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There's one thing procurement professionals are always in search of, it's clarity. They certainly want lots and lots of it. And what better way to get clarity than from a good old-fashioned cube? That's right—we're talking about a spend cube, which is a powerful tool that provides insight into the total value of spend per category, the number of suppliers each category has, and more.

Seeing all your spend data in one place can inspire a dramatic change in how you manage your business. It's even more useful if you also organize that data by supplier, categories, items buyer, then view it in real-time. You'll want to refer back to this information again and again! Yet, only a few organizations are able to get a detailed view of their spending. And this lack of spend visibility comes with a hefty price tag.

During our webinar on “A Practical Roadmap to Procurement Savings of 14 October 2021, we were very happy to receive your questions! In this blog, we answer them.

There are several procurement levers you can utilize to drive cost reductions. Bundling, or consolidating spend, is one of them. But how do you use procurement analytics to identify bundling opportunities?

Procurement teams continuously focus on minimizing transaction costs and costs related to the purchase-to-pay (P2P) process. Although the trend is moving towards automated and self-guided P2P processes, there still might be some opportunities to explore.

Understanding and analyzing your company’s spend structure is often the first step towards laying the foundation of a data-driven procurement organization. But for many companies who've jumped into the analytics bandwagon, translating analytics to fact-based actions that enable realizing procurement savings is a tough nut to crack. This article will discuss some promising cost-reduction strategies enabled by analytics that can grow your procurement savings exponentially.

You've all heard about procurement analytics and the enormous gains it can bring to your company. You also know how important it's to acquire data analytics skills and bring them into your decision-making for being an efficient leader. Still, there's something that blocks you from taking that first step towards your procurement analytics journey. If it's so, then you're in good company. This article will share procurement expert Kjetil Istad's views on what straightforward steps leaders can take to substantially outperform their industry and competitors.

The concept of tail spend analytics is widely acknowledged but seldom optimized by the procurement departments. As for most organizations, tail spend management is an uphill battle. This article will spotlight tail spend and how the right mix of advanced analytics and technology can help you tame the beast.