Executive Insights Companies are aggressively looking for tactics to reduce costs and unlock savings on all their indirect and direct purchases and to more effectively manage their cash flow in procurement. Declining market demand and over-capacity is driving finished product manufacturers to put price pressure on their suppliers. They too must then re-negotiate contracts with … Read More
In the last blog post, I described two rules: the empirical and IQR rules, that could be used to calculate outliers. However, those rules were only valid with normally distributed data. Spend data is rarely normally distributed and is typically right-skewed. This means it has many small transactions and few large transactions like figure (1) … Read More
Managing cash flow, finding savings, and enforcing new spend policies are top of mind for most CFOs right now. With no end in sight to the coronavirus crisis (yet), procurement teams must prepare now for a recession. Their big challenge is to determine what should be prioritized to maximize results. Suplari is reacting quickly to customer requests to deliver fully automated insights from a customers existing ERP and financial data that identify opportunities to conserve cash, avoid large payments, negotiate better terms, and enforce new policies.
Procurement leaders have a unique opportunity to play a proactive role in managing risk and reducing spend to help provide much needed flexibility in this time of high uncertainty. At Suplari, we’re ready to help support procurement and finance teams as they strive to come out of this crisis stronger than ever.
Recently Greg published a thought piece called “Spend Visualization” as a [wake-up call] for the procurement industry to the importance of data in making strategic decision and his recommendation on how to aggregate, cleanse, analyze and train your team on using decisions to drive insights and actions.