What is Your Spend Analytics Persona? Understand Your Requirements to Find the Best Technology Provider [PRO]

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No two procurement, finance, supply chain or IT organizations are alike. Each has its own persona that reflects not only its own unique requirements but also the stakeholders it serves when providing timely and accurate spend, procurement, supply and broader analytics.

The same principle holds true when analyzing spend analytics solutions. Each provider has a persona — or set of personas — that reflects its value proposition, solution strategy and targeted customer segments. Therefore, procurement organizations should seek providers whose personas best align to theirs. In other words, there is no “magic” solution provider, and finding the right fit is essential, because spend analytics applications are critical for not only identifying savings opportunities but also the effective management of the procurement function.

SolutionMap depicts vendor rankings based on specific buyer personas to reflect the unique value proposition, solution strategy and customer segments served by a vendor. Participating vendors are scored both on their Solution capability as well as on Customer Value, based on in-depth tech reviews (including live demos) by the Spend Matters analyst team and aggregated direct customer input from surveys. Each SolutionMap is updated quarterly rather than in 12-month (or longer) cycles, to accurately reflect the pace of market developments.

As part of our Spend Matters SolutionMap vendor comparison ranking for spend analytics and other strategic procurement technologies, the Spend Matters analyst team has dedicated considerable time to developing the unique organizational personas that we’ve most often seen in our decades of experience working with procurement organizations.

We have used these personas to weight the requirements used in solution scoring, which includes customer satisfaction scoring by solution customers. Having collected feedback from hundreds of procurement organizations in recent months as part of our SolutionMap research, we see these personas as useful starting points for procurement organizations to classify themselves before looking at solution rankings of providers in the market.

This Spend Matters PRO analysis shares five of the most common customer personas for spend analytics buying requirements. Aimed at practitioners as well as vendors and the consultants advising them, this research brief will be helpful to drive the type of mass customization of strategic procurement technology solutions needed to meet specific organizational needs.

Below, we present our five personas for spend analytics. For each, we include full definitions, typical organizational priorities (based on each persona), functional/solution and customer value emphasis, and recommended selection processes.

For full access to this PRO content: