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Businesses usually buy goods and services from many vendors. A company must know where and how much money is spent. Without a sensible classification system, understanding the expenditure is impossible. As a result, data classification or categorization assists the company by categorising data into distinct buckets of information with consolidated spend.
It is the process of bucketing cleansed and clustered data for similar goods or services, assigning them into a predefined taxonomy category
Taxonomy is document of categorical hierarchy of spend and sourcing groups, from general to granular.
By using taxonomy, procurement and sourcing teams truly understand their spending.
It helps procurement managers for spend visibility and saving opportunities.
data transformation services
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