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Optimal Spend Analysis – How to Leverage Multiple Data Classifications?
Focusing on Business Specific Category Sourcing Groups is key, with or without UNSPSC. Transforming raw Spend and Supplier data from payment and purchasing systems and reclassifying it into common, meaningful sourcing categories creates significant visibility and...
Turn Identified Savings Into Realized Savings and Prevent Spend Leakage
1. Does your company have an eProcurement system?If not, thoroughly investigate the significant savings that such a system can deliver. Most vendors are happy to provide you with an ROI analysis of your spend free of charge. This should be of particular interest if...
What is Procurement ?
All You Need To Know About ProcurementProcurement (or purchasing) is the process for an organization to obtain products or services from external parties (market supply) to ensure that production and business activities are smoothly carried out. Procurement practices...
Procurement System ROI
It’s important when you want to gain more credibility with your internal and external stakeholders to know how much a Procurement system can be such a great solution to help your organization with its current challenges.
Why Do I Need SRM?
SRM is much more than a buzzy acronym that’s been tossed around the business and procurement world for the past decade or so. Is it time to invest in a Supplier Relationship Management solution? The contents of this e-book will help you determine that. Signs your business needs an SRM solution to improve procurement and productivity.
How to boost your Procure-to-Pay value
Learn how to Identify and drive organizational procurement value. Effectiveness is about producing an expected result and the gap between the target and the actual result defines the level of performance. “The less, the better” is now the objective for streamlined and powerful Procure-to-Pay processes.
The Ultimate Guide To Spend Analysis
Procurement organizations should use spend analysis to leverage buying power, reduce costs, provide better management and oversight of suppliers, and to develop an informed procurement strategy. Spend analysis should include the identification, automated collection, cleansing, grouping, categorization, and analysis of all spend data for the goods and services purchased for the organization.
Source-to-pay : Learn how to create new sourcing opportunities
Read about stabilizing your spend, choosing the right suppliers, maximizing internal value and more…
Optimal Spend Analysis – How to Leverage Multiple Data Classifications?
Focusing on Business Specific Category Sourcing Groups is key, with or without UNSPSC. Transforming raw Spend and Supplier data from payment and purchasing systems and reclassifying it into common, meaningful sourcing categories creates significant visibility and...
Turn Identified Savings Into Realized Savings and Prevent Spend Leakage
1. Does your company have an eProcurement system?If not, thoroughly investigate the significant savings that such a system can deliver. Most vendors are happy to provide you with an ROI analysis of your spend free of charge. This should be of particular interest if...
What is Procurement ?
All You Need To Know About ProcurementProcurement (or purchasing) is the process for an organization to obtain products or services from external parties (market supply) to ensure that production and business activities are smoothly carried out. Procurement practices...
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Optimal Spend Analysis – How to Leverage Multiple Data Classifications?
Focusing on Business Specific Category Sourcing Groups is key, with or without UNSPSC. Transforming raw Spend and Supplier data from payment and purchasing systems and reclassifying it into common, meaningful sourcing categories creates significant visibility and...
Turn Identified Savings Into Realized Savings and Prevent Spend Leakage
1. Does your company have an eProcurement system?If not, thoroughly investigate the significant savings that such a system can deliver. Most vendors are happy to provide you with an ROI analysis of your spend free of charge. This should be of particular interest if...
What is Procurement ?
All You Need To Know About ProcurementProcurement (or purchasing) is the process for an organization to obtain products or services from external parties (market supply) to ensure that production and business activities are smoothly carried out. Procurement practices...
The Challenge of Managing Non-PO Invoices
While automating the processing of invoices delivers many benefits, challenges may arise when it comes to non-PO invoices. Non-PO invoices result when a supplier has provided goods or services to a buyer without receiving a purchase order. Because the lack of...
5 Keys To Drive More Spend Onto eCatalogs
Lately, we have seen a significant increase in the number of companies looking to drive more of their spend to eCatalogs and asking their suppliers to provide more catalog content. During a recent trip, a customer challenged me with a goal – they wanted 90% of their...
How Machine Learning Improves Data Cleansing
Machine Learning Improves Data CleansingOne of the many Holy Grails of machine learning within the spend analysis domain is the ability to disambiguate and classify customer purchases accurately, quickly, and automatically. It's a fun problem to try to tackle since...
The Ultimate Guide To Procurement Management
Future of Procurement - Vidéo explanationWhat complexifies your procedures, slows the efficiency of your employees and hinders your growth? Obsolete and unsuitable procurement management policies and processes, of course! And yet, few entrepreneurs spontaneously think...
Spend Analysis to Spend Management. Where are You on the Spend Meter?
There are different levels of analyzing your spend, ranging from basic spend analysis to advanced spend management.Consider the following scenarios:Company A:The procurement department reviews and analyzes their general ledger spend for 2019, compares prices, compares...
Some Spend-related Useful Definitions
I’ve noticed that there are a lot of terms being used with the word “spend” in them.Oftentimes one word can mean different things to different people at different companies. In an effort to eliminate confusion, here’s a central repository for Sourcing Force’s...
What is Spend Management? It’s Much More Than Spend Analysis
I often hear the terms “Spend Analysis” and “Spend Management” used together. Often they are lumped together as the same thing, or are loosely defined. So I've decided to make a very distinct differentiation between the two capabilities. Spend AnalysisMany companies...
MRO – In-depth Spend Visibility Leads to Savings Opportunities
After working on numerous “MRO priority” Spend Data Classification projects over the past few months, and reading some recent blog posts regarding MRO from E-Sourcing forum, I can understand 100% why companies are increasingly focusing on MRO Spends as an area for...
How to Drive Procurement Benefits from Spend Analysis
One of the most frequent questions we get from our clients is hands down: What is the best approach to use and identify savings opportunities through spend analysis? This is an excellent question. There are a wide variety of opportunity analyses that can be conducted...
Classifying Spend Data – Do Algorithms Really Work?
Classifying Spend Data – Do Algorithms Really Work? People who are new to spend analysis are trained to think that there is a magic button to classify their spend data. If I send you my spend data you run it through your algorithms and magically my spend data will be...
Helping Customers Meet Key Challenges for Spend Management
Comprehensive Spend Management is the next step companies are taking to manage Spend and Suppliers.The majority of company’s who are doing “Spend Analysis” projects (and many companies have not yet done a formal Spend Analysis project), are primarily focused on doing...
3 “Survival” Techniques To Spend Analysis
We at Sourcing Force are immersed in the world of spend analysis and spend management and interact with a wide variety of companies - all with a diverse set of evolving requirements. The key words here are diverse AND evolving - what works for one company may not work...