Key Opportunities Identified for Global Industrials Company Using Data Harmonization

The Challenge

Having data spread across diverse organization structures, paired with a limited IT system, makes finding opportunities difficult to do when dealing with a lot of data. This also makes it a challenge to gain insight into improving processes. A major global industrials company needed Evalueserve’s help with managing their spend data.

The client used basic spreadsheet applications that relied on manual reviews, which accounted for 12% to 15% of the sourcing cycle. This tedious system consumed up to 50% of the commodity manager’s time, leaving only a small amount of time to gain insight into the data. This left even less time for the client to start identifying opportunities from it. Evalueserve observed the client’s use of spend data in order to optimize their system’s efficiency by collaborating with the client to form a solution. 

Our Solution

One of the main issues that Evalueserve prioritized was how the client’s spend data system was being handled. Basic spreadsheet applications do not have the capacity to handle a huge load of changing data. Paired with the fact that the client spread their data across multiple organizational structures, made it their current system even more limited. The Evalueserve team focused on bringing the diverse sets of spend data together into one cohesive set. Collecting and harmonizing the data reduces the time it takes to review the data. This would give the client more time to gain insight from the data and act on it.

Data harmonization performed key functions such as

Data Profiling: Corrected inaccurate, broken, duplicated, or missing data from a data set. This simplified the retrieval and search process.  

Classification: Categorized data in relevant categories, so that it is easier to locate, retrieve and protect. This helps the data system run efficiently. 

Transformation: Converted data into one format into another, facilitating a smooth transition from one system into a new destination system. 

Data Enrichment: Integrated third-party data from the United Nations Standard Products and Services Code (UNSPSC) system into an existing database, enabling the client to mine for data and enrich their own. 

Data Publishing: Released researched data to the public, granting access for the public to use for their own research. 

Business Impact

Harmonizing the client’s spend data enabled them to gain further insight, which would in-turn bring positive changes. The client was able to optimize their data management system, allowing them to focus on turning insights into action. The actions they took reduced the client’s economic impact by 12%. As a result, this gave the client ample opportunity to focus on cutting excess stocks by 40%, helping their system reach maximum efficiency. 

Various elements of the data harmonization process allowed the client to gain insight into the inner-workings of their system. The data enrichment element helped bring detailed insight to the client, while the data profiling and classification helped cleanse the data of errors and duplicates. All of these processes working in tandem propelled improvements made to the client’s operations.

Reduced economic impact by 12%

The client was able to spend more time optimizing their data management system, rather than on locating key information, resulting in reduced economic impact.

Cut excess stocks by 40%

Spend data harmonization enabled client to find updated information with ease, allowing the client to spot duplicates.

Talk to One of Our Experts

Get in touch today to find out about how Evalueserve can help you improve your processes, making you better, faster and more efficient.

Share: