Data: The Key to Procurement Transformation

What is the key to a successful procurement transformation today?

The question could be answered in a variety of ways, but for me – it simply comes down to the data ownership and visibility. In just a few days, I’ll be speaking at an ISM Dallas meeting about how best-in-class procurement organizations are using data as the enabler of change and the communicator in the procurement lifecycle. Consider the power of having a single interface to analyze your spend, supplier performance data, risk data, contract information, and sourcing pipeline all at once – a single location. You can quickly equip your executives (and finance executives included) with the information they need for:

  • Budget and planning
  • Savings implementations at the business level
  • Forecasting

That’s the future of spend visibility and data. But how do organizations like yours get to evolve to this level?

As you may know, the evolution of purchasing from being a tactical, administrative function to becoming a strategic player with a seat at the executive table is a long and winding journey. You’ll likely face many obstacles and roadblocks that can slow or stall progress. At the ISM meeting this week, I’ll discuss the many phases of procurement maturity and the pressures facing many Corporate Procurement teams today.

We will also discuss how Modern Sourcing pros are using data to accelerate their Procurement Transformation, drive collaboration, and make an impact with sourcing intelligence.

By transforming data into actionable intelligence, you can develop a common language to collaborate with the other departments and continue forward with your procurement transformation efforts.

If you haven’t registered for the ISM Dallas meeting, there’s still time. Simply click here to reserve your spot.

Can’t make it to the meeting? Stay tuned for Part 2 where I’ll discuss this topic in more detail . In the meantime, feel free to comment below or connect with me on LinkedIn.

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