Procurement Analytics and Spend Management Blog

ChatGPT for Procurement: LLM use cases for analytics

There is much hype around ChatGPT, and it’s well deserved. Analytics platforms—including Sievo—are e...

Data & Analytics,

California's SB 253 and SB 261: Prep for Climate Accountability

California is pushing towards a greener future with its latest legislative move. With the introducti...

Sustainability & Diversity,

Guide to Best-Practice CO2 analytics RFP | Free Question Template

Looking to reduce your organization's carbon footprint but struggling to find the best solution for ...

Sustainability & Diversity, RFP & POC,

What procurement can do to support the queer community

In recent years, there has been a significant increase in the visibility and acceptance of the queer...

Sustainability & Diversity,

Carbon Analytics: How to Measure, Track, and Reduce Your Carbon Footprint

The time to act on reducing emissions is now. As businesses face increasing pressure to reduce their...

Sustainability & Diversity,

Tackling the Challenge of Scope 3 Emissions: What You Need to Know

The world is facing a climate crisis and it is imperative that companies and governments act fast to...

Sustainability & Diversity,

Optimizing M&A Spend Management: Challenges, Strategies, and Opportunities

Mergers and acquisitions (M&A) can be complex, involving a myriad of considerations and potentia...

Data & Analytics,

Improve Your Spend visibility: Tips and Best Practices

Spend visibility is crucial for organizations to gain control over their expenses and track their sp...

Spend Analysis,

How PO analysis fuels P2P performance

Procure-to-pay (P2P) is a complex process that involves multiple stakeholders, including procurement...

Procurement Performance & Development,

Advancing Your Procurement Maturity Through Data

The concept of organizational maturity has various frameworks and is widely recognized. Similar to o...

Procurement Performance & Development,

Potential of procurement: how to get more value for your business

At its core, procurement is designed to obtain the right goods and services at the right price and o...

Procurement Performance & Development,

Before spend analysis: the data cleansing and enrichment process

Organizations analyze procurement spend data to reduce costs, increase efficiency, and improve suppl...

Data & Analytics,

Spend forecasting techniques for Procurement

Forecasting your spend is a vital part of meeting Procurement and Finance targets. Spend data is a v...

Procurement Explained,

Procure-to-Pay (P2P) Analytics | Spend analytics in the P2P process

Handling large volumes of procurement data efficiently is time-consuming and labor-intensive, especi...

Data & Analytics,

How to combat inflation and price increases in procurement

When inflation is eating up your profit, understanding your spend is as important as ever. Spend ana...

Savings & Finance,

The difference between tier 1, 2 and 3 suppliers

Knowing your suppliers and your suppliers’ suppliers gives insights into your business and end produ...

Category Management,

Key differences between direct and indirect spend management

Direct spend in procurement refers to goods and services directly related to making products or serv...

Procurement Explained,

6 tips to improve your indirect spend management

Indirect procurement spend is the sourcing of goods and services not directly related to the manufac...

Category Management,

What is spend management and why is it important?

The last few years have put the maturity and competencies of procurement organizations to the test. ...

Spend Analysis,

The strategic sourcing process fueled by data

Strategic sourcing has a vital role to play in supply chain management and ensuring profitable busin...

Data & Analytics,

Why onshoring supports your sustainable procurement agenda

In the procurement world, offshoring is the relocation of production, business process or operations...

Sustainability & Diversity,

Fighting Modern Slavery in Procurement

Modern slavery can be defined as the recruitment, movement, harboring or receiving of human of all a...

Sustainability & Diversity,

How to measure sustainable performance: KPIs and Metrics

Procurement is at the forefront of sustainability measurement. Tracking sustainable performance is t...

Sustainability & Diversity,

How to implement sustainability in Supplier Relationship Management (SRM)

Supplier relationship management (SRM) is a business initiative that aims for mutually beneficial su...

Sustainability & Diversity,

Everything you need to know about supplier negotiations

Supplier negotiation combines interpersonal skills, tactics, market understanding, and data-driven i...

Procurement Explained,

Everything you need to know about the CSRD

Reporting on sustainability initiatives is no longer optional. Even medium-sized companies are getti...

