Spend classification is a key initial step to any strategic sourcing or spend management project because it provides an initial baseline and visibility of how a company is spending money and identifies opportunities for savings. An accurate spend analysis provides a strong foundation to truly get spend under control.
WAND has partnered with a few of the leading spend management and strategic sourcing consulting firms to classify billions of spend into specific WAND Product and Service Taxonomy categories. The output is then delivered back to our spend consultant partners who present the complete analysis to their clients.
The WAND Product and Service Taxonomy gives WAND the ability to perform an efficient and highly accurate spend classification process with output that is clear and easy to present to the customer. It is a true competitive advantage to the process. Further, compared to UNSPSC, which can sometimes be confusing, the WAND Product and Service Taxonomy categories are easy to understand and the spend analysis can be clearly presented to the client. If requirements call for data to be presented in UNSPSC or other custom category structures, WAND can map our categories into any other category schema, maximizing the flexibility of the classified output.
WAND has completed several large spend classification projects including for a major auto manufacturer, a national fast casual chain, a major transportation and logistics company.
Contact WAND to learn about our spend classification services and how they can help you achieve your spend management goals.