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Hi everyone and welcome to this week’s episode of 365 Data Use Cases! In this series of super informative videos, we explore the diverse areas where data is widely used nowadays. Let's be honest, every industry relies on data for insights and strategies. But you'll be amazed how fascinating some of these cases are!
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In this episode, our friend Susan, a.k.a. the Classification Guru, will share with you her favourite data use case – Spend Data Classification!
As it turns out, big companies are often unaware of how much they spend on supplies and how their budget is distributed across different suppliers. This is where Susan comes to the rescue!
By standardizing a company’s spend data and classifying it using a taxonomy, she establishes the exact amount expended on each product. What‘s the benefit of that invaluable insight? Watch the whole video to find out!
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0:00 | Intro
0:21 | What is spend data classification?
1:03 | Normalizing and standardizing data
1:41 | Classifying data with taxonomy
2:36 | What is the benefit of data classification?
3:23 | Contact Susan for questions or more info
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