HELSINKI, FINLAND. Thursday, February 27, 2025 — Sievo, a global leader in procurement analytics, proudly announces the launch of Initiative Management, a solution set to transform how procurement leaders identify, manage, and report on strategic initiatives.
Procurement teams face more pressure to deliver measurable value, but struggle with fragmented data due to reliance on in-house tools, inefficient and error-prone processes, and a lack of comprehensive visibility.
Initiative Management aims to address the following:
- Lack of real-time insights and proactive management that often hinder teams from managing and achieving savings targets. This is compounded by scattered information sources and no central repository for initiatives.
- Complex and inconsistent savings tracking that make it difficult to differentiate between budget savings and year-over-year savings. This complexity is further exacerbated by misalignment between procurement and finance teams, who may use different terminology and savings calculation methodologies.
- Resource constraints and adoption challenges where teams often rely on error-prone manual tracking and savings management.
Learn more about Initiative Management’s capabilities here.
Key Features of Sievo’s Initiative Management:
- Comprehensive Initiative Lifecycle Management: Sievo manages the entire procurement cost savings initiative lifecycle, from idea generation and prioritization to execution, tracking, and reporting. Streamline initiative management by reducing manual tasks and enabling a strategic focus on maximizing impact.
- Seamless Integration and Automation: Based on surfaced savings opportunities in Sievo Spend Analytics, creating a new cost savings initiative can be done with a single click. This integration automates data entry and ensures accurate savings calculations, enabling real-time savings tracking and freeing resources for strategic activities.
- Enhanced Collaboration and Transparency: Automated workflows, real-time reporting, and collaboration tools allow for better communication and transparency amongst stakeholders, increasing accountability and initiative success rates.
- User-Friendly Interface and Customization: Build custom savings calculations with the flexible value model library and formula builder. Configure the workflow engine to match your processes. This adaptability ensures the solution aligns with your procurement strategies and drives user adoption across teams.
Sievo's Initiative Management empowers procurement leaders to drive excellence and innovation. It provides increased visibility and control, enabling organizations to better align with strategic objectives, optimize resources, and deliver superior results. In addition to Initiative Management capturing savings, users can keep track of CO2 reduction and risk mitigation efforts, so procurement teams can achieve savings targets in addition to contributing to broader organizational goals.
“Where Spend Analytics uncovers, identifies, and quantifies otherwise hidden opportunities, Initiative Management is the solution cross-functional teams can use to take action,” says Sammeli Sammalkorpi, CEO and Co-founder of Sievo, “Sievo is closing the gap from data, to action, to tangible business outcomes–and it’s now all streamlined.”
Sievo is excited to lead the way in procurement performance management with the launch of Initiative Management. To learn more about how this innovative solution can transform your procurement processes, read this one-page overview.
About Sievo
Sievo provides actionable procurement analytics based on data you can trust. Designed for large enterprises with $1B+ in revenue, loved by global companies featuring Mars, Levi’s, and Deutsche Telekom, and praised by key analysts, we provide a future-proof solution with immediate ROI. We empower Procurement, Finance, IT, and Sustainability teams to overcome their data chaos and capture all insights, drive bottom-line savings, improve ESG performance, and streamline budgeting and forecasting. Sievo goes beyond world-class analytics and dashboards. We help our customers close the data-to-action gap with reliable insights, recommendations, and benchmarks by combining internal, third-party, and cross-customer data. By processing spend data equivalent to 2% of the world's GDP annually, we enable fast, informed decision-making and deliver the industry's highest data quality with end-to-end data accountability. We call it procurement excellence - but you can call it Sievo. For more information, follow Sievo on LinkedIn.
