In this blog series, we identify how procurement teams are unlocking tremendous value for their organizations by adopting custom-tailored “best of breed” technologies in place of generic “one-size-fits-all” solutions.
Using software designed for a wide variety of tasks typically means only a few of those tasks have the functionality users want and need.
A network of purposefully designed “best of breed” solutions:
- Better identifies opportunities for maximizing profit and value
- Increases efficiency, allowing teams to focus more on strategic goals
- Provides a better and more streamlined user experience
One Size Fits All Solutions
Legacy “source-to-pay” suites say they provide a “one-size-fits-all” solution from start to finish. Unfortunately – like with pretty much anything – one size fits all usually means it doesn’t fit anyone very well.
While some functions work, others feel more like an afterthought of the programmer and actually make it more difficult for your team to get the clear results they need. The best organizations recognize they cannot compete using sub-optimal solutions.
The Future of Procurement
Forward-thinking CPOs, CFOs, and other C-suite executives have found themselves in an exciting age for procurement technology. In the past, many people recognized the tremendous potential value stored in the day-to-day data generated by an organization. But because there is so much and it is so widely scattered, leaders were often unable to get much insight from it.
Now – thanks to advances in AI – these huge quantities of data can be put to use!
What would take human analysts hundreds of hours can now be automatically and instantaneously monitored digitally. And what all this data reveals is a tremendous opportunity for leaders to regain control of their important strategic initiatives.
Best of Breed Solutions
Our recent blog post on Workday’s acquisition of ScoutRFP is a great example of how best of breed solutions provide better user experiences and ROI for customers.
Instead of trying to replicate the full source-to-pay model, ScoutRFP listened to customers’ needs and tailored a unique and focused solution to deliver exceptional value.
Best of breed or “point” solutions don’t try to solve all your problems.
Instead, they aim to build exceptional singular solutions that can be integrated into your existing platform. Designers focus intensely on a single problem and use real-world stakeholder feedback to deliver the best possible system.
Suplari is another example of a best of breed system. With powerful and customizable AI-driven analytics and insights, you get exceptional data visibility and fully automated solutions to your most strategic procurement and supplier challenges.
The advancement of AI-based technologies means the huge quantities of data generated by organizations can now be leveraged to increase performance and make better decisions.
Many legacy (aka “one size fits all”) platforms perform well enough for their main purpose, but are seriously lacking when it comes to analytics, spend visibility, advanced sourcing, risk analysis, and/or a host of other important systems.
To stay ahead, organizations need to identify where their legacy platforms are not serving them, and find purpose-built solutions that can fill in those gaps.
In part II of this series, we’ll look at what some “best of breed” solutions are doing different to give users more control and a greater experience.