Preparing Your Data for Xeeva Spend Analytics
Whether your organization is large or small, utilizing Xeeva’s Spend Analytics platform is the first step in gaining control of your indirect spend. Accessing your indirect spend data to share with Xeeva can sometimes appear to be an overwhelming task. This blog aims to guide you through what you need to do to prepare to send your data and explain how our team can help.
There can be several challenges in collecting this data – from having multiple data sources (ERPs, procure-to-pay applications, credit cards, and voucher entries) to having no more than an Excel spreadsheet. Xeeva has helped guide numerous customers to the best approach to get started. It’s important that you view your partnership with Xeeva as a journey, one with several phases that will transform the way you view and analyze your data. So, let’s breathe and remember, the first step is to identify where all the data comes from.
Here are 3 points we suggest you consider before we get too far down the path:
- What is indirect spend?
Often this is thought of as capital, MRO, and some services, but it can extend way beyond these. IT hardware/software, professional services, human resources, and engineering all contribute to your overall indirect spend.
- Do you have a general idea of what your annual indirect spend is?
Your finance department may be able to help define this. They pay the bills, right?
- How does your organization spend money, and where do you find the data?
Referring back to the various sources like ERP, procure-to-pay, and credit card statements mentioned above, your finance team can often be the best partner to define these.
Make a list of the data sources and your estimated annual spend from each. Try also to establish who administers these sources. We will want to engage these folks because they will most likely help us in extracting the data.
Once we have a general understanding of the data sources and values, you can now begin the collection process. During the implementation of Xeeva Spend Analytics, we will conduct a Data Solution Workshop. We have found that including the spend source (database) administrators on this call can save a ton of time and make this process a lot easier.
During this workshop, the Xeeva data team will share a straightforward data template and will review it in detail to ensure everyone is aligned on the fields we need to get you started. To go a step further, we have also already mapped many of the field locations from the most widely used ERP systems, including Oracle, SAP, JD Edwards, and QAD. We will share these pre-mapped templates to help your team along. We have found that your administrators can often set up a specific report with these fields to make collecting the ongoing, incremental spend from these systems a snap. We ask that you provide spend updates in a consistent format to ensure the data can be added efficiently.
If your spend data source is not easy to identify or administrative access is a challenge, let’s focus on what data you can access. Xeeva’s experienced data team can help organize the data you do have. Also, we will share suggestions for how you might be able to use your existing systems better to begin addressing some of the gaps we may find.
Just remember, it can be a journey, and the Xeeva team is going on it with you. In almost all cases, identifying these gaps is the first and most crucial insight your team will gain along the journey to spend visibility.