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Measuring and reporting procurement savings is a multifaceted journey. Here are the challenges we often encounter: ------------------------ Categorization Hurdles: Distinguishing between savings types—cost savings, avoidance, and value—can be intricate. Baseline Establishment Complexity: Setting benchmarks through precise metrics poses initial challenges. Quantifying Impact: Calculating the real impact across various cost fronts demands precision. Recording Avoidance Instances: Documenting instances where potential costs were averted requires keen observation. Leveraging Benchmarking Data: Making actionable insights from industry standards is a task. Stakeholder Alignment: Ensuring collaboration for accurate data remains pivotal. Procurement Tool Optimization: Maximizing the utility of software tools for streamlined reporting. Consistency in Reporting: Ensuring regular, coherent reporting practices can be demanding. Audit Rigor: Validating reported savings through thorough audits adds complexity. Persistent Improvement: Identifying avenues for continuous enhancement based on insights gained. ======================== Which challenge resonates most with your procurement reporting journey? Share your experience or additional insights in the comments! Let's navigate through the intricacies of procurement savings reporting. #ProcurementChallenges #SavingsReporting #ContinuousImprovement #StrategicProcurement

Measuring and reporting procurement savings involves intricate steps, often accompanied by challenges. Here are key hurdles: >>>> Categorization Complexities: Distinguishing between savings types—cost savings, avoidance, and value generation—poses challenges in accurate classification. Baseline Metric Establishment: Setting benchmark metrics for precise comparisons demands meticulous data collection. Quantifying Real Impact: Calculating the actual impact across diverse cost segments requires thorough analysis. Recording Avoidance Instances: Documenting instances where potential costs were prevented demands vigilant observation. Leveraging Benchmark Data: Translating industry benchmarks into actionable insights adds complexity. Stakeholder Alignment: Ensuring collaboration among stakeholders for accurate data remains pivotal. Optimizing Procurement Tools: Maximizing the utility of software tools for streamlined reporting requires expertise. Consistent Reporting Practices: Ensuring regular, coherent reporting practices can be demanding. Audit Rigor: Validating reported savings through thorough audits adds layers of complexity. Persistent Improvement: Identifying avenues for continuous enhancement based on insights gained. ================================= Which challenge resonates most with your procurement savings reporting journey? Share your experience or additional insights in the comments! Let's collectively address the complexities of procurement savings reporting. #ProcurementChallenges #SavingsReporting #ContinuousImprovement #StrategicProcurement

⚡ Ready to transform your spend management and procurement processes? First, you'll need to rally key stakeholders and get them on board. But convincing your peers about the need for change can be challenging. You'll need a rock-solid business case. 📘 To kick-start your procurement transformation, we've created the most comprehensive step-by-step to build a compelling, data-driven rationale for digitizing your source-to-pay processes. Download our new Guide, 'Make the Case for eProcurement,' today at https://hubs.li/Q02rJr-L0 #sourcetopay #eProcurement #spendmanagement

⚡ Ready to transform your spend management and procurement processes? First, you'll need to rally key stakeholders and get them on board. But convincing your peers about the need for change can be challenging. You'll need a rock-solid business case. 📘 To kick-start your procurement transformation, we've created the most comprehensive step-by-step to build a compelling, data-driven rationale for digitizing your source-to-pay processes. Download our new Guide, 'Make the Case for eProcurement,' today at https://hubs.li/Q02kd7Hr0 #sourcetopay #eProcurement #spendmanagement

Procurement can shift from cost-cutting to value creation by focusing on addressable spend and leveraging data insights. Aligning procurement with strategic goals boosts competitiveness and ensures financial viability. #procurement #contract #datadriven #strategy #InformaConnectAcademy