Sustainability & Diversity,

How to select (and develop) sustainable suppliers

Suppliers play an essential role in your sustainability journey. Sustainability goals will only be a...

Sustainability & Diversity,

6 things to consider in your sustainable procurement roadmap

Sustainable procurement is the integrated process of lowering environmental impact and creating posi...

Sustainability & Diversity,

How to be compliant with the German Supply Chain Act

The German Supply Chain Act (The German Act on Corporate Due Diligence Obligations in Supply Chains ...

Sustainability & Diversity, Multi-language,

What is sustainable procurement and why is it important?

Sustainable procurement is a process that integrates environmental, governance, and social factors o...

Sustainability & Diversity,

The Marketing Procurement relationship: tips for collaboration

One of the key issues for Procurement is to elevate its role as a strategic advisor to the business....

Category Management,

8 steps to build an effective procurement strategy

A comprehensive procurement strategy defines how an organization strategically manages its procureme...

Procurement Performance & Development,

Total cost of ownership (TCO) of procurement software

When it comes to procurement analytics, the question of whether to build it yourself or buy it from ...

Data & Analytics,

Scope 3 emissions: what can procurement do?

Sustainability has become a pressing priority for all organizations. Recent research conducted by th...

Sustainability & Diversity,

Working capital optimization through payment terms

Financial managers are constantly being asked to do more with less. It is important to track every p...

Savings & Finance,

Category management and supplier segmentation | The criticality matrix

A category strategy defines the category's vision, mission, and deliverables to perform optimally. C...

Category Management,

Procurement ROI and Operational Procurement Performance

Procurement performance measurement (PPM) is the systematic process of measuring the effectiveness, ...

Procurement Performance & Development,

How to measure supplier diversity in procurement | Metrics and KPIs

Supplier diversity is a proactive procurement strategy that encourages organizations to include mino...

Sustainability & Diversity,

Decentralized procurement, centralized procurement, or center-led?

Centralized procurement means that purchasing is managed at the headquarters level. Decentralized pr...

Procurement Performance & Development,

3 ways to tackle commodity price fluctuations and volatility

In procurement, a commodity is a raw or semi-processed material used to produce a good. Commodities ...

Savings & Finance,

Agile procurement: a closer look at agile sourcing

The complexity of supply chains and market environments is increasing. Staying relevant within procu...

Procurement Performance & Development,

7 tips to reduce maverick spend in procurement

Maverick spend in procurement is off-contract spend or buying from non-preferred suppliers outside t...

Spend Analysis,

Contract Handover | Best practices and success factors

In most organizations, once a supply contract has been negotiated and signed, it will be handed off ...

RFP & POC,

7 benefits of procurement analytics

Procurement analytics uses quantitative and analytical methods to derive actionable insights from pr...

Data & Analytics,

The RFP process explained | 8-steps to RFP

The Request for Proposal (RFP) is alive and well, despite the increasing criticism and murmuring in ...

RFP & POC,

How to manage a POC project for Spend Analytics

A proof-of-Concept (or POC) is a great low-cost exercise when in need of further assurance in soluti...

RFP & POC,

RFP template for procurement savings management solution

One of the reasons behind an RFP can be to collect information from vendors in order to make the bes...

RFP & POC,

RFP questions to ask software vendor | free template and cover letter

Previously, we published a blog post How to Write an RFP for Procurement Analytics Software. To resp...

RFP & POC,

4 steps to increase spend under management

Spend under management is the amount of spend managed by procurement out of total company spend. Imp...

Spend Analysis,

How to build an effective procurement team in 10 steps

There used to be a saying that the brightest person would be assigned to product development, the mo...

Procurement Performance & Development,

Introduction to category management | Definitions and best practices

Category Management (CM) is a strategic approach to procurement where organizations group together s...

Category Management,

6 steps to take toward sustainable procurement

Sustainable procurement can be defined as the process of finding, sourcing, and acquiring goods and ...

Sustainability & Diversity,

Procurement KPIs: a complete list

KPIs (key performance indicators), also called metrics, are designed to measure the performance and ...

