Now that it is September, the fall conference season is upon us. Even though few will have the opportunity to gather in person, we can still make the most of these virtual chances to connect and learn. There are two upcoming virtual conferences I want to call particular attention to:
The following are our webinar recommendations for the coming week – selected based on topics and speakers. If you are planning your webinar schedule further ahead, I recommend “Managing Supply Ecosystems“ from IACCM on March 2 at 11am ET.
BTW: If you haven’t already, sign up for our mailing list to be sure you get my weekly recommendations in your Inbox each Monday.
Talk to any procurement leader in an international company and you’ll hear some common issues being raised. The lure of technology (especially big data and AI) and dangled carrots of opportunity to digitally transform the whole procurement function are all great but hard facts are getting in the way.
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
When we are expecting guests, we pay attention to putting away the surface clutter and cleaning the general area that our guests would be in. If they are coming for an overnight, there is a greater area involved. However, we often are not focusing on the extra areas such as closets or under the beds. That would the last 20 percent which is most often skipped.
This week’s featured event was hosted by Sourcing Interests Group and featured two senior members of Denali Group’s team sharing their experiences with the use of strategic and non-strategic category sourcing to meet overall goals. The right balance of the two supported by an efficient balance of people, process, and technology opens the door to long-term value creation and impact within the organization. If procurement organizations are going to excel in today’s climate of scarce resources and high expectations, we need to explore every opportunity to the fullest. And of course the real goal of accomplishing all this is securing a voice for procurement in the strategic planning process of the company.
This week’s featured webinar is ‘Tail Spend Management: How to Squeeze Savings from the Most Fragmented 20% of Spend’ by Proactis. If you are interested in more after reading our notes, you can access a white paper on Proactis’ site.