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 […]
Enabling Management Consultants to Drive True Cost Transformation for Clients
Management consultants are dedicated to creating value for their clients, and the purest form of this is cost transformation. Making a meaningful impact on client costs requires simplification and innovation, empowering the client to pursue new opportunities and growth. Consultancies can help their clients with complexity management and budgeting to some extent, but a solution […]
7 Common Procurement Challenges and How to Manage Them
Procurement has been at the heart of a company’s success since the Egyptians in 3000 BC. However, the complex nature of managing procurement means it is not without challenges. Business procurement departments have a variety of different responsibilities. Managing procurement involves everything from contracts to supplier relationships. It means it is a dynamic role that has to […]
How Spend Analysis Can Help Your Telecom Spend Management
Did you know that global technology spending had a four percent increase even amid the pandemic? These numbers should not surprise you, especially since almost all businesses rely on technology and telecom to operate most of their functions. Unfortunately, about 20 percent of the amount that companies spend on telecom is an unnecessary expense. For […]
Why You Need Spend Management Analytics in Digital Procurement
How do you reduce procurement costs, improve efficiency, and track and control workflows? The answer: Spend management Over the years, spend management has evolved into a continuous, comprehensive approach. This goes a long way to keeping your business in check and improving your bottom line. Since Covid-19 first emerged, procurement organizations have faced a barrage […]
What is the Role of Contract Value Intelligence in Spending Analysis?
Understanding what truly constitutes contract value intelligence (CVI) is a crucial starting point for strategic cost management, expense management and enterprise spending analysis. Telecom or technology contract value can be determined by the quality of the service in relation to your overall technology and telecoms spend, which you must be aware of to determine whether […]
