Integration of Spend Intelligence and Procurement Performance Management Solutions Allows Procurement to Achieve Savings, Consolidate Global Spend, and Ensure Data Confidence
As a result of continuous innovation and commitment to meeting customer needs, SpendHQ’s integration of its Spend Intelligence and Procurement Performance Management (PPM) product lines empowers organizations to adopt a data-first approach to strategic sourcing operations. With SpendHQ’s Strategic Procurement Platform, customers can now optimize critical business processes and drive value creation and savings throughout their organizations.
Chief Procurement Officers (CPOs) recognize the critical need of reliable data in their planning and execution processes, as it enables them to make informed decisions, identify cost-saving opportunities, and mitigate risks effectively. But a SpendHQ survey shows 79% of non-procurement executives express limited confidence, or none at all, in utilizing procurement’s data for making strategic decisions. Teams need a solution that ensures the accuracy and reliability of procurement data throughout the organization.
SpendHQ’s Strategic Procurement Platform enables procurement teams to seamlessly convert spend insights into actionable projects for targeted savings and improved visibility. Through streamlined and consolidated spend across global business units and geographies, the platform eliminates data silos and expands spend under management. It effectively controls out-of-compliance spending, mitigating financial risk and ensuring procurement policy compliance while providing accurate and reliable data.
“Procurement teams have been hindered by disconnected systems, where spend analytics or performance management tools operate in silos,” said Scott Macfee, CEO of SpendHQ. “Our Strategic Procurement Platform fills this gap, enabling our customers to unite their strategic vision with execution – they can now unlock new levels of efficiency, collaboration, and value creation to achieve greater financial and non-financial success across their enterprise”
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SpendHQ’s Strategic Procurement Platform creates a seamless integration of procurement processes. Using Spend Intelligence, customers can:
- Drive visibility into savings opportunities and spend behaviors enterprise-wide.
- Identify opportunities to consolidate spend categories from multiple business units and suppliers under one contact with fewer, or even a single preferred supplier.
- Transition procurement from a pure cost center to a value driver by identifying inefficiencies, avoiding or mitigating financial and other risks, preserving profit margins, and boosting the company’s bottom line.
- Use data enrichment and benchmarks to enhance supplier diversity initiatives, promoting inclusivity and driving equitable procurement practices.
- Mitigate environmental impact by utilizing emissions tracking and analysis, particularly in Scope 3 emissions, to support sustainability goals and reduce the carbon footprint across the supply chain.
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With Procurement Performance Management, customers can:
- Centralize and track procurement projects – cost optimization, process and efficiency improvements, etc. – from across the organization under one platform for easy control and oversight.
- Show bottom-line financial performance to stakeholders – i.e., cost avoidance, savings realization, revenue, and profit.
- Provide a window into supplier performance and risk and help identify areas for growth, improvement, and mitigation.
- Track ESG programs, such as greenhouse gas emissions reductions, supplier diversity commitments, civil and human rights protections, and progress towards meeting those goals and comply with applicable ESG laws and regulations.
“Many of our existing customers have successfully expanded their initial solution by seamlessly incorporating either Spend Intelligence or Procurement Performance Management, depending on their specific needs,” said Pierre Laprée, Chief Product Officer of SpendHQ. “We are committed to investing in our flagship products, continuously addressing the pain points of procurement teams, and building a world-class ecosystem with our consulting and technology partners.”
