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"The Point" is written by BMP Editor Kelly Barner as well as a diverse group of guest contributors.

Tomato, Tomato… Analysis, Analytics?

Spend analysis solutions have long been critical enablers of procurement organizations. Over the last couple of years, however, the term analysis has gradually been replaced by analytics. In order to gather information on this transition, I reached out to Rosslyn Analytics, a company that has operated under the ‘analytics’ label since their founding in 2005, long before it was the prevailing term. I'd like to thank them for their help in putting this post together.

 

Let me begin by giving working definitions for both terms. According to BigDataCraft.com,

 

Analysis is the examination process itself where analytics is the supporting technology and associated tools.”

 

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Where did all the money go?

If you are like us, you ask that question frequently. We have just returned from a wonderful trip for summer vacation. We had a glorious time and found it very relaxing. Now that we are home, we are asking that same question even louder! We did not really spend THAT much did we? How could we?

The same holds true in our professional lives. We spend a great deal of time forecasting and budgeting and then trying to understand where all the money is going.

Many organizations use spend analytics to categorize their expenditures and then monitor for compliance. It certainly helps in that regard. The blog pick this week is from Rosslyn Analytics, “Five Things You Didn’t Know Your Spend Analytics Could Tell You”. The five things you might not be using your spend analysis solution for are:

  • Contract compliance – are associates buying from the proper source? Do you need to re-communicate the preferred suppliers and contracted pricing available to them?
  • Cash Flow – are you taking advantage of payment terms when it makes the most sense? Does it improve your cash flow?
  • Tail end expenditure exposure – a few months ago we posted an article, “The last 20 percent”, highlighting the benefits of giving some attention to the tail spend.
  • Overpayments – It happens. The key is catching it and resolving the issue.
  • Supplier Diversity – Spend analytics can help you identify what types of suppliers you are working with.

Have you found spend analytics to be helpful in the ways listed above? Was one area more impactful for your team? Was your 'wallet' looking healthier at the end of the process?

Share your thoughts by commenting below or tweeting us @BuyersMeetPoint

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Webinar Notes: Turning Data into a Business Case for Procurement

This week’s webinar notes are from a recent Procurement Leaders webinar on ‘Turning Data into a Business Case for Procurement.’ The webinar is available on demand here thanks to Rosslyn Analytics, and you can hear an excerpt of the webinar in my July 14th Blog Talk Radio update here.

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Procurement on YouTube: State of Green Business 2013: Supply Chain

In this week’s Procurement on YouTube post, we’re going to hear from GreenBiz and Trucost on sustainable supply chains. The conversation takes place between Joel Makower, Executive Editor of GreenBiz Group and Richard Mattison, CEO of Trucost. Trucost insn’t new to the supply management space. In 2011, Trucost and Rosslyn Analytics worked together to launch the first sustainable procurement app, and their partnership continues to this day. 

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Making Your Procurement New Year's Resolution

There are (at most) twelve business days left in 2011. If you have a generous employer or some vacation time left, there are a lot less. There isn’t any time to waste if you want to make 2012 your year - professionally that is. January 1st is just a heartbeat away, and if you haven’t given thought to your goals for the year yet, now is the time. Below is a quote from a Next Level Purchasing Association white paper, titled "The Evolution & Future of Procurement & Procurement Skills" to give you something to think about. I'll also include Rosslyn Analytics' Five Predictions for Procurement and Supply Chain Executives in 2012.

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Kelly Barner
I'll be the first to offer up my professional new year's resolutions for 2012. I plan to read less, but give more thought and atte... Read More
Thursday, 15 December 2011 12:05
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