I can rattle of many reasons why teams should consider implementing a modern sourcing solution. Even though each company will have different challenges, needs, and goals; if your team is experiencing any of these eight signs below, now is the time to adopt a modern sourcing solution!
Sign #1: Limited Or No Visibility Into Your Company’s Spend
If you have limited or no visibility into your spend, you are likely missing out on hard dollar savings. A spend analysis solution will help give you visibility in to every project and evaluate performance metrics your team can use to plan for success.
Sign #2: Data Entry is a Manual Process
Are you using spreadsheets to input data and track savings? Manual processes are time consuming and require an insane amount of extra hours to analyze data. Gaining insight into your data should only take a matter of minutes.
Sign #3: A Need for Running Live Events
And speaking of a manual process, how are you currently running your live events? Manually tracking the status of your events, types of events being run, and who is managing the events can be cumbersome. Now is the time to improve your process and get organized! You can become more hands-off and gain hours back in your day when you implement a tool to help you do the work.
Sign #4: Scattered (and Dirty) Data
Does your data resemble piles of dirty laundry in a messy room? If so, you aren’t alone! But you can greatly benefit from centralizing your data into one location so it is “speaking” together. But remember – even once your data is sorted like fresh laundry, you still have to clean it on a quarterly, monthly, weekly, or sometimes daily basis to keep everything fresh and accurate.
Sign #5: Procurement Lacks Credibility
Is your procurement team seen as a cost center or a revenue creator? Procurement pros can demonstrate value to the organization, but are often challenged with showing finance and leading executives their ability to reduce costs and increase profitability. Develop strategies and processes to streamline savings information and monitor / show KPIs related to cost savings.
Sign #6: You Are “Sourcing at Random”
You’ve been spending a lot of hours gathering data and trying to analyze savings, but you can’t tell what’s working and what’s not. Find a solution that helps you map your efforts to your pipeline, so you can maximize your procurement team’s impact.
Sign #7: Inability to Scale
Your supply base is growing, but the manual effort required to deliver quality information to your suppliers is impossible to scale. A manual process of sending information to suppliers can only work for so long – and can be time consuming! It’s time for an automated process – an easy way to manage supplier diversity, risk, compliance – whatever metric is most important to you and your industry.
Sign #8: Increased Competition from Suppliers
Since your supply base is growing, you’re probably experiencing increased competition from suppliers. So, how are you managing this competition and supplier performance? A strong Supplier Performance Management process will limit risk, reduce costs, and increase value, putting the power of evaluation in the hands of those who know your suppliers the best – you!
Is it time for you to graduate to a modern sourcing solution? Share other best practices and reasons to make the switch by commenting below or tweeting @iasta.