Driving Procurement Value in Turbulent Times
SpendHQ Procurement Blog
by Cara Debkowski
2d ago
For the last few years, procurement has doubled down on their investments in performance measurement, increasing the amount of data being tracked and reported to demonstrate their impact on the business. While procurement plays a critical role in navigating disruptions, they are constrained by having to do more with less. What we know now, however, is that procurement also needs to be able to tell a good value story – but the value is only as good as the underlying ‘data story.’ When procurement can contextualize their results, including data from procurement and non-procurement systems, it b ..read more
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Procurement’s Data Quality Challenge
SpendHQ Procurement Blog
by Gavin Finch
1w ago
Complete, reliable data is a crucial ingredient to finding procurement opportunities and driving the business in the right direction.  Yet data integrity and confidence are wishful thinking for most procurement teams. We partnered with Art of Procurement to understand why.  In this paper, we explore:  What roadblocks distract Procurement from making data a top priority and how to overcome them  What Procurement stands to lose by settling for subpar data  Why artificial intelligence in Procurement won’t magically solve the problems–but it can help fix them  Proc ..read more
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How You Can Thrive, Not Just Survive, in the Age of AI
SpendHQ Procurement Blog
by Gavin Finch
1w ago
AI is an inevitability for Procurement. Will it finally cement your place as a strategic advisor or will it redefine the function into something unrecognizable? And what are the industry’s leaders doing to prepare?  We recently joined Market Dojo, Esker, Genpact, and several industry thought leaders to answer these questions and explore how Procurement and Finance can leverage AI to accelerate performance.  In this summary, you’ll gain industry leaders’ insights from:  Tom Mills: Is AI is a game-changer or a game-ender, soft skills you should develop now, and the future of pro ..read more
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Do You Have Enough Procurement Projects to Hit Your Numbers? 
SpendHQ Procurement Blog
by Gavin Finch
1w ago
Are there worse feelings than telling the board why you didn’t meet your goals at the end of the quarter, half, or year? Probably, but it’s still not fun. Here’s how you can avoid those awkward conversations this year by increasing the number and the quality of procurement projects you find and complete.   Define your potential procurement project pipeline  The first step to hitting your numbers is identifying projects you can undertake. However, one reason procurement teams fall short of their goals is because they haven’t found as many new opportunities as they would like, leaving ..read more
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How to Evaluate the Impact of Procurement Initiatives
SpendHQ Procurement Blog
by Gavin Finch
1w ago
Global economic developments of the past few years have thrust Procurement’s impact into the spotlight, and the result has been as uncomfortable as the stage shy among us might suspect.  So what steps can you take to obtain a reliable picture of your organization’s spend? Here are four tips we’ve learned from our work with some of the world’s most effective teams. Track progress in a centralized hub Procurement’s data situation can be simultaneously characterized as siloed and fractured. It’s hard to access and even harder to piece together a coherent picture of organizational spending be ..read more
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How to Build the Case for Your Procurement Tech Investment
SpendHQ Procurement Blog
by Gavin Finch
1w ago
Asking for any Procurement technology can feel like an uphill battle, especially when the solution in question isn’t one of the well-known suites. It may even cause you to second-guess the recommendation unless you feel confident in the value you expect it to bring. So how can you build a business case that takes the lead and speaks for itself? Here are three steps you must take. Know the potential ROI of your procurement technology There’s little worse than investing in something that never pays for itself. Finance knows this from experience and will be hesitant to invest in any technology so ..read more
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Independent Research Reveals Massive ROI SpendHQ Can Generate for Procurement Teams
SpendHQ Procurement Blog
by Vadim plakhtyr
1w ago
New Procurement ROI Calculator Shows How Customers Can Achieve a Potential ROI of 660% with Spend Intelligence and 814% with Procurement Performance Management  ATLANTA – February 27, 2024 — SpendHQ, the best-in-class Spend Intelligence and Procurement Performance Management solutions provider, commissioned an independent study with research firm Hobson & Company to provide procurement teams with data from real-world customer experiences that helps them build their business case for high-ROI spend analysis and procurement performance tracking.  The Hobson research found that with ..read more
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Calculate the ROI of Spend Intelligence and Performance Management
SpendHQ Procurement Blog
by Cara Debkowski
1w ago
Build your procurement solution business case Developed by independent research firm Hobson & Company after conducting in-depth interviews with dozens of customers globally, this dynamic ROI calculator quantifies real-world value to help you estimate the financial benefits you can capture with SpendHQ. Select your solution Input your data  Discover your potential value over 3 years – cost savings, time savings, ESG impact, and more The post Calculate the ROI of Spend Intelligence and Performance Management appeared first on SpendHQ ..read more
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Procurement Navigates Persistent Global Economic Uncertainties
SpendHQ Procurement Blog
by Gavin Finch
1w ago
As 2023 year-end economic data has become newly available from different countries across the globe, it’s clear that there are significant differences in factors such as inflation rates, consumer spending, wage growth, and more. While the U.S. saw faster economic growth and better indicators on consumer spending last year, that is not the case for other pockets of the world – which ultimately affects multinational companies and their purchasing and supply chain operations. On February 14, 2024, data revealed that the U.K. was in a technical recession after two consecutive quarters of a shrinki ..read more
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SpendHQ Will Be At Americas Procurement Congress 2024! 
SpendHQ Procurement Blog
by Elodie Garel
1w ago
SpendHQ is looking forward to Americas Procurement Congress 2024! Join us from March 25-27 for three days of intensive learning, inspirational workshops, and networking in Miami, FL!  Gain insights from industry leaders, including:  Where Procurement is heading in 2024  Innovations and solutions shaping best-in-class teams  Strategies the leading organizations live by  Register now!  But don’t stop at registering for the event. Our expert team will be on-site and looking forward to meeting you!  If you’re looking for a way to overcome data chaos and build a ..read more
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