Customer Spotlight
Enabling World-Class Procurement Transformation with Best Buy
At a Glance
Best Buy partnered with SpendHQ to transform its procurement function, shifting from a transactional role to a strategic business driver. The case study highlights key takeaways, challenges, and benefits from this journey.
Key Takeaways
Best Buy used SpendHQ to unify procurement data and performance, doubling financial impact and elevating procurement as a strategic partner.
Challenges
Transforming required a cultural mindset shift, overcoming resistance and turnover while consolidating 38 legacy systems into one platform.
Benefits
Procurement gained visibility, influence in enterprise strategy, and a continuous transformation culture that drives innovation and optimization.
“SpendHQ sits at the centre of everything we do and allows us to manage all our work in one place. It’s a great way for category managers and their leaders to track progress, provide forecasts, prioritise work and manage workload."
SpendHQ’s Spend Intelligence and Performance Management tools play a critical role in supporting procurement excellence at companies like Best Buy
BuyOne word dominates modern procurement: complexity. The scope of work for those in the profession has expanded well beyond sourcing and control, encompassing strategic responsibilities for areas as broad as innovation and transformation, compliance and regulation, and risk and sustainability.
To deliver measurable impact in this environment, CPOs and their teams need unmatched visibility and accountability, actionable insights powered by well-managed data, and simplified reporting that drives effective strategic decision making.
It’s here that SpendHQ, the leading best-in-class provider of innovative enterprise procurement intelligence solutions, excels. The company helps advance procurement teams by offering a centralised system for the classification of all spend data, as well as managing the entire sourcing project pipeline and results.
Enabling strategic procurement
Shannon Wegner, Strategic Account Manager at SpendHQ
“We have a unique proposition, comprising two SaaS solutions, that provides a full procurement platform to enable successful transformation.”
“Our Spend Intelligence solution provides spend analytics that gives critical visibility into organisational spend across all raw spend data – we manage all the normalisation, classification and data management within the solution to drive smarter strategies and elevate procurement’s performance with the organisation.”
To do this effectively, Spend Intelligence leverages AI to organise data and deliver automated and actionable insights and reporting.
SpendHQ’s Performance Management solution is a strategic procurement project management tool that helps teams put data and insights into action. “It identifies opportunities, then tracks and manages projects and savings, and acts as an intelligent procurement control centre,” Shannon notes.
Combined, SpendHQ’s solutions provide a unique and powerful end-to-end intelligence and performance platform for procurement teams. The company’s management of data is a critical aspect, particularly with procurement teams facing multiple workstreams and stakeholders, as well as large volumes of enterprise data.
“We really have one of the few solutions out there that covers everything,” says Shannon. “With our platform, procurement gets accountability, visibility and consistency of data that simplifies workflows, drives savings, reduces risks, manages compliance and identifies new opportunities.”
Supporting transformation at Best Buy
SpendHQ’s solutions have played a crucial role in enabling transformation at leading consumer electronics retailer Best Buy.
Close collaboration with customers is paramount to how SpendHQ operates. The team works closely with Best Buy as it navigates a complex procurement transformation focused on embracing digital solutions and enabling procurement to drive internal change.
Best Buy uses the Performance Management solution as a central platform for managing projects and initiatives from intake through planning and reporting.
Anna Barej, Vice President of Procurement, Best Buy
“SpendHQ sits at the centre of everything we do and allows us to manage all our work in one place. It’s a great way for category managers and their leaders to track progress, provide forecasts, prioritise work and manage workload."
“They’re a high performing, transformation focused team,” says Shannon. “Our tool provides visibility across the organisation, improves collaboration and communication, enhances how they work and transforms category and contract management. Data and visibility provides the roadmap and intelligence to drive excellence and achieve organisational goals.”
SpendHQ continues to innovate to meet the ever-changing priorities facing procurement teams. For the Best Buy partnership, this involves ensuring the company has access to the most cuttingedge features and functionality through collaborative beta testing, while also deepening existing collaboration.
More broadly, SpendHQ drives innovation across its product portfolio to address the evolving procurement landscape. “This means looking at how we use AI across our portfolio, how we classify data more effectively, how we can deliver better and faster for our clients, and how we support world-class procurement functions to achieve success,” says Shannon.
