertaken by competitors who invested heavily in software selection, customization and maintenance, we haveprovided actionable insights and delivered value for our clients at a fraction of the cost.

The 6-step holistic approach includes: