{"id":1025,"date":"2024-01-01T18:43:39","date_gmt":"2024-01-01T18:43:39","guid":{"rendered":"https:\/\/solutionsreview.com\/expert\/?p=1025"},"modified":"2024-02-02T14:43:00","modified_gmt":"2024-02-02T14:43:00","slug":"what-is-data-classification","status":"publish","type":"post","link":"https:\/\/solutionsreview.com\/thought-leaders\/what-is-data-classification\/","title":{"rendered":"What is Data Classification?"},"content":{"rendered":"

Also known as categorisation to some people,\u00a0spend data classification<\/em>\u00a0is when you categorise or classify your data into a bucket from a taxonomy or a category tree. And, what that does is it helps aggregate\/combine your data into organised piles of information.<\/p>\n

So, let\u2019s look at an example. In my world of procurement, most of the information I deal with will be spend data like your companies travel expenses, such as transport and hotel stays. But chances are, unless you have a taxonomy in place, you\u2019ll have people logging the same type of expense under quite a few different names. For example, a hotel stay. In the description the hotel can be described as a \u2018hotel\u2019, a \u2018room\u2019, \u2018single for three nights\u2019, \u2018SNGL\u2019, \u2018RM\u2019 or just simply \u20182 nights\u2019.<\/p>\n

So, to categorise it I would gather all that different information up and put it all under one common description \u2013 let\u2019s go with \u2018hotel\u2019. It might be more slightly more detailed than that but in its simplest terms that is how we would categorise it. And it\u2019ll be the same with taxis \u2013 \u2018taxi\u2019, \u2018cab\u2019, \u2018hack\u2019 etc. It\u2019ll all be categorised under one common description.<\/p>\n

Sometimes, data can be input under very vague descriptions. For example, a taxi line might just say \u2018from hotel to restaurant\u2019 so when you\u2019re classifying you really need to be aware of that. This is where a human eye is key to be able to pick up on that kind of information and interpret what the inputter meant. Automation might pick up on the \u2018hotel\u2019 or the \u2018restaurant\u2019 part, but it wouldn\u2019t necessarily know what was actually meant was a taxi between those two locations, especially if taxi isn\u2019t in the vendor name.<\/p>\n

So that\u2019s data classification\/categorisation works, but what do you do with it once you\u2019ve got it?\u00a0<\/strong><\/p>\n

Well, it helps you unlock a lot of potential for your business. Spend data classification will allow you to actually look at the specifics of what you are really spending your money on and find out if you could or should be negotiating better rates with your suppliers because the data\u2019s shown you\u2019re actually spending a lot more than you thought you were or have been automatically accepting price increase when there\u2019s much better deals out there!<\/p>\n

And you might be surprised by that. You might not realise that you\u2019re spending is as much as you thought you were. And, when your data is categorised, you\u2019ll be able to look at it by supplier, by category, by category by month, by year, year on year. You can also look at invoices per supplier. You can do a huge number of things depending on how much data you\u2019ve got, but you can\u2019t really do a lot of that without some level of categorisation.<\/p>\n

Once you\u2019ve done all that, you\u2019ll probably want to review your processes because I can almost guarantee something will have been flagged up during the classification process which indicates spend isn\u2019t being accurately logged.<\/p>\n

Ultimately, it\u2019s all about saving you money and that\u2019s no bad thing for anybody. Now, more than ever, it is so important you know where your businesses\u2019 money is being spent and I am sure every single person who has their spend data classified will find at least one hidden surprise.<\/p>\n

So, although you may be put off by the upfront cost of having your spend data classified, it will save you money in the long run and the benefits to your business are pretty massive.<\/p>\n","protected":false},"excerpt":{"rendered":"

Also known as categorisation to some people,\u00a0spend data classification\u00a0is when you categorise or classify your data into a bucket from a taxonomy or a category tree. And, what that does is it helps aggregate\/combine your data into organised piles of information. So, let\u2019s look at an example. In my world of procurement, most of the […]<\/p>\n","protected":false},"author":564,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[11],"tags":[],"acf":[],"yoast_head":"\nWhat is Data Classification?<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is Data Classification?\" \/>\n<meta property=\"og:description\" content=\"Also known as categorisation to some people,\u00a0spend data classification\u00a0is when you categorise or classify your data into a bucket from a taxonomy or a category tree. And, what that does is it helps aggregate\/combine your data into organised piles of information. So, let\u2019s look at an example. 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