According to Aberdeen, Best-in-class firms shared several common characteristics with respect to their spend analysis initiatives. These top-performing enterprises are:
• Twice as likely to utilize web-based reporting and dashboards to track key spend and savings metrics.
• Between 80% and 90% more likely to tightly link spend analysis systems with contract life-cycle management and e-sourcing systems.
• 46% more likely to possess category expertise within the procurement department.
• 31% more likely to leverage spend analysis in sourcing opportunities.
Some required actions you can take if an enterprise is seeking to achieve Best-in-Class performance:
• Develop advanced spend analysis reporting capabilities
• Leverage spend data as part of every strategic sourcing effort
• Develop, enhance or augment internal category, supply market and sourcing process expertise.
• Utilize web-based reporting and dashboards to track key spend and savings metrics.
• Leverage spend analysis to rationalize the supply base.
• Secure executive support for spend analysis initiatives.
Beverly Dunn is a Customer Engagement Partner with Ariba. All customers are invited to join the private Customer Success group on Ariba Exchange, where you can access the Customer Success Spotlights, Lunch 'n Learn Webinar calendar and replays, and the Ariba Knowledge Nuggets.