Now more than ever, companies need actionable insights from their data to improve performance in every part of the organization and to help weather Covid-19 and all its economic impacts.
In the last blog post, I described two rules: the empirical and IQR rules, that could be used to calculate outliers. However, those rules were only valid with normally distributed data. Spend data is rarely normally distributed and is typically right-skewed. This means it has many small transactions and few large transactions like figure (1) … Read More
Managing cash flow, finding savings, and enforcing new spend policies are top of mind for most CFOs right now. With no end in sight to the coronavirus crisis (yet), procurement teams must prepare now for a recession. Their big challenge is to determine what should be prioritized to maximize results. Suplari is reacting quickly to customer requests to deliver fully automated insights from a customers existing ERP and financial data that identify opportunities to conserve cash, avoid large payments, negotiate better terms, and enforce new policies.
As the Head of our Customer Success team at Suplari, I have the privilege of speaking with many of our current clients each week, even in this crisis. In the past month or so we have all seen a sudden shift in business priorities. The normal flow of strategic sourcing, long term supplier negotiations, and … Read More
Procurement leaders must urgently spearhead a campaign to help their businesses endure the coronavirus recession and lay a solid foundation that maximizes future business opportunities. This article outlines how procurement teams can formulate effective Cash Management, Supplier Management, Risk Management, and Spend Management Strategies that help mitigate the effects of this (or any future) crisis. … Read More
Procurement leaders have a unique opportunity to play a proactive role in managing risk and reducing spend to help provide much needed flexibility in this time of high uncertainty. At Suplari, we’re ready to help support procurement and finance teams as they strive to come out of this crisis stronger than ever.
Recently Greg published a thought piece called “Spend Visualization” as a [wake-up call] for the procurement industry to the importance of data in making strategic decision and his recommendation on how to aggregate, cleanse, analyze and train your team on using decisions to drive insights and actions.
As global demand continues to drop for many goods and services, fears of a worldwide slowdown and a “coronavirus recession” loom large over corporate leaders. Chief Financial Officers (CFO’s) are scrambling to do sensitivity analyses to understand their profit outlooks and cash needs. Procurement and sourcing teams can play a significant role in reducing supplier spend and improving cash flow by using spend analysis to leverage data in the ERP, contract management, and procure-to-pay systems
Suplari’s leadership team is meeting every day to assess the growing business and personal challenges we’re all encountering with the spread of the COVID-19 virus.
As the business environment begins to contract due to the coronavirus recession, procurement teams have an opportunity to save the day – delivering spend reductions that avoid painful layoffs and help their companies to weather the storm.