 While procurement leaders increasingly turn spend data into a competitive advantage, laggards continue to repeat painful mistakes.
You may have noticed that spend analytics is a hot topic right now. According to Deloitte's Global Chief Procurement Officer Survey 2018, the majority of CPOs across the world expect analytics to have the greatest bearing on procurement over the next two years. As a provider of spend analytics software, Sievo has been busy and has seen more interest than ever from both private and public organisations to get their spend data into shape.
As leading procurement organisations find new opportunities to turn spend data into value, others repeat the same painful mistakes. Sammeli Sammalkorpi, VP: Customers and Co-founder of procurement analytics solutions provider Sievo, highlights the top six mistakes that you should avoid making in your spend analysis projects.
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 The transportation and logistics industry has mountains of data available, and experts encourage carriers and their customers to embrace data-backed business decisions. Ben Goldwasser, a business development professional at Spendrix specialising in risk analysis, business administration and technology issues affecting the transportation and logistics industry, takes a brief look at using data to improve supplier decisions.
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Having more data generated in the last two years than in the history of mankind is an opportunity to recognise how analytics is a source of competitive advantage. Sammeli Sammalkorpi, Co-founder of procurement analytics solutions provider Sievo, shares some key points from a lecture presented at the London Business School.
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 Blockchain hype has spread like wildfire... "But it's time for a reality check", says Bertrand Maltaverne, Solutions Consultant, who helps organisations to digitally transform their procurement practices.
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In procurement analytics, there are two clear trends:
1. Data is the new oil.
2. Big data and advanced analytics, such as machine learning, deep learning and neural networks, definitely create new opportunities.
The way we can automatically extract insights from vast amounts of data will both unearth new opportunities as well as move tasks performed by humans to machines.
As these great opportunities exist with a lot of buzz, the big question remains: how do we walk the talk? Sammeli Sammalkorpi, Co-founder of procurement analytics solutions provider Sievo, tries to answer this question.
Join us at Smart Procurement World in 2019! Our exciting theme this year is Walk the talk: high impact procurement. We will explore topics such as policy vs. impact, governance for results and delivering impact at board level.
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 The procurement function will fall behind and suffer a wider skills gap if organisations do not proactively pilot the Internet of Things (IoT) technology, writes Supply Management's Su-San Sit.
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 To move your procurement organisation to the next level, it pays to learn from the masters...
New research conducted by Accenture Strategy shows that a small group of procurement masters - defined as the top 10% of procurement organisations in terms of performance - are delivering a 15:1 return on investment (ROI) to their organisations. This tangibly impacts the bottom line in a way that makes CEOs take note.
"Other companies can learn a lot from these masters", says Accenture Strategy's Kevin Doran, Managing Director: Global Procurement Practice Lead.
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 The frequent use of 30-day accounts by South Africa's public and private sectors could soon come to an end, with new solutions providing corporate and government entities with a much-improved alternative.
Although 30-day accounts are still widely used by the travel industry, these accounts are an unnecessary burden on Travel Management Companies (TMCs) whom are left to forward-fund clients' travel requirements. This creates cashflow challenges for TMCs.
A panel discussion at the recent Global Business Travel Association Conference has helped to identify many alternatives to the 30-day account, including lodge cards, prepaid cards and single-use virtual cards.
Privesan Naidoo, Head of Nedbank Corporate Card Issuing and American Express Merchants (providing cards and payment solutions for travel, entertainment and procurement) unpacks some of the alternatives in this month's SmartProcurement.
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 As procurement professionals, what do you think your suppliers think of you - and do you care?
Do they see you as a hard-edged negotiator who wants to strike the best deal, based on price alone? Or do they see you as relationship-driven, keen to create more visibility within the business and developing inter-dependent relationships with your supply base?
Hopefully you want to be seen as the latter, but are the systems and tools you have in place sometimes working against you? Asks Gary Noble, joint managing director of 1st Executive, an international procurement and supply chain recruiter.
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 Procurement has a key role to play in driving business efficiency in the Fourth Industrial Revolution. To maximise its impact, research points to the fact that investing in the skills of people, especially leadership skills, will be just as important as keeping up with advances in technology. Kumeshnee West, Director: Executive Education at the UCT Graduate School of Business, and a panellist at the recent Smart Procurement World Indaba, unpacks this topic in this month's SmartProcurement.
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 Bring sustainable value to the bottom line
Increasingly, procurement is being looked to for the added value it can bring to the organisational table. Furthermore, expectations are on the rise, with big data and advanced analytics driving decision making to new levels by enabling teams to generate new insights and achieve unprecedented proactive capabilities.
Demonstrating procurement's value can include many components depending on the priorities of any particular company. But, with increased reliance on cloud platform P2P solutions, showing procurement's return on investment (ROI) is a great place to start, says Michael Mitchell, Senior Content Manager at Determine, a source-to-pay enterprise contract lifecycle management solutions provider.
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Blockchain is almost everywhere and is getting a lot of hype. It is largely because blockchain is the underlying technology behind Bitcoin, a digital currency (a.k.a. a cryptocurrency) that received a lot of coverage in the media. In the wake of the cryptocurrency craze, blockchain has continued to attract more and more attention.
Blockchain can have a significant impact on business because it can be a powerful tool when establishing trust, which is at the heart of business and procurement.
In this month's SmartProcurement, Bertrand Malterverne, a Solutions Consultant who helps organisations digitally transform their procurement practices, highlights how to use Blockchain to make a real difference.
Join us at Smart Procurement World's Gauteng Indaba on 18 & 19 September where Bertrand Malteverne will unpack blockchain technology and how it will change procurement's world.
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 Given the inevitability of emerging technologies transforming businesses, how can you prepare your company for AI's impact on procurement? Sami Peltonen, Vice President of Purchase-to-Pay Product Management for Basware North America, takes a look at how procurement departments can mitigate employees' fears.
Join us at Smart Procurement World's Gauteng Indaba on 18 & 19 September to discuss Artificial Intelligence (AI) and Blockchain are rapidly redefining the traditional role of procurement professionals.
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 They say a picture tells a thousand words. How about a procurement meme?
Okay, millennials. Strap yourselves in, because Hugo Britt, Content Manager at Procurious, is going to attempt to meme. Is meme even a verb? Perhaps not, but that isn't going to stop him.
For older readers who don't really know (or care) what memes are, don't worry - Britt's got you covered. Whether it's Bad Luck Brian, Kermit Sipping Tea, or King Leonidas screaming "SPARTA", Britt will attempt to add a bit of context around the meme before applying a Procurement gripe to each.
Join Britt at Smart Procurement World Gauteng in September, where he'll present procurement's "guide to blockchain technology and how it will change our world". He'll look at early applications of blockchain in supply chain, specifically automotive, freight and logistics.
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 Thinking of investing in some of the latest procurement technology? If you have not consulted market trends, got a third opinion and done all of your research, you might want to pull on the reins, advises Dan Quinn, Senior Vice President of cloud-based spend management provider Jaggaer (Middle East and North America).
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How can procurement create value beyond cost savings?