Is your MRO material data well classified? Is Spend Analytics giving you the insights you wanted?
With a good Data Classification system in place, you stand to gain in different areas -a key one being improved spend analytics capabilities. Executives often struggle to gain insights into purchase inefficiencies, and the root cause analysis mostly leads to poor classification and analytics. A well-classified materials database can dramatically improve analytics, which then enables you to derive supplier intelligence, identify focus areas to reduce costs, gain insights into inventory movements and so on. Some of the well-known product classification systems are – UNSPSC, eCl@ss, ETIM, MESC, etc., and we are very familiar with selecting and implementing the right system, based on the client’s needs. We have the skills and tools to efficiently upgrade a client’s master database to classify materials and suppliers based on the selected classification system. We also help develop custom classification systems, for clients having specific needs which are not met by standard classification schema. We also help clients implement multiple classification systems, or map their items across different classifications such as eCl@ss to UNSPSC or vice versa.
What is the advantage of Data Classification? Improved spend analytics capabilities which leads to insights into purchase inefficiencies. How can OptimizeMRO help me? We have the skills and tools to efficiently upgrade a client’s master database to classify materials and suppliers based on the selected classification system. We also help develop custom classification systems. Is different classification systems available? Yes, Multiple classification systems and tailor made classification systems are available apart from the well known classification systems like UNSPSC, eCl@ss, ETIM, MESC, etc.