Spend Matters PRO Content

Thinking (about Procurement) Fast and Slow with Daniel Kahneman (Part 2)

Our last article introduced Daniel Kahneman’s brilliant “Thinking Fast and Slow” book, which explains how our thought processes work. He is a psychologist, but won the Nobel Prize for economics as his work explained how humans really think and behave, which turned out to be quite differently to how that was treated in classical economic theory. He introduces the concept of System 1 and System 2 thinking, where System 1 is intuitive and effortless, whilst System 2 is more considered and therefore harder work for us!

Does Procurement Need a PMO? Best Practices and Tools for Project Management

A number of us at Spend Matters originally came from a consulting background where the project management office (PMO) function is an essential component of larger projects, especially around systems implementation or large-scale procurement and sourcing projects impacting a wide range of functions and individuals across a company. As background on the topic, Wikipediadefines a PMO as “a group or department within a business, agency or enterprise that defines and maintains standards for project management within the organization.”

Extending Procurement Information Architecture to Provider Ecosystems (Part 1)

In our previous series on procurement services provision and information architectures (here,here, here, here, here, here and here) we discussed the importance of thoughtfully designing various architecture elements such as MDM, analytics, workflow, portal infrastructure, etc. to re-frame overall information capabilities beyond the traditional provider-led “module-menu” approach.

GEP: Procurement Services, Software, and BPO Under One Roof (Part 3)

One area that deserves additional consideration is GEP’s req-to-pay environment, which for many customers, could round out the rest of the integrated suite or stand alone in its own right. In recent years, through organic development and its acquisition of Enporium, GEP gained (and integrated) P2P capabilities including greater catalog management/search capabilities (with cross-catalog search and the ability to support both punch-out and hosted catalogs, more advanced order tracking/routing, invoice reconciliation, etc.)

Thinking (about Procurement) Fast and Slow with Daniel Kahneman

Procurement is a relatively non-academic and unscientific “profession.” It lacks the regulatory basis of accounting, or a body of knowledge that is clearly laid out, agreed and codified as the correct way of doing things. It lacks the direct measurement of sales and marketing; we may not consider these business functions are particularly scientific, but actually they provide their disciples with direct ways of measuring the benefits of what they so, through metrics such as market share, customer awareness or simply sales figures.

Another June Wedding: We're Merging Spend Matters and Spend Matters PRO

Around this time last year, we launched Spend Matters PRO, our premium subscription service. Despite not having a direct sales presence – not to mention with what amounts to word-of-mouth marketing – we managed to sign up over 50 different paid member companies through May 2013. And thanks to some new channel partnerships, that count will number over 250 this July. It’s all very exciting for us, but there is much, much more to come. We’ve held off on the aggressive push on PRO commercially in large part because it’s taken a long time to truly turn our original vision into a reality.

Retail CPO Overcomes Print, Marketing, and Organizational Challenges

Today we bring you a category case study: the CPO at a large Massachusetts-based discount merchandising retailer (that we will refer to as “J-Mart” in this article) joined the new firm with a mandate to modernize its procurement function. Here is her story!

Private Equity and Procurement: Building a Savings Network and Results

Continuing with our analysis of private equity and procurement based on Jeff Gallant’s observations at the SIG event, one underplayed aspect of the network or portfolio effect of driving procurement and operational savings is the, well, network itself! Jeff suggests that the value of the “social network” – i.e., getting different portfolio company procurement leaders together – can be significant.

Questions Practitioners Should Ask About Procurement Technology

Unlike my esteemed colleagues on the Spend Matters US team, I am really not a technologist. That’s ironic, because as the oldest member of the team, and a mathematician by training, I was preparing punch cards to be run through the mainframe overnight at ICI (then the UK’s largest industrial company) while Jason Busch was learning to count in kindergarten. (That is, depressingly, the literal truth).