The Spikes Cavell process to extract and enrich the raw
financial data
The raw data is extracted from the organisation's financial
systems and put in to a standard format. Classification is added to
help people see what specifically the purchase relates to. The
enrichment process adds extra information about the suppliers, such
as the number of employees. This information comes from Dun &
Bradstreet. All the purchases from a specific supplier are then
aggregated across the records held in the database from all the
participating organisations. The data is then ready for display in
the spotlightonspend application which is installed on each
organisation's web site.
© Spikes Cavell Analytic Ltd
Extract
Raw financial data is extracted from the financial system. To
make it easy, we provide a documented data extraction
specification. An experienced project
manager is on hand to provide practical advice, guidance and
support.
Standardise
The validated data extract is processed using a specially
developed engine to standardise the data, remove duplicates and
prepare the file for classification.
Classify
A specially developed, sophisticated matching and inference
engine is used to match the supplier record to the Dun &
Bradstreet and Observatory reference datasets and append a primary
classification to the supplier record. If purchase order
descriptions are also being processed, the item record is matched
to our UNSPSC reference dataset and advanced statistical techniques
are used to append a UNSPSC classification to each item. The most
granular a level of the UNSPSC taxonomy that can be supported by
the source data is used. All classifications that represent 97% by
value of spend are manually validated by classification
experts.
Enrich
The data is enriched with additional information about the
suppliers using the Dun & Bradstreet and Observatory reference
datasets. The type of information added includes: the Number of
Employees, Annual Revenue (Actual or Modelled), Date of
Incorporation (Birth Year), Geographic Location, Risk
Classification (Modelled).
Aggregate
The standardised, classified and enriched records are aggregated
together and each suppliers' record is linked to a master record in
the Observatory reference dataset. This supports the identification
and analysis of common suppliers irrespective of how that supplier
was named in the original financial management system.
Universal Taxonomy Summary
The Spikes Cavell Universal Taxonomy is a unique public sector
specific master classification system used to classify suppliers,
items or extended items in a standardised way to support analysis
and comparison of spend irrespective of the type of public sector
entity. The Universal Taxonomy underpins the category based
analysis in spotlightonspend.