Category Archives: Spend Analysis

Spend Analysis

The Power of Spend Analytics

Here at Iasta, we like to have fun when presenting webinars with our clients and industry analysts, and our webinar with Brunswick, Equifax, and Spend Matters was no exception. The speakers agreed to quite a unique theme, tying together The Lord of the Rings and Spend Analysis. There is no denying that this Lord of the Rings-themed webinar made for some good laughs, but we still kept the message simple and clear: although spend analysis often seems like a daunting … More

Who is Determining Your Priorities?

Evaluating the market is the initial key phase to any software implementation. Each organization has its own specific functional and cultural needs and priorities to consider. Key considerations should expand beyond functionality to include cultural fit, alignment with your organizational structure, and your procurement maturity level. The alignment with your specific needs in these areas should remain a basis for decision-making throughout the entire process. Below are three key points to consider during your evaluation process: Where to start? It’s … More

Conquer the Dark Powers of Lost Savings and Hidden Risk

At times, do your stakeholders seem as if they are from Middle-Earth, stuck in their own lands? Do you only see them from afar, bickering with each other and ignoring the rising dark powers of lost savings and hidden risk? Has the incomprehension and inflexibility of spend data from “ERP or the homegrown data warehouses” come to rule them all? Well, now is the time to lift the veil of gloom on spend and use analytics to build a fellowship … More

8 Signs You Are Ready to Adopt a Modern Sourcing Solution

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 … More

5 Easy-to-Keep Goals for 2014

It’s February. You have a full month of New Year’s resolutions under your belt. Are you still on track to reach your goals for 2014? Even if you’ve modified your original plans for a personal (or professional) lifestyle change, you don’t have to fail! At Iasta, customer success is our obsession. We love sharing our customer’s success stories. We’ve put together 5 easy-to-keep goals and best practices that have helped our clients take their sourcing initiatives to the next level … More

3 Spend Analytics Lessons…From My Closet

Sourcing professionals and researchers advocating spend analytics often say, “You need to be able to predict future spending based on past spending behavior.” However, as for AOL and the industry we are in, I personally believe this statement isn’t always accurate, so I’d like to offer a different perspective – from my closet. We’ve all been there… We grab a pair of pants from our closet, put them on, and realize they do not fit the way they did last … More

Go Beyond with Spend Analysis: 3 Ways to Improve Your Modern Sourcing Process

Have you uncovered the hidden potential lying within your data? Data visibility is often the most challenging for procurement pros to achieve. Scott McBride (Iasta Director of Global Alliances) shares the importance of “going beyond” with spend analysis in this short video below. With Scott’s perspective in mind, below are three ways you can improve your modern sourcing process using spend analysis: 1-Centralize your data. Data in a silo is useless. When data lies in different systems, the information is … More

Prego & Supplier Data: “It’s in there!”

Years ago, Prego televised a commercial for their spaghetti sauce with the catch phrase, “it’s in there.” The commercial went something like this… A father enters the house for a spaghetti dinner and condones his son’s wife for using sauce from a jar. The father continues to talk about garlic, herbs and onions to which the son replies, “it’s in there.” For those not familiar with the commercial, you can view it here. So, how does a can of Prego … More

Spend Analysis v. Spend Intelligence: 4 Questions to Ask As a Procurement Team

In 2013, it’s not groundbreaking to say spend analysis is considered a key function within most successful procurement organizations. In fact, Aberdeen Group research found that 89% of best-in-class procurement teams utilized a spend analysis solution within their organization. In the same report, Aberdeen Group gathered that access to data is a critical component to a Best-In-Class procurement team. If you’re curious in reading more about these findings, download the report here: Dynamic Procurement – The CPO as a Collaborator, … More

How to Develop Your Modern Sourcing Strategy with Analytics

In today’s world, procurement pros need a solution that gives them a deep understanding of their data sources. Everything you do is generating data. Every sourcing project. Every interaction. Every purchase. Every new relationship. Every contract. Every transaction. Every supplier scorecard. Data can pile up quickly. So where are you storing all of this data? What stakeholders and internal business units require request access to corporate data to make better business decisions? What data is missing or hidden because you’re … More

Key Ingredients for Baking the Perfect Sourcing Cupcake

Have you ever thought of what ingredients it would take to bake a sourcing cupcake? Unless you’re a baker and procurement pro, the thought has probably never crossed your mind. But I’m a baker – and refer to myself as a “Modern Betty Crocker”, so this crazy thought crossed my mind the other day when I was baking Mudslide cupcakes. (Mmmmm) So, I started thinking, “What ingredients would I need to bake the perfect sourcing cupcake?”  In order to bake … More

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 … More

Investor’s Due Diligence & Spend Analysis: You should be paying attention!

Do you conduct annual reviews of your investment portfolio? I know it’s considered a best practice to conduct annual reviews of your investment portfolio including asset allocation, quality of investments and overall performance. Unfortunately, that doesn’t mean I’ve actually been doing it. I hadn’t reviewed my investments in a few years. I was unhappy with my portfolio performance in 2012, so I decided it was necessary to perform a new round of due diligence to help me decide what to … More

Make your M.A.R.K. in Modern Sourcing

Have you heard about this new term, “Modern Sourcing”? In an increasingly competitive marketplace, purchasing pros need the right sourcing solutions to identify savings, ensure compliance and mitigate risk. We can help you make your M.A.R.K. with these four tips to make sure you’re on the right path to Modern Sourcing excellence. Migrate towards a center-led procurement structure. Why is this approach so important? Center-led procurement models incorporate supply chain strategies and strategic commodities, best practices, and knowledge sharing while … More

Modern Sourcing Inspired by Dodgeball: 5 Best Practices to Learn

Have you ever watched the movie Dodgeball? I had a chance to watch it over the weekend and the famous line stuck out in my mind: “If you’re going to become a true dodgeballer, then you’ve got to learn the five D’s of dodgeball: dodge, duck, dip, dive, and dodge.” So, put your game face on…the same principles can be applied to modern sourcing.  If you’re going to become a true Modern Sourcing pro, then you’ve got to embrace these … More