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
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.
In Part 5 of this series, we examine how Best-of-Breed solutions help improve the quality, efficiency, and value small teams bring to their organizations. For more information, read our post 3 Ways Small Procurement Teams Can Get Outsize Results. Introduction Smaller finance and procurement teams at small to midsize organizations are the most likely to … Read More
In Part 4 of this series we look at how leveraging the power of data and AI gives CEOs, CPOs, CFOs, and COOs the ability to gain a better understanding of what their data means and how it can guide their strategy and vision. The Power Of Data & Machine Learning Too few businesses recognize … Read More
In Part 2 of this series, we looked at 7 ways Best-of-Breed solutions benefit procurement teams. In Part III, we examine how these solutions make CPOs and other C-Suite executives’ lives easier and provide the effective tools necessary to focus more on big-picture strategy. Introduction CPOs and other corporate leaders understand the importance of having … Read More
In Part I of this series, we looked at how and why Best-of-Breed systems in procurement are replacing legacy ERPs. In Part 2, we look at some of the most significant improvements CPOs can expect from their teams when choosing Best-of-Breed solutions. 7 Best-of-Breed Benefits CPOs are under immense pressure to step outside their comfort … Read More
A 2018 Hackett Group study shows “world class procurement organizations” have 29% fewer staff and 21% lower labor costs when compared to peers. Queue the chorus of complaints: “Fewer staff? We barely get by with what we have!” While that may be true given your organization’s present circumstances, it is incumbent upon C-suite finance and … Read More
One method Procurement leaders are using to prepare their teams for an effective 2020 and beyond is fostering and managing solid supplier relationships that can help mitigate risk and prepare your organization for potential disruptions. Quality supplier relationships are integral to the health and well-being of almost every organization. While some suppliers are absolutely integral … Read More
Procurement departments have the opportunity to increase employee empowerment by simplifying processes, saving time, and ensuring the right materials are purchased. These benefits are accrued by putting more purchasing power in the hands of employees. It also removes an unnecessary bottleneck that can occur even with smaller purchases that become subject to detailed specifications and … Read More