Break out your dancing shoes, brush off the dust, and turn on the lights…it’s time to stop dancing in the dark!
We find that a lot of procurement organizations are “dancing in the dark” because they don’t have the proper visibility into their spend and sourcing pipeline. Without this insight, you could be losing out on hard dollar savings and efficiencies!
Sourcing Force explained procurement health as understanding your data and applying it to your unique goals. But how do you get procurement health? Visibility is a good place to start!
Spend visibility is critical for procurement organizations.
Companies armed with spend visibility can quickly identify maverick spend, supplier rationalization opportunities, resource constraints and even backlog within their sourcing pipelines. Best-in-class organizations see positive results with spend management solutions including:
• Better negotiated rates with key vendors
• Reduced off-contract spend
• Better resource allocation within their groups
Another positive impact organizations see with increased visibility is increased communication between stakeholders. By working together, spend can be consolidated between departments to cut costs and increase profits on commonly sourced vendors, products and services.
So, don’t continue to use, “The Same Old Song and Dance.”
Take advantage of Procurement Analytics and gain visibility into your entire sourcing and spend management spectrum. You can make strategic decisions supported by data, help mitigate risk, and better forecast for future success. In addition, you’ll become a significant player within your industry.
If you don’t already have visibility into your spend or sourcing pipeline, “I Hope You Dance” with your data and recommend using Procurement Analytics just as major organisation did..