📌 CFO's key questions to transform procurement. 𝗛𝗼𝘄 a𝗿𝗲 𝗖𝗙𝗢𝘀 l𝗶𝗸𝗲 𝗬𝗼𝘂 t𝗿𝗮𝗻𝘀𝗳𝗼𝗿𝗺𝗶𝗻𝗴 p𝗿𝗼𝗰𝘂𝗿𝗲𝗺𝗲𝗻𝘁 t𝗼𝗱𝗮𝘆? 📍Have You been pondering how the volatility has reshaped procurement strategies ? 📍Are You grappling with the integration of technology and data in procurement decision-making ? 📍Do You wonder how to balance risk, cost, and efficiency in this new era ? As a Chief Financial Officer (𝗖𝗙𝗢), Your role in initiating transformative changes in procurement, particularly in technology and data management, has never been more crucial. The volatility in last 3 years has underscored the importance of having the right tools and data to manage risk, costs, and savings efficiently. In my discussions with various boards, I've noticed a growing trend - 𝗖𝗙𝗢𝘀 𝗮𝗿𝗲 𝗶𝗻𝗰𝗿𝗲𝗮𝘀𝗶𝗻𝗴𝗹𝘆 𝗶𝗻𝘃𝗼𝗹𝘃𝗲𝗱 𝗶𝗻 𝗽𝗿𝗼𝗰𝘂𝗿𝗲𝗺𝗲𝗻𝘁 𝗼𝗽𝘁𝗶𝗺𝗶𝘀𝗮𝘁𝗶𝗼𝗻 𝘀𝗰𝗲𝗻𝗮𝗿𝗶𝗼𝘀. Critical questions CFOs are asking today: ✅ 𝗗𝗮𝘁𝗮 𝗖𝗼𝗹𝗹𝗲𝗰𝘁𝗶𝗼𝗻 𝗧𝗼𝗼𝗹 - Do we have the necessary tools for data collection? If not, how swiftly can we acquire them? ✅ 𝗣𝗼𝘀𝘁 𝗣𝗮𝗻𝗱𝗲𝗺𝗶𝗰 𝗥𝗲𝘀𝗽𝗼𝗻𝘀𝗲 - Are we investing in areas that mitigate the pandemic's effects and reduce procurement channel costs? ✅ 𝗦𝘂𝗽𝗽𝗹𝗶𝗲𝗿 𝗥𝗶𝘀𝗸𝘀 - Are we considering potential issues with the cheapest suppliers? ✅ 𝗕𝗮𝗹𝗮𝗻𝗰𝗶𝗻𝗴 𝗔𝗰𝘁 - How do we balance cost, availability, safety, and risk mitigation? ✅ 𝗦𝘂𝗽𝗽𝗹𝗶𝗲𝗿 𝗥𝗶𝘀𝗸 𝗔𝘀𝘀𝗲𝘀𝘀𝗺𝗲𝗻𝘁 - Are we thoroughly evaluating and measuring risks associated with direct and indirect (2nd and 3rd tier) suppliers? ✅ 𝗗𝗮𝘁𝗮 𝗳𝗼𝗿 𝗥𝗲𝘀𝗶𝗹𝗶𝗲𝗻𝗰𝗲 - Is our data collection aimed at investments that enhance flexibility and function in unexpected events? 𝗔𝘀 𝗮 𝗖𝗙𝗢, 𝘄𝗵𝗮𝘁 𝗼𝘁𝗵𝗲𝗿 𝗾𝘂𝗲𝘀𝘁𝗶𝗼𝗻𝘀 𝘄𝗼𝘂𝗹𝗱 Y𝗼𝘂 ask Y𝗼𝘂𝗿 𝗽𝗿𝗼𝗰𝘂𝗿𝗲𝗺𝗲𝗻𝘁 𝘁𝗲𝗮𝗺? #innovation #cfo #procurement

Consultancies really are too expensive. A junior consultant is charged out at the same it costs to employ an experienced contractor but adds a fraction of the value. A senior consultant costs twice as much by comparison. Why do we keep using them? I’m part of the SmarBuyer network which allows you to tap into Procurement professionals for a fraction of the cost of the large consultancy firms. Why bother with consulting firms? ------------------------------------------------------------------------------ 🌐𝐌𝐞𝐦𝐛𝐞𝐫 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐦𝐚𝐫𝐭𝐁𝐮𝐲𝐞𝐫 𝐄𝐱𝐩𝐞𝐫𝐭 𝐏𝐫𝐨𝐜𝐮𝐫𝐞𝐦𝐞𝐧𝐭 𝐍𝐞𝐭𝐰𝐨𝐫𝐤 A unique platform connecting Procurement clients with a network of experienced Procurement professionals, no commitment, pay as you go, by the hour. SmartBuyer provides Procurement Teams with rapid access to expert guidance across over 300 specialist areas of spend, ensuring they get a better deal on everything they buy. 𝐑𝐞𝐰𝐚𝐫𝐝 𝐲𝐨𝐮𝐫 𝐏𝐫𝐨𝐜𝐮𝐫𝐞𝐦𝐞𝐧𝐭 𝐩𝐞𝐞𝐫𝐬 𝐟𝐨𝐫 𝐭𝐡𝐞𝐢𝐫 𝐤𝐧𝐨𝐰𝐥𝐞𝐝𝐠𝐞 🔍 Discover more: https://smartbuyer.co/ #SmartBuyer #FlexibleProcurement #ProcurementOnDemand

