Tom Beaty Joins Ardent Partners Procurement Influencer Series

 In Data Optimization, Procurement Blog, Procurement Spend, Procurement Technology, Spend Analytics, Spend Analytics Software

SpendHQ’s CEO, Tom Beaty, joins Ardent Partners Procurement Influencer Series

SpendHQ’s Tom Beaty joins Ardent Partners for their Procurement Influencer Series for a discussion on the procurement landscape that exists today and how it will likely evolve over the next couple of years. While procurement organizations continue to struggle with a host of data issues, Tom shares how these organizations can best leverage their data and convert that data to intelligence.

“We’re pursuing some pretty neat and innovative things at SpendHQ – one of them is we’re developing a fairly robust professional services capability around SpendHQ specifically. I brought in a ten-year sourcing consultant to focus on not just improving data quality and providing spend visibility but also helping our clients leverage spend analytics to drive a pretty dramatic ROI. As folks clean up data and hand it over to procurement teams, sometimes they know exactly what to do with it and sometimes they don’t. So we’re really going to fill this void in the space and focus on how to layer in best practices and leverage the data.” –Tom Beaty, CEO, SpendHQ 

Poor data creates multiple challenges, especially for sourcing strategy development.  Spend volumes can be significantly overestimated or underestimated which either leads professionals to make commitments to vendors they cannot keep or dilutes their potential leverage.  More often than not, this leads companies to miss entire suppliers in key categories that are perhaps in different data sets, such as expense management data.  In many cases, spend analytics reveals entire categories of spend that have previously been unmanaged and, in some cases, unrecognized as sourcing categories.  Learn more about how you can drive ROI with your spend analytics solution here.

“For example, you get the data and one of the things our professional services group will do is focus on developing a sourcing roadmap to identify all the potential opportunities. Also, as our clients begin to source those categories we’ll provide expert sourcing guidance to assist them; this is different than strategic sourcing consulting. We’re essentially on our client’s side coaching them through this process – perhaps in a category that they never sourced before. We’re trying to bring procurement excellence to our clients and help them drive a significant ROI on SpendHQ.” –Tom Beaty, CEO, SpendHQ 

Read the article in its entirety here and learn how you can drive significant ROI via spend analysis in a white paper authored by Tom Beaty, “You Can’t Argue with Good Data”.

Tom continues the conversation in part 2 of this series with a focus on category management.

 

About SpendHQ

SpendHQ is a spend analysis solution that provides rapid, accurate and detailed visibility into enterprise spend data. This full-service SaaS (Software-as-a-Service) spend analytics solution delivers actionable insight for sourcing and procurement professionals.

Recognized for innovation and industry impact in the procurement space, SpendHQ was named to the 2015 Red Herring Global 100 list, and listed as a finalist in the 2017 SIIA CODiE Awards as a “Best Big Data Reporting & Analytics Solution” and “Best Data Visualization Technology” solution. With SpendHQ at their fingertips, clients ranging from Fortune 500s to mid-market companies are finally able to see their enterprise spend clearly and drive savings confidently.

As a standalone extension of Insight Sourcing Group, SpendHQ is built by industry leaders with unmatched sourcing knowledge. Inc. Magazine has ranked Insight Sourcing Group among the fastest-growing private companies in America every year since 2008. In 2017, Insight Sourcing Group was also named the #1 Boutique Consulting Firm in the U.S. by Vault.com and the #1 Small Strategy Firm by Consulting Magazine.

Learn more about SpendHQ’s spend analysis solution and start taking control of enterprise spend data at www.spendhq.com and request a free spend analytics demo today.

Stay up to date with all things procurement by visiting SpendHQ’s procurement blog, and by following on LinkedIn.

 

About CPO Rising

CPO Rising is a news and media site written for and about Chief Procurement Officers and other supply management executives. It is also the largest website focused on procurement and supply management. Our mission is to engage executive leaders with a steady stream of top-quality, progressive, and original content. CPO Rising is published by noted analyst, Andrew Bartolini, the Chief Research Officer at Ardent Partners.

CPO Rising seeks to deliver:

  • Compelling articles that provide insight and progressive approaches to the procurement agenda.
  • Information that educates, challenges, entertains and engages the reader.
  • Real-world case studies based on more than a decade of work and research with leading practitioners in supply management.
  • The opportunity to regularly engage with procurement executives from leading companies.
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Jacke Wojcik2017 Value Leader - Spend Matters