Ever wonder why many companies view indirect procurement as a non-strategic back office function? Maybe it’s that indirect practitioners often focus too narrowly on measuring cost savings from indirect spend sourcing initiatives and lose sight of how those initiatives impact core financial metrics such as total cost of ownership (TCO), operating profit, working capital, and cash flow, among others. Therefore, adopting a well-structured indirect spend management framework that establishes that connection can bring real value...
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Spend Analytics version 14.1 features Intelligent Opportunities as part of Xeeva’s commitment to Better Data, Better Insights, and Better outcomes. Xeeva continues to utilize intelligence throughout the procurement process. With our upcoming release of Xeeva Spend Analytics, customers will see AI/ML computed sourcing opportunities. When spend data is curated after each data refresh, our machine learning algorithms generate hundreds of category-based sourcing opportunities. Each opportunity: Displays an estimated savings amount Is ranked and scored This allows users...
If you work in indirect procurement, you’re definitely familiar with the problem of imperfect procurement data. Data that’s “imperfect” is unstructured, incomplete, or inaccurate, and is a result of any number of factors – including multiple ERP systems that don’t communicate with each other, widespread locations that operate independently, and people not following the correct process. When you have imperfect data, it’s impossible to accurately understand how your organization is doing or discover ways you...