How to Solve Procurement and Spend Analysis Gaps

As you embark on your 2022 planning, it is important to consider procurement in the forefront. Routinely, organizations have invested in deploying new ERP systems and analytics tools, but procurement is routinely stuck making decisions using limited data, with lack of visibility into line-item details or limited knowledge of the contract lifecycle. However, with minimal investment and a renewed focus, that can change, and procurement can be positioned as a value-added function.

According to procurement reports, only 66% of surveyed companies are automating spend analysis by using technology that compiles, classifies, and cleans supplier spend information. Most companies are focused on the transaction and the financial system, but not necessarily enabling procurement users to be successful. A strong platform will need to enable data integrity, which is a central element in achieving transparency and actionable data. Five priorities to consider for system selection and enabling that system for success include: cost, processes, single source of truths, agility and scalability, and training/change management.

Click here to read more about the five priorities to consider upon solving procurement and spend analysis gaps.

About the Author

About the Author

Tyler has robust experience leading multi-year sourcing initiatives within Higher Education, Retail, Consumer Products, Transportation and Energy, achieving over $250M in strategic profitability improvement. He has over 10 years of sourcing experience and developing strategic solutions regarding innovation, automation, process improvements, and strategic programs integral in generating substantial strategic profitability improvement. He has completed projects in a multitude of sourcing categories including temporary labor, most facilities (material and services) areas, IT hardware and software, scientific supplies, supply chain/transportation, outsourcing and human resource benefits. Tyler holds a Bachelor of Science degree in Environmental Economics from the University of California, Berkeley, and is a published author in Internet Retailer.