The Upside of Supplier Intelligence
tealbook recently partnered with The Hackett Group to research the cost, effort, and business impact of supplier discovery and qualification. The resulting data became the foundation of a four-city series of executive roundtables focused on exploring and capturing the strategic impact of working collaboratively with the right suppliers and having easier access to peer knowledge.
Over the course of those four evenings, The Hackett Group data came alive through the diverse perspectives of over 40 procurement thought leaders. Their combined insights are now available in a new white paper, The Upside of Accessible Supplier Intelligence, that will be launched at the Procurious #BigIdeas Forum in Chicago.
In the paper, we address the transformative potential of supplier intelligence based on the themes we heard loud and clear from our executive participants, as well as discussion around the following points:
- It requires an average of 180 sourcing events to manage each $1 B of spend, and it takes an average of 41 hours per event to identify & qualify suppliers
- Over 60% of supplier discovery & qualification efforts are handled by category managers and senior category managers
- Applying machine learning and peer-driven intelligence to this challenge creates a strategic opportunity to accelerate and improve supplier selection while increasing procurement’s total impact
Procurement must find a way to serve as a guardian of enterprise spend while aligning with the speed and expectations of the rest of the business. Having instant access to trusted, actionable intelligence will therefore be a mandatory piece of the procurement technology landscape in market leading companies.
As Phil Ideson (Art of Procurement), our moderator for all four cities, stated in one of the roundtables,
“…procurement is a function ripe for disruption. We have to be careful not to disrupt ourselves by being rooted on our traditional ways.”