This Friday at 1pm CDT, Pierre Mitchell and I will be sharing our thoughts on a Spend Matters pop-up webinar, Services Procurement Secrets: How to Use Category, Market, and Pricing Intelligence. We’re hoping to feature a surprise guest, someone who’s a current thought leader and rabble-rouser in the services procurement sector, as well as a former CPO. We put this guest on the spot the other day to get his thoughts on why companies are flying blind from an intelligence perspective with services spend. As expected – coming from him – we got a contrarian perspective.
The challenge, he observes, is that in the services procurement world, many companies complain about the lack of good data that provides visibility into category, market, and pricing intelligence.
The concept I was driving with in my past CPO roles and teams and that I’m now driving as an owner in an MSP program is the following: As everyone complains that they do not know what was coming down the pike, I suggest a different approach: turn it around. And look back at the last 12 months of market information and spending data. That way you have perfect data of what the demand was, what projects were involved, and the outcome.
Now ask the questions:
- Would you have made a different decision if you had that better data?
- What market intelligence could the solutions or industry provide that would trigger a better solution if it were to be repeated?
Stay tuned as we share more thoughts from our mystery commentator (and reveal his identity, if he agrees). And do tune in Friday for the webinar Services Procurement Secrets: How to Use Category, Market, and Pricing Intelligence. Here’s what you’ll learn:
- Why market and category intelligence matters for services spend
- What types of category, market, and pricing intelligence companies should collect (including for SOW and project-based spending areas)
- Leveraging tactical contingent spending insight (e.g., overcoming and normalizing for skill profiles and generalized bill rates)
- How to embed intelligence into a VMS and other procurement technologies
- Category and contracting strategies leveraging market data
- Lessons from direct materials categories & manufacturing
- What to expect in the next decade
Even if you can’t attend, sign up to receive both the webinar presentation and an embedded market intelligence assessment checklist. You’ll also be able to watch the recording of the webinar at your leisure.