Procurement Performance & Development,

Everything you need to know about Procurement savings

The main goal of procurement is to ensure products and services are bought at the right price. Cost ...

Savings & Finance,

Direct procurement and direct material sourcing

Procurement can be divided into direct and indirect material categories. Direct procurement, or dire...

Procurement Explained,

Build or buy your spend analysis solution?

Every procurement organization needs to have visibility of their spend. There are many ways to do th...

Spend Analysis,

What is spend cube analysis made up of?

Spend cube analysis is spend data presented as a multidimensional cube. The three dimensions of a pr...

Procurement Explained,

Materials Forecasting Explained

Materials forecasting involves creating direct materials cost budgets and forecasts to help your bus...

Procurement Explained,

Supplier Segmentation 101 – Strategic Suppliers and Future Success

Supplier segmentation is the process of allocating suppliers into distinct groups so that limited re...

Category Management,

Tail Spend Management in 5 steps

Cost reduction is a clear priority for most procurement teams. The focus is often on the strategic c...

Procurement Explained,

An introduction to spend analysis: what is it and why is it important?

Spend analysis is the practice of analyzing procurement spend to decrease costs, increase efficiency...

Procurement Explained,

Supplier diversity analytics | tracking, reporting, and managing your program

The interest in supplier diversity programs is growing. In the United States, there are more than 15...

Sustainability & Diversity,

How to select a spend taxonomy | Spend data categorization

Spend categorization does not have to be painful. Granted, it can be time-consuming and demanding, b...

Procurement Explained,

Procurement Transformation: 5 Shifts in Mindset

Transformation is one of the most overused words in business. When applied to discussions about proc...

Procurement Performance & Development,

Key Terms and Abbreviations in Procurement

Terms used in procurement can be pretty complex. There are many concepts to familiarize oneself with...

Procurement Explained, Multi-language,

How to Write an RFP for Analytics Software | Free Question Template

Are you looking for an analytics solution and struggling with evaluating and assessing potential ven...

RFP & POC,

11 Cost Reduction Strategies in Procurement

Cost reduction usually refers to cost savings made during a purchasing process, but it is much more ...

Savings & Finance,

5 Tips for Contract Negotiation: What to Consider Before Negotiation

Commercial contracts that run smoothly throughout their lifespan are a rarity. So much can go wrong:...

Procurement Explained,

How to Calculate and Forecast Purchase Price Variance (PPV)

In any manufacturing company Purchase Price Variance (PPV) Forecasting is an essential tool for unde...

Savings & Finance,

Purchase Order Process Steps and Procedures Simply Explained

A purchase order (PO) is an official document, created by the buyer, which authorizes a purchase tra...

Procurement Explained,

The Request for Quotation (RFQ) Process in 6 Steps

A Request of Quotation (RFQ) is a competitive bid document used when inviting suppliers or contracto...

RFP & POC,

Collaboration between Procurement and Finance: Cost Reduction

In many organizations, the relationship between finance and procurement is somewhere between unfrien...

Savings & Finance,

Contract Lifecycle Management Explained

Managing commercial contracts is becoming an increasingly complex activity. The volume and variation...

Procurement Explained,

Supplier Relationship Management Do's and Don't's

Supplier relationship management (SRM) can be viewed as one of the few remaining opportunities for p...

Category Management,

10 Challenges in Contract Management and how to overcome them

Many CPOs would consider contract management being the basis for continuous supplier management when...

Category Management,

SavingsBridge – Our Solution to Connect Procurement and Finance

One of our most-read eBooks, Procurement Loves Finance, is about building and nurturing the relation...

Savings & Finance,

6 steps to measure real savings for indirect spend

I was having discussions a few weeks back with one of our clients regarding actual savings calculati...

Savings & Finance,

6 Key Learnings from 100+ Spend Cubes

During my three and a half years at Sievo, I have seen a vast number of spend cubes being created. W...

Spend Analysis,

12 Benefits of Advanced Spend Analysis

Having a robust spend analysis solution in place has become a prerequisite for running a professiona...

Spend Analysis,

The challenge of bad procurement data quality

Spend analysis aims at creating a fact-based understanding of where a company spends its money: what...

Data & Analytics,