Predictive Analytics and its Impact on the Procurement Function
There is a seismic shift happening in the procurement landscape currently, and that’s largely resulting from the integration of predictive analytics into the function. Companies are adopting more data-driven approaches to increased efficiency and cost savings, so knowing how to interpret data you already own is becoming a key driver of strategic value. Because of […]
Automated Cost Transformation: A Game Changer for Management Consultancies
Management consultancies have been a strategic tool for businesses seeking cost efficiencies and operational improvements since the late 19th century. However, their significance in the business landscape truly blossomed in the post-World War II period. As the global economy expanded, companies grew larger and more complex, necessitating external expertise in areas like operations, finance, […]
The Promise of AI in SaaS: What Has Actually Been Delivered?
Artificial Intelligence (AI) has been a hot topic in the Software as a Service (SaaS) industry for several years now. With promises of revolutionizing everything from customer service to business analytics, AI has been marketed as a game-changer for SaaS solutions. However, while the potential of AI is enormous, the reality of what has been […]
Zero-Based Budgeting in IT: A Tool for Radical Cost Optimization?
Regardless of the changing priorities of businesses throughout the years, cost management remains one of the main challenges for procurement professionals. As technology continues to advance and the demand for IT services grows, finding innovative ways to optimize costs has become critical, but procurement professionals often grapple with budget constraints, the need for rapid technological […]
Benchmarking in IT Procurement: Challenges and Best Practices for a Competitive Edge in Negotiating with Suppliers
Navigating the procurement landscape in the IT sector presents unique challenges, mostly due to the opaque and highly variable pricing structures that dominate the field. External benchmarking, while valuable, often falls short in IT procurement because many suppliers do not provide standard pricing lists publicly, and even when they do, these lists rarely reflect the […]
Mastering Procurement Data: Benefits of Training Your Team in Analytics and Taxonomies
Earlier this year we published on this blog the first article of our Mastering Procurement Data series, where we share the process to achieve complete excellence in your procurement function. The first article of the series entitled “Mastering Procurement Data – The Power of a Unified Source of Record” talked about the importance of creating […]
Cognitive Procurement – Leveraging Machine Learning for Smarter Purchasing
I think it’s safe to say that digital transformation made substantial changes to how we approach procurement. Procurement is no longer just about cost savings and supply chain efficiency; it’s about strategic value and data-driven decision-making. Cognitive procurement, at the intersection of AI and procurement, is reshaping the way businesses approach their purchasing processes, moving […]
Tail Spend in Procurement: What is it and Why Should You Care
In the intricate landscape of procurement, it is common to fall prey to sneaky non-strategic expenses —usually known as ‘tail spend‘—which can quietly nibble away at a company’s finances. These minor yet cumulative costs often evade the attentive gaze of procurement and finance professionals, resulting in unseen financial leakage and missed savings opportunities. Characterized […]
The Benefits of Process Automation and How to Achieve It
Automation has become a buzzword in the world of business, and for good reason. The term was already familiar as far 1946, used in the automobile industry at the time to describe the increase use of automatic devices and controls in mechanized production lines. Manufacturing industries started using automatic devices and robotic machines at the […]
How Data Insights Can Optimize your Organization’s IT Services
As businesses continue to rely on technology to drive their operations, optimizing and managing IT services (one of the largest areas of IT spend for most organizations) has become increasingly important. One of the most effective ways to achieve this is by leveraging data insights. In this article, we will explore how businesses can use […]
