Author Archives: Constantine Limberakis, Corcentric

Selecting an S2P partner in the era of COVID: Advice for mid-market procurement leaders

Amid today's coronavirus disruption, digitizing core essential operational functions in procurement and accounts payable (AP) has become ever more critical, not only to support business needs for those workers who return to “work,” but also to support the growing permanence of a remote workforce. Therefore, even though e-sourcing, e-procurement and e-payable technologies have been around for almost two decades, the past several months of the COVID lockdown have taught new lessons that demonstrate the digital essentials for business continuity and why mid-market firms need to catch up.

For mid-market companies looking to select a solution, the task may be a daunting one of where to start.

Spend Analysis Requires Human Expertise for Data Optimization, Data Visualization

From recent conversations during this fall conference season, it’s clear many procurement teams are still struggling with poor-quality spend data. Combined with the challenges of data lakes, corporate changes from mergers and acquisitions, and an overall pressure to get more savings year over year, procurement leaders are finding it difficult to align their talent and technology strategies for their digital transformation efforts.

Whether it be companies in the market for spend visibility for the first time or those looking to focus on spend analysis and visibility to engage digital transformational efforts, organizations will, for now, still need to get the basics of spend analysis right with human interaction and expertise combined with innovative technologies that will evolve and improve over time.

Procurement’s Spend Analytics Expertise is Untapped Strategic Lever for M&A success

Mergers and acquisitions provide a constant reminder of how business is always in flux and how executives need to meet the challenge of managing it. The first 100 days after a merger or acquisition often set the tone for the new entity and can influence long-term success. The environment is typically perfect for early procurement synergy capture, where when executed correctly, procurement optimization can improve EBITDA by an average of 10% to 30%, which is one reason why procurement is an untapped strategic lever for M&A. With effective spend analytics, organizations can better size up the savings based on the combined entities spend in key procurement categories and identify the commonality of suppliers across the merged entities and categories where spend is highly fragmented.