So You Want to Buy Spend Analytics — Beyond Spend Cubes (Part 1)

This is the second installment of our series focused on cutting through the noise and evaluating procurement solutions on the few key requirements that truly differentiate the providers in the marketplace today. Although it is easy to dive into the dense forest of detailed functional requirements and technical requirements of a solution area, it's critically important to pull back and strategically look at what you are really trying to accomplish with a solution.

This is particularly important in the area of spend analytics. In fact, just defining your overall analytics scope and strategy is half the battle in determining the class of solutions you should approach before even diving into the features and functions of individual providers. There are also other key considerations that focus on technical aspects of the solution relative to master data management, big data, market intelligence, AI and more that have a real business impact on procurement centers of excellence looking to drive more insight and value from not just internal spend but external supply data. Your strategy and approach in selecting providers is also crucial so that you can drive short-term results, while also giving yourself the option value to evolve to into new areas.