Portsmouth, NH; March 02, 2020 – Enventure has been awarded a contract to enrich and classify assets and MRO parts data, up to the commodity level. The engagement is expected to enable accurate procurement analytics and then deep dive into ways to reduce cost and eliminate risks related to procurement.
The client is one of Asia’s largest Energy companies and has several plants in the region. The plants operate autonomously, while the best procurement practices are shared amongst all plants.
As a result of the implementation of a new ERP system, the procurement team faced an additional challenge. This was because there were multiple ERP systems in use and data consolidation was imperative. Therefore, in order to classify the data, the data must be standardized into an industry standard format, then classified.
With Partlinq™, a cloud-based MRO data management platform by Enventure, along with data engineers dedicated to this project, will simplify data enrichment and classification for the client.
Enventure will enable extreme levels of detail in visibility to procurement spends for every category in the supply chain. The aim was to provide classification up to a commodity level wherever possible.
The most updated UNSPSC version will be used in the classification, and the data output will be in more than one language, beyond English. By default, UNSPSC does not support classification for multiple languages. However, with decades of engineering experience and an internal translation team, Enventure will provide the classification titles with the correct engineering terminology.
“We have worked with clients in the procurement function for over 2 decades now. We have helped them reduce risk, and we understand the criticality of data classification and the subsequent reduction of supplier risk. Given this context, the client will be working with us on beyond classification, to support them with supplier engagement, potential alternates, and supplier pricing to holistically help reduce the procurement costs over the next 5-year period”, says Joseph Santosh – Head of Partnerships & Solutioning, Enventure.