(4/21/2015) Upcoming Webinar from Rosslyn Analytics: Five ways you can deliver new levels of savings through an opportunity analysis
SONAR, or SOund Navigation And Ranging, is an underwater navigational method that relies upon sound to detect and locate objects when visibility is obscured. Because light does not permeate far into the ocean, sound is the preferable method of understanding underwater surroundings.
There are two kinds of SONAR:
- Passive SONAR listens for sounds that indicate the presence, motion, or direction of objects
- Active SONAR uses the predictable movement of sound underwater to detect objects by omitting a ‘ping’ at regular intervals and then listening for an echo or reflection of sound back to the point of origin.
Much like the ocean, light does not naturally shine deep into the details of a spend data set. Here too, other senses must be employed to gain a full understanding of our surroundings.
In procurement we often engage in deep dives into an ocean of data in the hopes of locating objects that represent the potential for savings and operational improvement. Too often, unfortunately, we are using passive SONAR, believing that we will recognize opportunities when we see them. This approach overestimates the visibility we have into historical spend and causes us to navigate (sometimes unknowingly) with obscured vision.
Active SONAR, however, gives us the opportunity to regularly ping for the kinds of opportunities we know are present but are harder to locate.
In a webinar on April 29th at 11:00 am EDT, Rosslyn Analytics will explain how you can deliver new levels of savings in days by conducting an opportunity analysis. They will also showcase five must-do deep dives every organization should be doing with their data on a regular basis. Since we do not know when these opportunities will present themselves, constantly – and actively – searching for them increases the chances that procurement will uncover and address them.
Opportunity analysis active SONAR allows procurement to:
- Assess payment terms compliance
- Investigate supplier tail end spend
- Examine Supplier Density and Rationalisation
- Identify low value invoices
- Increase Contract Spend Compliance