The Savings Tracking Category

3 Ways For Procurement to Prove Its Value (Other Than Cost Savings!)

Spend Matters welcomes this guest post from Dustin Cochran, director of member development at Corporate United.

Most organizations are focused on three strategic pillars: increasing revenue, operational efficiency and retaining talent. I would say that procurement is already aligned to these pillars. Where they tend to be less aligned is with the strategy of internal departments. However, what I think that procurement professionals should focus on is better promoting how they align with these areas.

7 Tips for Measuring Savings

finance

Spend Matters welcomes this guest post from Paul Gurr, managing director at Provalido.

Although everyone measures savings, there are remarkably few areas of consensus around how to actually do it. Practitioners have spend countless hours debating exactly what constitutes a saving, and although different organizations will have valid reasons for wanting to measure things in a certain way, there are a few principles that can help when considering savings measurement. Here are seven you can start applying today.

Spend Analysis in 3 Lessons: Insight to Action (Lesson 3)

funding

When I last left off with this series, I hinted at some of the needs of the “power user” compared with the business user when it comes to the spend interrogation and visualization. My colleague Michael Lamoureux captured it best when he highlighted some of the requirements of the spend analyst, whose job it is not to work on the dashboard level but to hunt for the untapped opportunities.

The Zen of Spend

zen

As an old Zen Buddhist riddle goes, “If you seek it, you can not find it.” To paraphrase, you'll be miserable if you seek happiness only through specific outcomes rather than attaining happiness merely as a byproduct of living life fully. The same concept applies to cost savings. Procurement groups that only focus on finding purchased cost savings as their raison d’être will not be happy, nor will the stakeholders who own the spending where savings are generated.

Calculate Your True Savings Target Using Predictive Analytics

analytics

Spend Matters welcomes this guest post from Maulick Dave, of GEP.

One of the most popular KPIs used to measure the performance of a procurement organization is savings realized. However, the magnitude of the savings projected at the goal setting phase for the year, or at the start of a sourcing project, is often looked upon with skepticism. How can you verify such cases and set a practical savings target that will improve your planning and decision-making abilities?

Do More Than Follow the Money

Spend Matters welcomes this guest post from Matthew Holzapfel, product marketer at Tamr.

Procurement organizations are looking to deliver value beyond traditional “spent analysis” and newer forms of analytics that can help generate the intelligence to discover this untapped value.

Post-Cyber Monday Reflections — Shifting from Spaving to Saving

Cyber Monday

Well, Black Friday and Cyber Monday are over, and we have a $6 billion hangover to show for it. But, hopefully the money was well spent on a gift for a loved one or someone in need. And most importantly, we got an excellent deal on it! Forget the fact we spent 4 hours fighting the crowds or scouring the web. Forget the fact that the ridiculous list prices were set by a hallucinating clown and a dart board. You, my friend, are a spaver extraordinaire.

How to Create the Perfect Procurement Scorecard [Plus+]

In this Flashback Friday, we look back to another one of our most popular Ask the Expert webinars, Upgrade Your Procurement Scorecard – and Upgrade Your Procurement Performance. Originally recorded back in March 2014 and led by Chief Research Officer Pierre Mitchell, this webinar takes listeners through a variety of steps and questions a procurement organization will need to address to create an effective scorecard for tracking performance.

What if Your Spend Data Put Out a Personal Ad?

Spend Matters welcomes this guest article by Tom Beaty, CEO at SpendHQ and Insight Sourcing Group. SpendHQ and Spend Matters will be hosting a joint webinar titled, “The Spend Visibility Maturity Curve: Where Do You Stand?” on August 26,at 2 p.m. EST. Jason Busch and Tom Beaty are the featured panelists. Register here.

After decades of procurement advancement, it is stunning how ill-equipped many procurement executives are when it comes to their data. Many teams are “sourcing in the dark” due to challenges with spend data. Data is often spread across systems that leverage different coding. This coding was likely designed for the accounting group and has little to do with a procurement viewpoint.

Most procurement leaders already know and understand this problem. But the problem within the problem is that achieving true, reliable and clear spend visibility most often seems like an insurmountable task. Most companies that attempt a data validation and re-categorization project give up when their “3-month” timelines start to look more like 12. But there are some organizations that have figured it out, and there are resources available to help yours do the same.

Spend Visibility as a Service: Searching for High Value Options

You should never be surprised how little technology many large firms have when it comes to procurement – and the most foundational procurement technology is spend analysis. One of the problems in gaining spend visibility for companies that are early in their procurement transformation journey is getting the funding for this capability. It’s a real catch-22 situation. So how do you get this capability and not be doomed to building your own hobbyist tools using basic Microsoft desktop options?

Why Optimizing Corporate Mobility Spend is More Critical than Ever

Spend Matters welcomes this guest article by James Martino, chief executive officer at Avotus Corporation. Would your business willingly pay 50 cents for a service that was offered at 10 cents? If you are using wireless services, you might be doing just that. In the constantly evolving world of mobility, the need for carrier-spend optimization continues to be of paramount importance within the enterprise. With major shifts in carrier rate plan offerings, migration trends away from unlimited data plans and more flexibility on pricing for voice and text, never before has there been such a need to organize, analyze and optimize your mobile spend. And you need robust tools to help you vigilantly manage against overspend.