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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
Worksop (/ˈwɜːrksɒp/ WURK-sop) is the largest town in the Bassetlaw district of the ceremonial county of Nottinghamshire in the East Midlands of England. Worksop lies on the River Ryton, and is located at the northern edge of Sherwood Forest. Worksop is located 19 miles (31 km) east-south-east of Sheffield, with a population of 41,820.[2] It lies close to Nottinghamshire’s borders with South Yorkshire, and Derbyshire.
Worksop, a market town, has become a commuter town as a result of its geographic location and ease of access to major motorways and rail links.
Worksop is known as the "Gateway to The Dukeries", because of the now four obsolete ducal principal sites of which were closely located next to each other, south of the town. These four ducal locations were; Clumber House, Thoresby Hall, Welbeck Abbey and Worksop Manor. Other houses such as Rufford Abbey and Hodsock Priory are also just a few miles away.
Worksop is twinned with the German town Garbsen.
