New ESG Features Enhance SpendHQ’s Product Lineup to Drive Strategic Procurement Impact
Spend Intelligence and Procurement Performance Management Solutions Empower Businesses to Support Supplier Diversity and Sustainability Initiatives
ATLANTA, GA & LYON, FRANCE – February 21, 2023 — SpendHQ, the best-in-class provider of Spend Intelligence and Procurement Performance Management solutions, today announced Environmental, Social and Governance (ESG) features for customers to rapidly turn spend analytics into new procurement initiatives in support of strategic business objectives.
The expanded capabilities also help procurement teams keep pace as regulatory changes bring new compliance requirements, including the EU’s Supply Chain Law and Corporate Sustainability Reporting Directive (CSRD), the German Supply Chain Due Diligence act, and pending oversight proposals at the U.S. Securities and Exchange Commission. The products’ ESG features give customers a competitive edge on accessing, monitoring and improving non-financial performance metrics to support efforts to comply with new policies and corporate commitments in today’s responsible business environment.
“Procurement can significantly impact ESG progress, but a better approach has been needed to easily identify opportunities to make a bigger impact and to accurately measure procurement’s contribution. As new regulations are introduced, businesses need a clear, holistic view into non-financial performance to identify which procurement levers will help them reduce emissions, diversify their supplier networks and comply with governance changes,” said Pierre Laprée, Chief Product Officer of SpendHQ. “Our new capabilities allow businesses to connect ESG spend insights with immediate, collaborative action to prioritize your next initiatives in these areas and ultimately contribute to making the world a better place.”
The next evolution of SpendHQ’s Spend Intelligence and Procurement Performance Management products follows its strategic acquisition of Per Angusta last year. The merger bolsters the company’s purpose-led mission to be the go-to hub for customers needing a proactive management-level solution to optimize their procurement strategy and reporting.
Now available globally, SpendHQ’s key new ESG functionalities include:
- Supplier Diversity Spend Intelligence: Customers can now access, monitor, benchmark and easily report on total spend with diverse suppliers – in aggregate, at the category or subcategory level, by region or through other filters.
- Supplier Diversity Data Enrichment: By using pre-built integrations to third-party specialized data sources including Supplier.io, existing supplier data can be automatically enriched to indicate those who carry designations within diverse supplier categories.
- Emissions Spend Intelligence: Customers can now get a better handle on estimated Scope 3 emissions output across their supplier value chain to more easily target areas for reduction, leveraging SpendHQ’s spend dataset combined with calculations from the U.S. Environmental Protection Agency’s (EPA) Supply Chain Greenhouse Gas Emission Factors for US Industries and Commodities.
- Supplier Diversity and Sustainability Progress Across Projects: Customers can more easily identify and track the progress and outcomes of any and all procurement projects with diversity, environmental or other non-financial performance goals, making this more transparent to the business.
- ESG Custom Unit of Measurement: Beyond savings amounts, customers will be able to define other calculations of value such as CO2 emissions, water consumption and waste output, to track projects and increase visibility in final reporting.
- Supplier Risk Management: Customers can better meet regulatory requirements to assess supplier risk for their procurement projects, by using spend and performance insights that combine with data from external sources including Dun & Bradstreet, Credit Safe, Rapid Ratings, EcoVadis, Darkbeam, E-Attestations, and more thanks to pre-built application connectors.
SpendHQ has also completed initial integration work of its Spend Intelligence and Procurement Performance Management products following the 2022 merger, so that users have a more seamless experience to rapidly turn spend analytics into new procurement projects, improve savings, and continuously optimize their planning-to-execution cycle. In 2022, SpendHQ’s impact on procurement grew to more than 450 global customers, $1 trillion of spend data analyzed and 80,000 procurement projects tracked and measured.