As the summer months begin to sizzle -- and as CEOs and CFOs feel even greater heat from shareholders and Board members to look for new areas of cost reduction during the downturn -- there's no doubt procurement and finance organizations will continue to be tasked with new mandates to identify and implement savings opportunities wherever they can find them. Fortunately in this fight to bring new opportunities to the cost reduction table, there's an ally that many of the most successful experienced procurement organizations and consultants have quietly turned to over the years to help: BIQ.
BIQ, which I'm extremely excited to announce has become a new Spend Matters Associate Sponsor today, brings a radically different approach to overall cost reduction visibility (not just spend visibility, mind you). Whether it's discovering and drilling around more flexible and deeper views into traditional spend saving pursuits based on a variety of factors such as geography, time, spend size, etc., or rapidly identifying new cost reduction opportunities looking at PO and invoicing-level data -- or both, in a matter of minutes -- BIQ provides an entirely new analysis approach that can spot savings opportunities that others miss.
It's testament to BIQ's capabilities that their penetration is not only deep in the Fortune 500 with many of the largest users of other Spend Management applications, but also that they are the first choice analytical toolset for a broad range of services providers looking for new ways to bring savings to their clients. In addition, BIQ's flexible deployment and business model (e.g., pay-as-you-go without long-term commitment) approaches are a breath of fresh software air during a time when many vendors expect three-year (or longer) commitments from customers. Just about everything about BIQ shakes-up the status quo of how spend and related cost reduction analysis has been done in the past. Please join me in offering a warm welcome to BIQ as they rejoin the Spend Matters sponsor community.