The main business questions for cost management is always, how do I reduce cost, and conversely, which area of the business is above budget and why. Additional analysis will also cover budget planning based on historical expense trends.
Typically understanding these types of patterns will be useful during monthly expense meetings, quarterly budget checks, and annual budget planning cycles.
An example of expense & cost management data structure
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Please refer to this article for more information about preparing data.
A segment is a qualitative value, like names or categories. Here are some of the typical segments we find in expense data:
Employee attributes: Employee ID, Expense Approver ID, Staff Position, Employee Team Name, Department Name, Office Location, etc.
Expense attributes: Expense Category, Expense Detail, Expense Nature, Days of Week, etc.
A measure is a quantitative, numeric value. Here are some of the typical measures we find in expense data:
Expense Metrics: Expense amount, Number of Expense Reports, Average Expense Amount per Report
Team Metrics: Average Expense per Team, Variance over budget*
What sort of insights can Auto Insights help me uncover?
We've outlined some example questions which Auto Insights can help answer through a combination of its proactive insights, Search, and What caused this? analysis:
Automate expense analysis
Expenses by department for this FY quarter
Show me a breakdown of expenses by expense type over this FY
Split of spend variance by office location, departments, category
Track spending in real-time
Expenses by department this FY year to date
Top teams by entertainment spend Month on Month
How are External Consultants Spend tracking this financial quarter?
Spot unexpected expense claims
Travel expense on Saturday and Sunday Month on Month
Entertainment expenses on Saturday or Sunday last month
Percentage growth for expenses by team last month
How to prepare data
If you have any questions, please contact us at firstname.lastname@example.org.