- 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.
KEEP WATCHING
The Benefits of Focusing on Procurement Maturity
Elisabeth Lette and Kylie McKinlay discuss the benefits of focusing on procurement maturity and shares insights gleaned from their experience in working on procurement maturity review projects for private and public sector organisations.
Q-SEED: Driving opportunity and economic growth in Townsville
ArcBlue's Elisabeth Lette spoke with ABC North Queensland radio ahead of the launch of the Q-SEED Program in Townsville. Listen as Lis explains the purpose of the program, what Q-SEED aims to achieve for Townsville, and how it sets a template for place-based procurement approaches across Queensland.
Leveraging procurement in place-based programs
“Procurement is really the linchpin in terms of having social and economic impact... it is an incredible enabler in terms of what we can now be doing in the community.” Lis, Chris and Kylie discuss how procurement is a key lever for achieving place-based outcomes.
The Brisbane 2032 Olympics: How procurement can deliver a legacy for Queensland
Listen to Lis, Kylie and Chris discuss the incredible opportunity to leverage procurement in the lead up to the Brisbane 2032 Olympics and Paralympics to generate social, economic and environmental benefits from the Games and deliver a lasting legacy for Queensland.
Gippsland Renewable Energy Projects – The Social Licence Opportunity
ArcBlue MD Chris Newman spoke with on ‘Our World This Week’ on Gippsland FM about the transition to renewable energy currently underway in the Gippsland region in Victoria and the importance of social licence and the crucial role that social procurement must play in the renewable energy transition.
ProcureCon Asia 2023 Interview with Chris Hampden
ArcBlue's Director for Southeast Asia, Chris Hampden, spoke to the team at the ProcureCon Asia 2023 Conference about the services in-demand from our clients right now, the benefits of being a part of Bain & Company, and provided his tips for successful digital procurement implementations.
Social Procurement & Place-based programs
"If we don't do the hard work now... then we will not deliver the kind of legacy that we're looking for." ArcBlue's Managing Director, Chris Newman, discusses the concept of Social Procurement, who it benefits and why a place-based approach is crucial to ensuring investment in local communities reaches the people who need it most.
Optimizing your supply chain network for improved business outcomes
"Supply Chain Network Optimization is a complex and iterative process. It requires careful analysis, collaboration and adaptation to achieve the desired outcomes..." ArcBlue's Director for South East Asia, Chris Hampden provides tips for organizations looking to optimize their supply chain operations.
Get more value from your Spend Analytics
"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.
De-Risking your Supply Chain
Recent occurrences such as geopolitical tensions, rising labour costs, trade disputes, COVID, increased import costs and shortages have highlighted the risks with relying too heavily on a sole supplier. ArcBlue's Keith Gauntlett, explores the challenges that come with the various supply chain de-risking strategies.
Unlocking Value through Best Practice Hiring
In this video, Dympna Wong, Director for ArcBlue Search explores how a best practice approach to recruitment can assist organisations to get the most value out of their new procurement & supply chain hires, especially in this competitive talent-short market.
How to get the most impact from your procurement training
We're often asked by organizations how they can get the most impact out of their procurement training sessions. ArcBlue's Director for Learning & Development sat down for a chat to share her tips on getting the most out of training, and the training options offered at ArcBlue.
Building procurement talent for today’s market
In recent years there's been a change in expectation of the level and competencies within procurement. ArcBlue's Director for Learning & Development, Jacqui Priestly, discusses the procurement competencies that are in highest demand in the current market, and the options available to organisations looking to build procurement capability.
How we work with New Zealand Public Sector
At ArcBlue, we understand the unique challenges faced by NZ Public Sector, such as public scrutiny, regulatory requirements, and ensuring alignment to the Government Procurement Rules. ArcBlue's Director for New Zealand, Fiona Nissen, explains how ArcBlue partners with New Zealand Public Sector organisations who are looking to deliver more value through procurement.
Addressing Cost in a Challenging Climate
ArcBlue's Director for Strategic Initiatives, Chris Hodgson, shares the top three challenges facing his clients in this economic climate and how businesses are addressing the current cost pressures.
Making your supply chain more resilient
With everything that’s happening in the world right now, supply chain resilience has become a trending topic. So how can organizations ensure their supply chains become more nimble? ArcBlue Executive Director for Asia, Adrian Gjurasic, shares his insights on supply chain resilience.
Delivering positive change through procurement and supply chain
Managing Directors Chris Newman and Dan Fielding discuss how ArcBlue, now a part of Bain & Company, made their mission to deliver positive change through procurement and supply chain and how ArcBlue supports clients to deliver better results across the full procurement lifecycle.
Procurement’s role in driving sustainability
There is a growing realisation that companies have a far bigger role to play than simply pursuing growth and profitability at all cost. So how can Procurement drive the sustainability agenda in organisations? ArcBlue's Director for SE Asia Chris Hampden offers his advice on how Procurement can approach 'getting started' with sustainability.
How can we make procurement more simple?
One of the common themes for procurement in today’s environment is how can we do our job simpler? Over the years procurement process, systems and policies have become more intensive with stringency across all components. ArcBlue's Director for New Zealand, Fiona Nissen, shares her top tips on how you can simplify your procurement.
Why should Sustainability be on the agenda?
Sustainability is now one of the most important topics of discussion in board rooms all around the world today. So why should all organisations take sustainability seriously? ArcBlue's Director for SE Asia Chris Hampden explores key reasons why organisations should start putting sustainability on the agenda.
Mastering Remote Negotiations
Negotiating with suppliers can be daunting, and with the recent changes in the way we do business, it's becoming increasingly important for professionals to understand how to negotiate in a remote setting - either over the phone or on a video call. ArcBlue's Regional Director for New Zealand, Fiona Nissen, gives her tips on how to...
Reducing costs and protecting profitability
Executive Director Chris Hodgson explores how business leaders today are under immense pressure to reduce costs and protect profitability.
Digital Procurement & Customer Centricity
Daniel Fielding, Managing Director, explores how digital procurement can enable better customer & supplier centricity, and how leading organisations are benefiting from an ecosystem approach to procurement digitisation.
Supporting public sector procurement
Executive Regional Manager Justin Sara explores the common key challenges faced by public sector procurement, and how ArcBlue works to address their needs.
Effective Procurement learning & development
Jacqui Priestly, Executive Manager for Capability, explains how we need to train our teams to deliver. The key objective for any learning & development program is a noticeable and sustainable change in behaviour or output.
Better outcomes with ArcBlue Search
ArcBlue Search Director Dympna Wong explains how ArcBlue Search provides superior Executive Search & Recruitment results to their clients in Asia with their team of industry veterans.
Overcoming Social Procurement Challenges
Managing Director Chris Newman explains how Social procurement is emerging as a priority for both Government and industry, however the concept is often not well understood.