Consultancies really are too expensive. A junior consultant is charged out at the same it costs to employ an experienced contractor but adds a fraction of the value. A senior consultant costs twice as much by comparison. Why do we keep using them? I’m part of the SmarBuyer network which allows you to tap into Procurement professionals for a fraction of the cost of the large consultancy firms. Why bother with consulting firms? ------------------------------------------------------------------------------ 🌐𝐌𝐞𝐦𝐛𝐞𝐫 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐦𝐚𝐫𝐭𝐁𝐮𝐲𝐞𝐫 𝐄𝐱𝐩𝐞𝐫𝐭 𝐏𝐫𝐨𝐜𝐮𝐫𝐞𝐦𝐞𝐧𝐭 𝐍𝐞𝐭𝐰𝐨𝐫𝐤 A unique platform connecting Procurement clients with a network of experienced Procurement professionals, no commitment, pay as you go, by the hour. SmartBuyer provides Procurement Teams with rapid access to expert guidance across over 300 specialist areas of spend, ensuring they get a better deal on everything they buy. 𝐑𝐞𝐰𝐚𝐫𝐝 𝐲𝐨𝐮𝐫 𝐏𝐫𝐨𝐜𝐮𝐫𝐞𝐦𝐞𝐧𝐭 𝐩𝐞𝐞𝐫𝐬 𝐟𝐨𝐫 𝐭𝐡𝐞𝐢𝐫 𝐤𝐧𝐨𝐰𝐥𝐞𝐝𝐠𝐞 🔍 Discover more: https://smartbuyer.co/ #SmartBuyer #FlexibleProcurement #ProcurementOnDemand

Consultancies really are too expensive. A junior consultant is charged out at the same it costs to employ an experienced contractor but adds a fraction of the value. A senior consultant costs twice as much by comparison. Why do we keep using them? I’m part of the SmarBuyer network which allows you to tap into Procurement professionals for a fraction of the cost of the large consultancy firms. Why bother with consulting firms? ------------------------------------------------------------------------------ 🌐𝐌𝐞𝐦𝐛𝐞𝐫 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐦𝐚𝐫𝐭𝐁𝐮𝐲𝐞𝐫 𝐄𝐱𝐩𝐞𝐫𝐭 𝐏𝐫𝐨𝐜𝐮𝐫𝐞𝐦𝐞𝐧𝐭 𝐍𝐞𝐭𝐰𝐨𝐫𝐤 A unique platform connecting Procurement clients with a network of experienced Procurement professionals, no commitment, pay as you go, by the hour. SmartBuyer provides Procurement Teams with rapid access to expert guidance across over 300 specialist areas of spend, ensuring they get a better deal on everything they buy. 𝐑𝐞𝐰𝐚𝐫𝐝 𝐲𝐨𝐮𝐫 𝐏𝐫𝐨𝐜𝐮𝐫𝐞𝐦𝐞𝐧𝐭 𝐩𝐞𝐞𝐫𝐬 𝐟𝐨𝐫 𝐭𝐡𝐞𝐢𝐫 𝐤𝐧𝐨𝐰𝐥𝐞𝐝𝐠𝐞 🔍 Discover more: https://smartbuyer.co/ #SmartBuyer #FlexibleProcurement #ProcurementOnDemand

Consultancies really are too expensive. A junior consultant is charged out at the same it costs to employ an experienced contractor but adds a fraction of the value. A senior consultant costs twice as much by comparison. Why do we keep using them? I’m part of the SmarBuyer network which allows you to tap into Procurement professionals for a fraction of the cost of the large consultancy firms. Why bother with consulting firms? ------------------------------------------------------------------------------ 🌐𝐌𝐞𝐦𝐛𝐞𝐫 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐦𝐚𝐫𝐭𝐁𝐮𝐲𝐞𝐫 𝐄𝐱𝐩𝐞𝐫𝐭 𝐏𝐫𝐨𝐜𝐮𝐫𝐞𝐦𝐞𝐧𝐭 𝐍𝐞𝐭𝐰𝐨𝐫𝐤 A unique platform connecting Procurement clients with a network of experienced Procurement professionals, no commitment, pay as you go, by the hour. SmartBuyer provides Procurement Teams with rapid access to expert guidance across over 300 specialist areas of spend, ensuring they get a better deal on everything they buy. 𝐑𝐞𝐰𝐚𝐫𝐝 𝐲𝐨𝐮𝐫 𝐏𝐫𝐨𝐜𝐮𝐫𝐞𝐦𝐞𝐧𝐭 𝐩𝐞𝐞𝐫𝐬 𝐟𝐨𝐫 𝐭𝐡𝐞𝐢𝐫 𝐤𝐧𝐨𝐰𝐥𝐞𝐝𝐠𝐞 🔍 Discover more: https://smartbuyer.co/ #SmartBuyer #FlexibleProcurement #ProcurementOnDemand