JAGGAER to Release Industry-Specific Linguistic Classification Technology for Spend Data Analytics
- Press Release
- Spend Analytics
RESEARCH TRIANGLE PARK, NC – January 3, 2019 – JAGGAER, the world’s largest independent spend management company, today announces a planned enhancement for its data analytics solution: linguistic-based data scrubbing, developed specifically for the varying vocabularies of multiple industries. The enhancement will appear in JAGGAER’s 19.1 release, scheduled for Spring 2019.
JAGGAER’s solutions are developed for multiple commercial verticals, each with its own vocabulary. One of the key issues in importing data into spend management solutions lies in understanding the types of classification languages utilized by different industries. Attempting to apply one language filter in a quick-fix import process results in redundancies, errors and manual remediation.
JAGGAER’s solution will read the data that’s being input and vet it against the data that’s already been collected, for specific industries. If a classification term scores over 90% in a vertical designation, then there is a high likelihood that the term is being properly classified.
“We realized, in working closely with our customers and suppliers to develop specific vertical spend management solutions, that each industry has its own language utilizing the same terms with different meanings, like homonyms. For example, manufacturing and healthcare both require ‘gloves,’ but you wouldn’t order a Kevlar glove used in manufacturing for a surgical theatre,” says Zia Zahiri, CTO of JAGGAER.
JAGGAER’s solution is based on an analysis of linguistic classification data collected from working with thousands of companies, and hundreds of thousands of suppliers, over a multi-year period to develop a continuously learning digital compendium of industry classification terms.
“The only way to deliver on the promise of true spend analysis is to apply learnings from the data that’s already been aggregated to the data that’s coming in, enabling a machine to learn from historical precedence,” adds Zahiri.
About JAGGAER: Global Source to Pay Spend Management Solutions
JAGGAER is the world’s largest independent spend management company, with over 2000 customers connected to a network of 3.7 million suppliers in 70 countries, served by offices located in North America, Latin America, throughout Europe, the United Kingdom, Australia, Asia, and the Middle East. JAGGAER offers complete SaaS-based Source to Pay eProcurement solutions with advanced Spend Analytics, Sourcing, Supplier Management, Contract Lifecycle Management, Savings Tracking, and intelligent workflow capabilities. JAGGAER has pioneered spend solutions for over two decades and continues to lead the innovation curve by listening to customers and analyzing the market. Our solution suites are trusted by the world’s largest manufacturing, education, health care, retail, consumer package goods, logistics, construction, utilities companies and public service organizations.