True insight into an organization’s spend is an essential factor in the ability for procurement professionals to see where opportunities exist to support developing a roadmap alongside the data. But building a robust spend analysis involves following certain steps and avoiding others. Corcentric’s how-to guide, A Beginner’s Guide to Spend Analysis, provides insights and best practices when undertaking this invaluable task, helping you apply the knowledge gained to optimize sourcing, purchasing, supplier management and more. But first, you need to know some of the most important Do’s and Don’ts when it comes to spend analysis.
Disruptions seem to be coming at us at an ever-faster pace, from pandemics to natural disasters to regulatory changes to technological advances and more. Some, such as earthquakes and hurricanes, are regional in nature; others, like COVID-19, are global and affect literally every nation and every business. How businesses respond to these challenges; how they prepare before a crisis hits can make the difference between success and failure. For many, finding ways to resolve these challenges is a matter of survival itself.
As we face a variety of unprecedented disruptions here and across the globe, businesses are looking for ways to not only withstand the crises, but also to prepare themselves to move forward once the crises pass. Many companies found themselves with a fully remote workforce with little time to prepare. Companies that had digitally transformed their operations prior to this were quicker to respond and did so with greater efficiency. Many of these companies looked at transformation holistically across the entire business with an understanding that functions that had once resided in silos had to now live in an age of full collaboration.
A Conversation with Dan Andrew, Senior Vice President of Sales at Corcentric
While many finance executives are slashing costs to weather the downturn, some view investments in technology as essential to better equip newly remote finance teams or strengthen other parts of the business.”
— Mark Maurer, CFOs Look to Ramp Up Automation Investments Amid Pandemic, Wall Street Journal: April 8, 2020
Lessons organizations can use to ensure viability, continuity and resilience.
Our webinar, Navigating Business During Disruption—Source-to-Pay, explored how the Covid-19 pandemic, while still raging around the world, has already invariably altered how organizations approach their business continuity plans. Sometimes it takes a crisis to bring out the best in people, and as we’re learning from our customers and prospects, to galvanize senior leadership and their teams into taking the strategic initiative to make companies more agile and better prepared to weather these extreme events for the long term. Here are some takeaways from the webinar.
Optimizing source-to-contract means focusing on wider business needs.
In Part 1 of this two-part blog we addressed the initial approach of S2C. Our viewpoint is, that while S2C is often focused on procurement as the primary users of the technology, decisions around adopting the components — such as sourcing, contract management and supplier management — need to accommodate implementing capabilities with the wider business needs in mind. Continue Reading
To be effective at source-to-contract (S2C), procurement organizations must be able to properly align data and processes with automation.
Often referred to as upstream procurement, “source-to-contract” defines the approaches for how to connect the efforts related to spend analysis, sourcing, contract management and supplier management. At its most basic, these processes encompass all the pre-requisites necessary for procurement to understand and optimize how an organization acquires the goods and services needed to run the business.
Digital transformation is a “must” not a “maybe.”
Companies large and small, B2C and B2B, understand that in order to succeed in today’s global and highly competitive market, it is essential to utilize technology, especially digital technology. By implementing innovative technology, companies can more efficiently manufacture and develop product; more effectively market to and engage with customers; and more successfully gather, optimize, and analyze data. In addition, internal processes become more cost-efficient through the digitization of manual and paper-based processes that have been and continue to be time-consuming and error-prone. Continue Reading