How can finance and procurement better collaborate to improve supply and spend management? Well, Pierre Mitchell, chief research officer, has already giving us a number of ways this can be accomplished in his Chief Procurement Officer series "17 Ways Finance Can Help Procurement." The series is based off a recent snap poll Spend Matters and the Institute for Supply Management conducted on the alignment between finance and procurement organizations. Each new post checks another number off our list. In the last week, Pierre has checked off Nos. 12 and 11 – read on to check out the full articles on Chief Procurement Officer!
Category Archives: Spend Management
Over on Trade Financing Matters, my colleague David Gustin makes a rather astute observation when he notes in his post titled "It's a Fallacy that Procurement Manages ALL Spend", that “in very few organizations does procurement have total control of spend.” David gets his procurement mojo on – especially for a trade finance guy – when he further observes that: “[W]ho is best to understand the compliance issues around a complex bill of materials?…Take this one step further and how do you manage the connected commerce world for direct spend? We know EDI and EDI integrators have been doing it for decades – shout out to companies like GXS/OpenText, Sterling, etc. ..." Read on to see further insight from David and our analysis on this issue.
Yesterday, I had the chance to catch up briefly with Coupa’s President and CEO Rob Bernshteyn about the provider’s recent $80 million funding round, which valued the company in excess of $1 billion. The discussion was actually quite boring, but not in a bad way – Rob is anything but dull. However, there seems to be little change in direction – or even an evolution – of Coupa’s strategy. Rather, it is more of the “high-growth same” if you will – an emphasis on customers, markets (e.g., geographic) and continued suite innovation, in Rob’s words. In this Spend Matters Plus analysis, we share some of the notes from our discussion with Rob as well as our outlook for Coupa Inspire this week and questions that we hope to get answered from attending.
Over on Chief Procurement Officer, we recently began a countdown series of the top 17 ways finance can help procurement. Authored by Chief Research Officer Pierre Mitchell, the series, or wish list, is based off a snap poll Spend Matters and the Institute for Supply Management conducted regarding the alignment of procurement and finance organizations within a company. The series hits on the least important to most important ways procurement would like finance's help improving supply and spend management. (No. 1 will be the most important.) So far, Pierre has hit on tips Nos. 17-15. You can read the full articles over on Chief Procurement Officer, or read on and follow the links.
Spend Matters welcomes this guest article by Dan Warn, VP at BravoSolution. Last year Congress passed the Digital Accountability and Transparency Act (DATA Act), designed to expand the amount of federal spending data available to the public. The federal government is now under tremendous pressure to improve spending transparency, cut costs and be more efficient than ever. For many agencies, attaining these goals might feel like a considerable undertaking, however, it’s also an opportunity to look for a better, more strategic approach to procurement.
Partner enablement and managing indirect spend is a tried and true method for controlling costs. However, direct connectivity still has a ways to go before it gets on the same level as indirect procurement. Pierre Mitchell, chief research officer at Spend Matters, created a nifty checklist for tier-1 manufacturers and procurement professionals to follow in order to execute direct connectivity. Direct Procurement Execution: What’s Changing? is now available for FREE download, but only for a limited time. Be sure to secure your copy today before it goes back behind the PRO paywall!
This third and final installment of an exclusive preview of a forthcoming research series sponsored by BravoSolution that we created for our Spend Matters PRO subscribers. Consider it the “chef’s choice” tasting bite that the chef (that would be me) sends out in advance of the full multi-course experience. We hope you enjoyed it. Please contact me if you have any questions on the topic – and be on the lookout for the full version of the pending series. In Part 1 of this 3-part Spend Matters PRO series, we introduced Category Management 2.0 as “The lifecycle management of spend/supply categories that meaningfully impact enterprise performance” and why it’s superior to category sourcing processes locked inside of an n-step sourcing process. In Part 2, we also began discussing some approaches to take your category management processes to the next level. In this installment, we’ll continue the discussion and wrap up with a few closing thoughts.
As Pierre Mitchell, chief research officer, wrote in Part 1 of his Spend Matters PRO series on the subject, category management 2.0 is "the lifecycle management of spend/supply categories that meaningfully impact enterprise performance." Earlier today, we published Part 2 of this series: How Technology Helps Take Category Management to the Next Level – Category Management 2.0 (Part 2). As the title suggests, Pierre takes us through some approaches to elevate and improve your category management processes. How does a procurement professional do this? Pierre offers some suggestions such as using market informed sourcing and "micro" segmenting your spend into logical categories.
This second part of a 3-part series is an exclusive preview of a forthcoming research series sponsored by BravoSolution that we created for our Spend Matters PRO subscribers. Consider it the “chef’s choice” tasting bite that the chef (that would be me) sends out in advance of the full multi-course experience. We hope you enjoy it. In Part 1 of this 3-part Spend Matters PRO series, we introduced category management 2.0 as “the lifecycle management of spend/supply categories that meaningfully impact enterprise performance” and began discussing approaches to take your category management processes to the next level. In this installment, we’ll continue the discussion and introduce some approaches to make this happen.
This is Part 1 of a 3-part series is an exclusive preview of a forthcoming research series sponsored by BravoSolution that we created for our Spend Matters PRO subscribers. Consider it the “chef’s choice” tasting bite that the chef (that’d be me) sends out in advance of the full multi-course experience. I’d like to thank BravoSolution for giving me free reign to really explore this topic in the detail it really deserves (and also a shout out to my peers who helped in developing it). OK, let’s get on with it… Procurement organizations, like the stakeholders they serve, are continually tasked to do more with less. They need to reduce complexity and squeeze out costs, both internally and within the supply base, and also address broader issues such as innovation, customer engagement, risk management, globalization, sustainability and various industry-specific mandates. Unfortunately, procurement’s toolbox isn't always full of the tools needed to get these other jobs done. In this Spend Matters PRO series, we’ll address how to free category management from the shackles of strategic sourcing to unlock broader procurement value creation. It’s more than the usual “yada, yada, yada,” and we hope that PRO members gain value out of this series.
It’s rare that married couples play off of each other in business. I can’t think of a better example than Tania Seary, the mastermind behind Procurious who has built numerous successful procurement recruiting, training and consulting businesses in Australia, and her husband Chris Lynch, who is CFO of Rio Tinto. Chris generously offered his time to speak at the recent Procurious event in London and gave a truly fabulous talk offering tips for procurement leaders to work more effectively in the business when it comes to pitching and delivering big ideas (the subject of the summit itself). Coming from a seasoned CFO, this talk was priceless. A big thanks to both Tania and Chris for making this happen! In a series of posts, I’ll share some of the highlights from Chris’ chat, starting first with his observations on why we spend money in companies, especially from a procurement angle.
This past week Pierre Mitchell, chief research officer, tackled 2 more procurement myths on our Chief Procurement Officer website. Myths Nos. 14 and 15 are part of a series of 25 (at least) myths that Pierre thinks need to be disproved. Check out the full articles: Procurement Owns Spend Management: Procurement Myth No. 15. Make sure to read up on all our procurement myths on the CPO website. Pierre plans to debunk 25 (at least) of the top and most infuriating procurement myths out there.