Informed buying and sourcing decisions come from the availability of standardized, automated and linked spend analysis and sourcing solution in the hands of today’s procurement organizations. “CPOs and procurement teams facing budgetary restraints should prioritize investing in automated spend analytics and eSourcing tools, for they can truly pay off dividends in the long term,” said Matthew York in How New or Improved Technologies Can Transform Procurement – Spend Analysis and eSourcing on cporising.com. York explains, “Even incremental automation can alleviate staff shortages and workloads and allow procurement to return more value to the enterprise. However, current technology adoption remains low up and down the value chain, leaving significant opportunities for value realization in 2016 and beyond.”
With the scalability of fully automated solution suites, the tactical work is easily managed—relieving procurement departments of the labor intensive analysis process while creating an opportunity to focus on strategic planning. York points out, “Automated, digital spend analysis tools can aggregate, categorize, clean, and analyze internal and external data streams, and deliver distilled and actionable spend intelligence to procurement leaders and practitioners to use throughout the source-to-settle process. Indeed, they can use spend intelligence to make more informed buying decisions, understand internal and external contract compliance rates, and understand how competitive their suppliers are and if they are performing as planned.”
CPOs and procurement professionals will realize the greater need for advanced solutions to link and automate the source-to-settle and the procure-to-pay processes. With adoption, procurement teams easily influence value-realization throughout the enterprise.