The Ugly Truth: Your Procurement Data is Holding You Back
Tom Beaty, CEO of SpendHQ, was invited to contribute an article for Procurement Leaders, a global membership network serving senior procurement and supply chain executives with independent procurement intelligence. While spend analytics solutions have been around for several years, organizations across the world still struggle with poor procurement data. More often than not, their time is wasted on trying to manipulate the data rather than focusing on higher value opportunities. The truth is ugly, your procurement data is holding you back. In this particular spend analytics piece, Tom Beaty explains where he thinks procurement functions are running into problems with their data strategies and offers advice on how to correct their course.
“The traditional spend analytics systems suffer from an over-reliance on automated categorization and a lack of procurement expertise,” said Tom Beaty. “They would work perfectly in a perfect world but they stumble in the messy reality that exists in most companies. They are undone by noncompliance, data entry errors, fragmentation of data across multiple systems, and death by a thousand other cuts.” Click here to read the full article.
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SpendHQ is a spend intelligence system that provides rapid, accurate and detailed visibility into your spend data. This full-service SaaS (Software-as-a-Service) spend visibility solution delivers actionable insight for sourcing and procurement professionals. 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 2015, Insight Sourcing Group was also named the #1 Boutique Consulting Firm in the US by Vault.com, and the #1 Small Strategy Firm by Consulting Magazine.