Sourcing-Focused Data Enrichment
Opportunity Assessment – Strategic Sourcing Focused
SpendConsultant is more than a spend analysis tool. It’s a spend management solution that helps your team develop a roadmap for cost reduction initiatives through the execution of strategic sourcing projects. In other words, we’re not just providing a closer look at your historical purchases; we’re enriching your spend data with lessons learned from countless strategic sourcing events conducted by the procurement consultants at Corcentric.
The Opportunity Assessment module of SpendConsultant guides your procurement team with market intelligence that directly relates to the spend categories your company deals with. After we’ve cleansed and categorized your spend data with SpendConsultant’s proprietary strategic-sourcing focused taxonomy, we’re able to supplement and enrich your spend data with the compiled results of thousands of other sourcing events. These sourcing events have been cataloged over the last few decades by the sourcing experts at Corcentric and become available to you in user-friendly tables, charts, and dashboards. They’ll help you quickly and efficiently develop strategic sourcing strategies and timelines for your cost reduction initiatives.
Our Supplemental Spend Category Enrichment Data Includes:
1) Strategic Sourcing Levers – The key focus areas that your procurement team should consider in order to drive better pricing from the supply chain. We’ll highlight the most successful sourcing strategies we’ve used for your categories.
2) Ease of Implementation – While some strategic sourcing initiatives may present a huge savings opportunity, they may not be easy to implement. Our tool shows you which spend categories offer the path of least resistance.
3) The Savings Opportunity – Using real data Corcentric has collected from thousands of strategic sourcing events, we’ll show you the range of savings you can typically expect to achieve through strategic sourcing.
4) Spend Category Overview – A brief description of the spend category or sub-category written by one of the subject matter experts at Corcentric. It’ll offer a quick synopsis of the approach you should consider for strategic sourcing.
5) Speed to Savings – In terms of savings, sometimes it makes sense to grab the low hanging fruit quickly while you move onto more complex time consuming initiatives. We’ll identify the projects that promise quick cost reduction.
6) Market Intelligence – SpendConsultant is constantly updating its libraries of strategic sourcing category and procurement-focused market intelligence. It offers white papers, collateral, and other documents of interest for each spend category and sub-category.
Did you know that SpendConsultant also offers an interactive Strategic Sourcing Roadmap Calculator? The calculator allows you to plan different projects and timelines and predict their impact to your bottom line.
Can you enrich the data with other information? Yes, we sure can. SpendConsultant and Corcentric have data scientists on staff that can help you with customized data enrichment projects.