Transforming Procurement Excellence with SpendHQ
In today’s complex business environment, procurement teams face an increasingly broad scope of work that extends far beyond sourcing and control. To deliver measurable impact in this challenging landscape, Chief Procurement Officers (CPOs) and their teams require unmatched visibility and accountability, actionable insights powered by well-managed data, and simplified reporting that drives effective strategic decision making.
It is here that SpendHQ, the leading provider of innovative enterprise procurement intelligence solutions, excels. The company helps advance procurement teams by offering a centralized system for classifying all spend data, as well as managing the entire sourcing project pipeline and results.
Enabling Strategic Procurement
SpendHQ’s unique proposition comprises two SaaS solutions that provide a full procurement platform to enable successful transformation. According to Shannon Wegner, Strategic Account Manager at SpendHQ, "Our Spend Intelligence solution provides spend analytics, giving critical visibility into organizational spend across all raw spend data." This visibility is achieved through the management of all normalisation, classification, and data management within the solution.
Spend Intelligence leverages Artificial Intelligence (AI) to organize data and deliver automated and actionable insights and reporting. As Shannon notes, "It gives procurement teams smarter strategies and elevates their performance with the organization."
The Performance Management solution is a strategic procurement project management tool that helps teams put data and insights into action. According to Shannon, "It identifies opportunities, then tracks and manages projects and savings, and acts as an intelligent procurement control centre." Combined, SpendHQ’s solutions provide a unique and powerful end-to-end intelligence and performance platform for procurement teams.
The Critical Aspect of Data Management
With procurement teams facing multiple workstreams and stakeholders, as well as large volumes of enterprise data, the management of data is a critical aspect. According to Shannon, "We really have one of the few solutions out there that covers everything." With SpendHQ’s platform, procurement gets accountability, visibility, and consistency of data that simplifies workflows, drives savings, reduces risks, manages compliance, and identifies new opportunities.
Supporting Transformation at Best Buy
SpendHQ’s solutions have played a crucial role in enabling transformation at leading consumer electronics retailer Best Buy. According to Anna Barej, Vice President of Procurement at Best Buy, "SpendHQ sits at the centre of everything we do and allows us to manage all our work in one place." The Performance Management solution is used as a central platform for managing projects and initiatives from intake through planning and reporting.
Close collaboration with customers is paramount to how SpendHQ operates. The team works closely with Best Buy as it navigates a complex procurement transformation focused on embracing digital solutions and enabling procurement to drive internal change. As Shannon notes, "They’re a high performing, transformation-focused team." The Performance Management solution provides visibility across the organization, improves collaboration and communication, enhances how they work, and transforms category and contract management.
Driving Innovation
SpendHQ continues to innovate to meet the ever-changing priorities facing procurement teams. For the Best Buy partnership, this involves ensuring the company has access to the most cutting-edge features and functionality through collaborative beta testing, while also deepening existing collaboration. More broadly, SpendHQ drives innovation across its product portfolio to address the evolving procurement landscape.
According to Shannon, "This means looking at how we use AI across our portfolio, how we classify data more effectively, how we can deliver better and faster for our clients, and how we support world-class procurement functions to achieve success."
Conclusion
In conclusion, SpendHQ’s innovative enterprise procurement intelligence solutions play a critical role in supporting procurement excellence at companies like Best Buy. The company’s management of data is a critical aspect, particularly with procurement teams facing multiple workstreams and stakeholders, as well as large volumes of enterprise data.
SpendHQ continues to innovate to meet the ever-changing priorities facing procurement teams. With its unique proposition comprising two SaaS solutions that provide a full procurement platform, SpendHQ enables successful transformation in organizations worldwide.