From Opportunity Identification to Value Realization: Analytics + Action = Results, with OneMarket
Understanding the organization’s Indirect expenditures sounds like a simple task for a procurement team. The reality is often quite different. Complex ERP queries, data mapping from expense systems and manual categorization is a huge lift for many teams; worse, once complete, the data is usually out-of-date and the work needs to be done again.
We know why accurate spend data is critical to Procurement teams. Thoughtful category planning begins with spend data analysis; driving out the value opportunities contained within the data is the first step. How can Procurement leaders know what opportunities are available for their Sourcing teams to go after when data is coming from multiple systems, in different taxonomies at various levels of completeness? And how can Procurement ensure the organization achieves the savings they work so hard to generate without an up-to-date and accurate view of spend with approved (or non-approved) suppliers?
The challenges don’t stop here though. For Procurement organizations that do manage to develop a complete and accurate view of their spend, leveraging this pricing, supplier and contract data across the Source-to-Contract process then involves time-consuming manual tasks, manual keying (or re-keying) of data and numerous Excel files to update for progress reports to leadership and business unit stakeholders. Without purpose-built, integrated tools and a consistent approach to ongoing data management, Procurement teams will continue to struggle to execute events, sign contracts and report on their overall value delivered.
Built by Procurement professionals for Procurement professionals, OneMarket brings together spend analysis, sourcing execution, contracts management and performance management in a single platform, empowering Procurement teams to identify opportunities, execute on sourcing initiatives, finalize contracts – and ultimately, to get what they negotiated.
Meet the speakers:
- Jo Seed, Chief Operating Officer
- Mark Flowers, Managing Director, Product Management, OneMarket
- Marissa Lindquist, Product Manager, OneMarket