The SpendHQ Customer Experience: What Makes It Great (Spend and Procurement Analytics SolutionMap Analysis)

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Editor’s note: This “What Makes It Great” column is normally reserved for SolutionMap Insider Subscribersbut SpendHQ has generously agreed to support access for readers who are not yet members.

Spend and procurement analytics solutions are fundamentally  designed for business users rather than IT organizations — or should be.

Why? Because procurement is their master.

But all too often, IT-led business intelligence initiatives — or spend analytics solutions built on the premise of BI-centric reports rather than a design-centric philosophy around procurement and category management needs — end up becoming the vehicle by which an organization looks at its spend and supplier data.

The result? Some of the most salient potential insights go unfound.

SpendHQ, a solution built “by procurement and for procurement users,” takes a different approach entirely to the spend analytics process and the presentation of spend and category intelligence. This is reflected in what its customers have to say about its solution and how their experience compares to users of more traditional, BI-centric spend analytics.

As of December 2018, the Spend Matters SolutionMap contains functional and customer satisfaction benchmarks on more than 50 providers within the procurement technology landscape. But where does SpendHQ stand out most and help “set the bar” in spend analytics from a customer-ratings perspective, and why should this matter for procurement and finance organizations?

Let’s delve into the SolutionMap benchmark to find out where SpendHQ is great, sharing both customer anecdotes and ratings.

“What Makes It Great” is a recurring column that shares insights from each quarterly SolutionMap report for SolutionMap Insider subscribers. Based on both our rigorous evaluation process and customer reference reviews, each brief offers quick facts on the provider, describes where it excels, provides hard data on where it beats the SolutionMap benchmark and concludes with a checklist for ideal customer scenarios in which procurement, finance and supply chain organizations should consider it.

SpendHQ: Quick Facts

  • Founded: 2012
  • HQ: Atlanta, Georgia
  • of employees: 150
  • Total annual revenue: Not disclosed
  • Customers: Over 296 clients across a variety of industry verticals with global organizations in Biotechnology & Life Sciences, Financial & Insurance Services, Healthcare, Higher Education, Manufacturing & Industrial, Technology, Aerospace and Defense, and Telecommunications. Some notable clients include Raytheon, Carbonite, Blackhawk Network, Jones Lang LaSalle, PGI, AutoNation, Horizon BCBS of NJ, Horizon BCBS of MA, VMWare, Adtalem Global Education, Emory University, Syneos Health, American Red Cross, General Communications Inc. (GCI), Zebra Technologies, Fossil, Sonic Healthcare, LPL Financial and Ares.
  • Active users (buy-side): 3,000
  • Active users (supply-side): N/A
  • Regions served: North America, Europe, South America/Latin America, and Asia
  • Available modules: SpendHQ Spend Visibility, SpendHQ Contract Visibility, SpendHQ Category Management, Supplier Diversity Enrichment
  • Other app integration: InsideView for vendor data enrichment and real-time updates

Where SpendHQ is Great: The Customer Perspective

In a crowded spend analysis market, SpendHQ stands out for delivering above-the-benchmark customer satisfaction ratings across the majority of rated fields. But even more than this, the qualitative customer comments from SpendHQ’s users speak to how the provider’s expert procurement DNA — as sourcing experts, not just software developers — stands out from the crowd.

Here’s where SpendHQ excels in the Spend and Procurement Analytics SolutionMap from a customer ratings perspective:

Spend Analysis Purpose-Built for Procurement

  • SpendHQ delivers a solution that customers feel was purpose-built for their procurement needs. This is reflected in its top-tier customer ratings in areas such as business value, ability to maximize savings and ability to maximize spend under management. As one organization suggests, “it is clear that their solution was designed by procurement professionals and not just by IT people.”
  • Other organizations cite the ability of SpendHQ “to take large amounts of data and create useable outputs in presentation-ready format outputs” and the “depth of knowledge and understanding of how strategic procurement professionals use the data.”
  • Respondents also suggest:
    • SpendHQ’s “industry knowledge, sourcing knowledge (and) their commitment to delivering the highest level of value from their solution.”
    • How “the system” was designed with SpendHQ’s “own” needs “from its consulting practice” and “deep experience,” which “makes complex data seem not so complex.”
    • The “very flexible” nature of the solution.

Turnkey Support and Customer Satisfaction 

  • Spend Matters experience suggests that over 80% of spend analysis customers do not only license technology in a software-as-a-service deployment model; they also depend on the their provider’s ability to deliver not just software as a service but also general services (e.g., data cleansing/classification, data enrichment, data management). It is here, not surprisingly, that SpendHQ excels.
  • As one organization notes, SpendHQ is “a great solution that's easy to use and takes minimal time for our organization to set up and maintain.” Others contend that beyond software, SpendHQ is “super helpful in cleaning up core data to provide consistency and reporting on spend.”
  • Other customers cite similar experiences from an overall support and customer satisfaction perspective:
    • An “excellent product from an exceptional company.”
    • “The tool is also easy to use and helpful to our organization.”
    • “Ease of use” as a “top” strength.
  • In providing advice back to SpendHQ, one user suggests the importance of “staying on top of the profession and continuing to add functionality.” The good news? “Thus far, they have done just that.”

Culture, Team and Responsiveness

  • SpendHQ delivers a consistency of customer experience and responsiveness that is not reflected at the same level with the same consistency across its peer group.
  • One organization suggests that “SpendHQ is extremely customer focused and put their best resources on any problems that have arisen to resolve the problem as quickly as possible.” Another puts it even more bluntly: “They say what they do and do what they say.”
  • Other customer comments echo this experience:
    • SpendHQ is “super responsive,” while another uses “extremely responsive.”
    • Our “account rep is great.”
    • “They understand our needs and respond accordingly.”
    • “Their ability to incorporate our requirements into their roadmap as well as their commitment to help us get the most value out of their solution” is a standout strength.
    • SpendHQ “responded very quickly and effectively every time we brought an issue.”
    • SpendHQ’s “greatest strengths are making it easy for us to refresh data and account rep/associate helpfulness/responsiveness.”

Top-Tier Performance

Based on the Q4 2018 Spend and Procurement Analytics SolutionMap benchmark featuring 17 providers, SpendHQ’s scores meet or exceed the customer ratings benchmark in the following areas:

  • Recommend this provider
  • Level of value perceived
  • As a technology/solution provider
  • Meet the expectations
  • Pricing/affordability
  • Quick deployment
  • Ability to maximize savings
  • Ability to maximize spend under management
  • ROI
  • Business Value
  • End user experience/ease of use
  • Best fit for cross-functional needs (legal, supply chain, etc.)
  • Industry expertise
  • Modular capability/feature/functionality
  • Innovation
  • Ability to handle our company’s specific needs
  • Configurability
  • Systems integration

Best-Fit Customer Scenarios

SpendHQ is a recommended fit for all Spend Matters SolutionMap buying personas for spend and procurement analytics. Best-fit shortlist scenarios will include:

  • Any procurement organization that requires a spend analytics solution (based on scoring in the Value Leader quadrant for all SolutionMap personas).
  • Overall top-tier customer reference scoring is a significant consideration.
  • Procurement organizations that want assurance their spend analysis provider has empathy for their situation and understands their business needs.
  • Turnkey support, expert and caring people, knowledge transfer and incorporation of best practices in solution delivery are important decision criteria.
  • A customer-validated track record with consistency of experience is a selection consideration.

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