Enterprises need to manage big data, in both structured and unstructured formats. Unstructured data, in the form of scanned invoices or POs, can be a significant contributor to maverick spends in an enterprise. Inaccurate spend transaction categorization, input from multiple geographies, multiple currencies for transactions, data from multiple ERP systems, and vague/ambiguous purchase descriptions also act as inhibitors to good data management practices. This impacts data quality and poses major challenges for enterprises in driving cost savings.
Scope’s procuRxTM solution is designed to provide and enhance the visibility of an organization’s spend. Scope’s procuRx solution supports procurement professionals in the following ways:
Detailed and custom spend analysis
Vendor rationalization reports
Vendor performance analysis
The detailed reports generated through Scope’s procuRx solution are more accurate as the data quality is significantly enhanced through the following components:
De-duplication - Ensures accuracy of vendor master, thereby improving visibility across suppliers and mitigating supplier risk
Standardization/Normalization - Improves spend visibility and accuracy of spend
Identifying parent-child relationship across vendors - Helps enterprises in vendor negotiation and vendor rationalization
Specification building for the commodities - Improves the quality of material master
Scope’s subject matter experts (SMEs) analyze the spend transactions for each commodity and create auto-classification rules based on Boolean logic. The ambiguous records, with vague descriptions, will be researched completely by Scope’s data analysts and classified accordingly, thereby ensuring accurate and comprehensive classification of all spend transactions.
Enterprises can plan their sourcing strategies based on custom spend analysis reports generated through Scope’s procuRx solution. The detailed spend analysis reports will include multi-dimensional analysis, such as spend by region, spend by vendors, spend pattern across vendors and months etc.
Scope’s unique value proposition of validation by SMEs on top of a robust data management platform, DataMan, provides significant benefits to procurement professionals including:
Enhanced quality database for analytics/modeling
Custom reports/insights/recommendations on cost saving opportunities
Cost-effective pricing for successive transactions, due to self-learning algorithms
DataMan – Engine of Scope’s procuRx Solution
Scope’s procuRx employs DataMan, the proprietary platform developed using web 2.0 architecture, with customizable modules that support ETL, standardization & de-duplication based on a text matching algorithm, and auto-classification supported by Boolean logic. The self-learning algorithms and knowledge repositories (e.g. company alias names and product lexicons) are built into the platform to enhance the data quality.
Features and Benefits
Scope has commodity expertise in oil & gas, manufacturing, auto, electrical & electronics, telecom, and chemical verticals and significant expertise with universal taxonomies, such as UNSPSC, NAICS, EGOR, ECCMA, as well as custom taxonomies of clients with vast experience in data quality, spend management, and vendor/material master management. Scope’s procuRx solution integrates various features to offer benefits mentioned below:
Knowledge Repositories: Scope’s procuRx solution is inbuilt with over one million company name alternatives/alias, including Inc 5000 and Fortune 5000 companies. Scope’s knowledge repository also includes product lexicons of over 100,000 products and master schema (attribute list) of more than 10,000 commonly used products.
Multilingual Capabilities: The platform can handle assignments in multiple non-English languages, including French, German and Chinese with experts in procurement catalogs development.
Data Quality Certification: Scope employs ISO 8000 certified master data quality managers in leadership roles ensuring the reliability and effectiveness of data.
Proven Methodology: DataMan platform adopts a hybrid approach to address the data challenges/needs of an organization. With a service-based delivery model, there is no upfront investment in advanced tools/software required.