Becoming a procurement leader in today’s rapidly changing environment often comes down to one key factor: those who actively manage spend based on real-time insights will generate cost savings. Those who rely on traditional spend management practices will not. For your organization, that means knowing what is bought and how it is being bought and translating that knowledge into a stable and predictable process. It is only then that you can recognize consistent performance, unprecedented spend transparency, and reduced costs.
However, ensuring process performance improvement and end-to-end supply chain stability that derive from accuracy of master data is often an uphill battle. Organizations struggle to meet their goals because they fail to unite around a single source of truth. They end up dealing with outdated or unnecessary data, increased errors, loss of supply chain visibility, and no insight-to-action capabilities. Often, these issues stem from manual interventions and lack of process accountability and ownership.