Part of exploring and learning more about Spend Management is doing your part to contribute to the collective knowledge of the sector . And we’re not talking dollars or days – usually you can measure the effort it takes in minutes.
By helping to contribute to the benchmarking and research efforts of academics, analysts and consultants, you provide inputs for actionable analysis as well as fuel for the media engine that continues to accelerate enthusiasm for Spend Management in the market. The more solid research that’s published, the more interest we generate for our sector.
Just look at some of the results we've seen in recent months. HBR is increasingly dedicating its pages to Spend Management issues. Even though the authors of this study are from Bain – a firm known more for ivory tower advice than dirt under the fingernails capability – we’ll excuse them, and even compliment them on their placement (for one of my rants on the dangers of smart MBAs giving Spend Management advice, check out Booz Misses the Boat).
But back to the subject at hand … even mainstream business publications are starting to cover the sector more. The Economist recently published a piece highlighting a London Business School and Ariba study that found that in Europe, 70% of European firms now have purchasing leaders who report directly to the board (up from 20% a year ago). According to the article, "with this new clout comes a new title, CPO – chief purchasing officer – and elevation to the so-called C-level."
To ensure that this sort of coverage and enthurisam for Spend Management continues, you can play your part by taking part in current research that’s being conducted by firms like Aberdeen and Hackett. Later this week, I'll post links to two studies currently underway.
I would strongly encourage you to check out the studies, and if they’re appropriate, spend a few minutes filling out the questions. We'll all benefit as a result.