The Analytics Category

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6 Ways to Leverage AI in Procurement Today

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Artificial intelligence (AI) is one of the most hyped-up topics in business right now. Gartner has included a number of AI applications in their 2018 Hype Cycle for most important emerging technologies. To take matters further, Google’s CEO Sundar Pichai recently said he expects AI to become more important for humanity than even fire or electricity.

Almost every week we hear of new ways AI revolutionizing business practices, but where does this leave procurement? The good news is, if your procurement organization is ready for digital, it’s ready for AI. Here are six concrete ways you can get started.

The Tip of the Spear: How Serco Has Used Spend Data to Generate Business Value

Spend data is a gold mine of valuable information for improving the procurement process as well as driving enterprise-wide decision-making. FTSE 100 services provider Serco learned this first hand when it engaged Simfoni, a provider of spend analytics tools, to change the way it gathered, presented and analyzed its data. Using spend analytics as the tip of the spear, the Serco team developed “should cost” predictive cost models to develop better bids for potential clients — and support what every CEO wants: profitable growth. 

Spend Matters hosted a recent webinar in which experts discussed the topic. Featuring Serco Head of Procurement Andrew Spafford and Simfoni Managing Director Stefan Dent, the event centered on the role that spend data should play in an organization’s decision-making process. Spend Matters Chief Research Officer Pierre Mitchell moderated.

Why Community Intelligence is the Leading Coupa Value Proposition

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The Spend Matters team is on the ground at Coupa Inspire 2018 EMEA, in London, where Coupa CEO Rob Bernshteyn kicked off the event by reiterating the company’s vision through a letter-by-letter explanation of Coupa’s name. We’ve covered this approach to defining Coupa before, and while the attributes of openness, usability, prescriptive and acceleration are all of course applicable, we respectfully disagree with choice for “C.” While Coupa is indeed “comprehensive,” there is a better choice: community.

The Road to Cognitive Procurement: LevaData Models a New Standard for Sourcing Maturity

Most procurement groups are coming around to the idea that they need digital transformation. Yet even with a convincing case for taking an AI-based “cognitive” procurement approach to processes like sourcing, excuses about bad data and poor backing from management inevitably stop organizations from taking the first step. LevaData, like other solution providers, is increasingly trying to help procurement not just take on technology but create the roadmap for organizational maturity that leads to better business outcomes.

An Introduction to Sourcing Business Intelligence (Part 1): Definition and Driving Forces [PRO]

The problem with the term “sourcing business intelligence” is that it can have vastly different interpretations. Yet sourcing BI is a concept that we’re increasingly hearing mention of with our procurement practitioner and consulting firm clients, albeit with different names attached to it.

Not to be confused with spend analytics, the concept of Sourcing BI could prove as important to the digital procurement organization of the future as category management did in the past decade — or perhaps even more invaluable. This Spend Matters PRO analysis provides an introduction to the concept of sourcing BI, starting first with a definition and an overview of the trends that are driving it.

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Procurement Benchmarking in the Era of Big Data

Let’s be honest: most benchmark reports promise much but deliver little. They often start with good intentions but focus on high-level best practices or rely on survey questionnaires to gather their data. Benchmarks can take weeks or months to develop, and even then they are often discarded if they can’t give concrete action points to procurement. At the same time, we live in the era of big data. Perhaps you’ve heard that more data has been created in the last two years than all of the previous human history. As data becomes the oil of the fourth industrial revolution, why wouldn’t we put all this data into action?

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ROI, Today: Making the Near-Term Business Case for Spend Analytics

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Most varieties of procurement software deliver some form of return on investment. Whether it’s an e-procurement system that consolidates process costs or a sourcing tool that optimizes supplier selection, successful vendors can always point to clear ways their solutions deliver value, both immediately and in the future. When it comes to spend analytics, however, demonstrating ROI has proven more elusive. This is because dedicated spend analysis tools are often viewed as enablers to saving money through other methods, rather than a benefit in their own right. Yet while it is true that spend analytics deliver value by illuminating new savings opportunities, these tools can also be used to obtain tangible wins in their own right.

These 3 Data Problems Could Be Draining Your Company’s Resources

Spend Matters welcomes this guest post from Brian Alster, global head of supply and compliance products at Dun & Bradstreet.

When you’re working on estimating the costs of your third-party relationships, the last thing you want to find are holes or inaccuracies in your data. It can leave you unable to make informed, data-driven decisions. This fear might explain why, according to Forrester research, almost a third of enterprise architects and chief data officers spend at least 40% of their time discerning the credibility of their data before using it to make critical decisions.

Simfoni: What Makes It Great (Spend Analytics SolutionMap Analysis)

Spend analytics tools that stagnate age quickly. But solution providers that listen to customers, practice agile software development and bring a deep knowledge of procurement can flank a large cross section of incumbents — quickly.

Simfoni, one of the top-ranked spend analytics software providers by both Analyst and Customer scoring in the Spend and Procurement Analytics SolutionMap, is a case in point. Founded in 2015, Simfoni delivers above-the-benchmark performance in numerous functional areas and is convincingly a Value Leader across all spend analytics buying personas. Join us in exploring what make Simfoni great, based on the latest functional and customer SolutionMap benchmarks from Q2 2018.

“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 explains how the provider excels and where it beats the SolutionMap benchmark, concluding with a checklist for ideal customer scenarios in which procurement, finance and supply chain organizations should consider the vendor.

SolutionMap: 54 Procurement Software Companies, Ranked (Q3 2018 Update)

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Spend Matters today released its Q3 2018 SolutionMap, ranking 54 procurement software companies across 12 different solution categories, including E-Procurement, Sourcing, Spend Analytics, Supplier Relationship Management and Contract Lifecycle Management — in addition to the first-ever release of the Contingent Workforce & Services SolutionMap. Click on this article to see how to access rankings for free!

Q3 2018 Spend Analytics: Provider Scoring Summary

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This SolutionMap analyzes a select group of spend analytics providers. It includes coverage of spend analytics capabilities that encourages subscribers to “peel the onion” beyond cleansing, classification, enrichment and reporting capabilities alone. It is part of our Q3 2018 SolutionMap report series, also featuring sourcing, supplier management contract management, e-procurement and invoice-to-pay providers.