- VIDEO
Get more value from your Spend Analytics
August 2023
“Ultimately, the goal of spend analytics is to enable more strategic decision-making across the organization…” Aaron Sobey, Manager, Analytics explores the common challenges organizations face in unlocking value from procurement spend data and the strategic benefits that powerful spend analytics can provide.
Transcript
While some organizations have mastered the art of powerful spend analytics, others are still struggling to unlock the value from their data. The function is evolving, and recognition of its importance is growing. The reasons behind the disparity in maturity between different organizations are varied.
In less mature organizations, we often see some common challenges, such as:
- Limited data availability. We can only analyze what we capture.
- A lack of analytical capacity and capabilities. Many organizations don’t have dedicated resources.
- A lack of collaboration across different departments, and
- Resistance to change of current practices.
However, amidst these challenges, there is a silver lining. At ArcBlue, we’re seeing a positive trend in the market in the maturity of spend analytics. Organizations are recognizing the value and benefits of data-driven decision-making in procurement. They are actively working to enhance their spend analytics capabilities, understanding that accurate analysis can lead to improved efficiency and cost savings.
Looking forward, we anticipate to see spend analytics to play an even more crucial role in procurement. With technological advancements and a stronger emphasis on data-driven strategies, organizations will refine their analytics capabilities. The future holds promise as organizations harness the power of data to transform their procurement processes and drive optimal outcomes. Mature organizations leverage spend analytics to achieve remarkable commercial outcomes, by unlocking greater value from their data, it enables them to make informed decisions that drive overall success.
These outcomes and insights include:
- Understanding their purchasing patterns
- Demand forecasting
- Robust supplier performance evaluation
- Identifying cost savings opportunities
- Compliance and risk management, and
- Assessing the overall procurement effectiveness through performance measurements and benchmarking.
Ultimately, the goal of spend analytics is to enable more strategic decision-making across the organization.
At ArcBlue, we use category expertise and industry benchmarks, combined with best-in-class technology including AI and machine learning to deliver actionable insights from your data.
We currently have over $300bn of spend data under analysis, giving us established systems, processes and benchmarks and we are here to help our clients to deliver more through spend analytics.
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