Eddie McGeachie offered to write a guest blog for Market Dojo. Eddie is the co-founder of Seaforth Analytical Services. They are data analytics specialists providing spend analysis on big data. Eddie’s background comes from years working at Lenovo, xChanging and IBM.
Our advanced text mining capabilities can already help to build a classification of spending, which in turn can be used to build a model that illustrates the process and needs of an organisation. Further developments could help to understand patterns of organisational spending, discover opportunities for savings and prioritise those opportunities based on the achievable savings value that they represent.
We could see the future of spend analysis in tools that have access to all of your spend data and categorise your spending in real-time while offering solutions based on data from transactions with other users. This could be beneficial for both consumers and businesses.
For example, a future spend analysis tool could identify and classify your spend with ‘Tesco’ as basic groceries. Suggest purchasing from an alternative local supplier like ‘Sainsbury’s’ when the tool identifies a savings value that is greater than a value suggested. Or even further become a ‘spend data analysis solutions tool’ that makes purchases online on your behalf, combining data over numerous transactions to purchase products for your existing or current need at the market value.
The same tool could be used to combine businesses direct spend data over numerous years and prioritise needs based on estimated future demand, current stock and recommended suppliers. If automated, the programme could then make purchases based real-time stock levels and sales made.
For more information on how you can benefit from Spend Data Analysis, go to www.myseaforth.com
Alternatively, you can read more article from Eddie McGeachie on “10 Things You Can Do With Big Data Spend Analysis” and “The Development of Spend Data Analysis”
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