Preparing for Spend Analysis – The Process of Data Cleansing and Enrichment
PI Data Analytics Preparing for effective procurement spend analysis involves meticulous data cleansing and enrichment processes. These steps are essential for ensuring accuracy, completeness, and reliability in your spend data. Data Cleansing This initial step focuses on identifying and correcting inaccuracies or inconsistencies in the data. It involves removing duplicate entries, standardising formats, and correcting errors to ensure that the data is clean and ready for analysis. By cleansing the data, procurement teams can avoid misleading insights and base decisions on accurate information. Data Enrichment Once cleansed, data enrichment enhances the quality and usefulness of the data. It involves augmenting the data with additional information, such as supplier details, product categories, and market trends. Enriched data provides deeper insights into spending patterns, supplier performance, and potential cost-saving opportunities. Effective spend analytics relies on r