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Spend Analysis
Key terms and definitions relating to Spend Analysis
Here are some basic definitions and key concepts to get started.
Spend data(also known as procurement spend data) is information dealing with a company’s expenditures on goods and services purchased from external suppliers.
Spend data managementis the process of collecting, sorting, and managing that spend data.
Spend analysisis the process of analyzing spend data to find patterns, identify cost-saving opportunities, improve performance, and optimize procurement strategies. It involves collecting, cleansing, classifying, and analyzing spend data from various sources to provide insights. The primary goal is to gain visibility into spending to make more informed procurement decisions and improve financial efficiency.
Spend Analytics, on the other hand, refers to the broader application of advanced data analytics techniques to expenditure data. While it includes the basic elements of spend analysis, spend analytics goes further by leveraging tools like artificial intelligence (AI), machine learning, and predictive modeling. This allows organizations to not only understand historical spending patterns but also to predict future spending trends, assess supplier risks, and uncover deeper insights that can drive strategic procurement
Fernwood is a village and civil parish in the Newark and Sherwood district of Nottinghamshire, England. The parish, which then included Balderton, had a population of 10,298 in 2001.[1] It is a suburb of Newark-on-Trent. The population of the civil parish was given as 2,190 in the 2011 census,[2] Balderton by that time was a separate civil parish. Fernwood itself increased to 3,054 at the 2021 census.[3]
1930s Art deco former hospital chimney nicknamed 'the water tower'
Modern Fernwood expansion has taken place on the site of the old Balderton Hospital which closed in 1993, with street names based on names of former hospital wards and employees.[4][5][6]
Following years of planning, preparatory work was started in 2023 to create an extension and bypass-link from the A1 road near Fernwood, via Middlebeck to the A46 at Farndon.[7][8]
