News and Content for Procurement Professionals

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How to Identify Savings Opportunities: Transaction Costs

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.

Four Ways Procurement Analytics Identifies Savings Opportunities

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 have 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.

Procurement Analytics: A Powerful Step Every Leader Should Take

You have all heard about procurement analytics and the enormous gains it can bring to your company. You also know how important it is to acquire data analytics skills and bring them into your decision-making for being an efficient leader. Still, there is something that blocks you from taking that first step towards your procurement analytics journey. If it is so, then you are 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.

How to Tame the Tail Spend Beast

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.

How Artificial Intelligence Can Clean and Enrich Your Spend Data

The procurement industry is undergoing a rapid transformation. Once considered a laggard in the race to digital, the industry is evolving into a strategic function that is driven entirely by data and insights. While data is crucial to driving these transformations, bad, unorganized, or dirty data is considered no lesser than a bane for the procurement industry.

How to Identify Savings Opportunities: Maverick Spending

Maverick spending is probably a well-known problem for most organizations and procurement professionals. Let us look at how you can utilize procurement analytics to identify such challenges.