Spend Matters

ICYMI: smartKYC: Vendor Analysis — Supplier risk solution, overview, competitors, user considerations, analyst summary: This Spend Matters Vendor Analysis gives an overview of smartKYC, a risk (supplier due diligence) solution built to ensure that organizations stay on top of reputational and compliance risks. With the increasing number of regulations in recent years that require companies to perform due diligence in their supply chains, e.g., the German Supply Chain Act, California Supply Chain Act, and EU's Corporate Sustainability Due Diligence Directive (CS3D), companies are faced with multiple challenges. One is to collect and analyze information to ensure their partners are not engaged in malicious activities that would create compliance and reputation risks. smartKYC is a solution that helps address such challenges. The vendor started in the banking industry, which has had similar regulations for many years and requires financial institutions to scrutinize their customers (Know Your Customer). As supply chain-related regulations started to appear, the company extended its value proposition and potential market to companies wanting to benefit from KYC-like capabilities for their third parties (KY3P, Know Your Third Parties), including suppliers. This Vendor Analysis provides an overview of smartKYC, a look at the competitive landscape, user considerations and an analyst summary. Here’s why smartKYC matters: To the market — smartKYC increases an organization’s productivity and compliance by ensuring they never miss emerging risks or events related to their supply chain To potential buyers — smartKYC can either serve as a standalone solution to watch specific companies or integrate with other procurement solutions to provide in-depth and real-time insights about the companies with which they work. The post smartKYC: Vendor Analysis — Supplier risk solution, overview, competitors, user considerations, analyst summary appeared first on Spend Matters.

@SpendMatters released a new article! SpendHQ: Vendor Analysis (Part 1) — Spend analytics solution overview, company background, platform and services overview, modules and application overview, roadmap and vision Dive in here: https://ow.ly/95Wt105PP66

@SpendMatters released a new article! SpendHQ: Vendor Analysis (Part 2) — Spend analytics product-level strengths and opportunities, voice of the customer, competitors and market analysis, user considerations, analyst commentary and summary Dive in here: https://ow.ly/R6zt105PP65

SpendHQ: Vendor Analysis (Part 1) — #Spendanalytics solution overview, company background, platform and services overview, modules and application overview, roadmap and vision: In this Spend Matters Vendor Analysis we provide an overview of SpendHQ and its solution for #spendanalytics and procurement performance management. Part 1 of this vendor analysis provides a detailed overview of each module and includes an analyst summary. In part 2 of this series, we will provide more details on the strengths and opportunities of the solution, review the competitive landscape and provide selection considerations. Spend analytics is crucial for procurement teams as it provides valuable insights into the organization's spending patterns, supplier performance and potential cost-saving opportunities. Additionally, spend analytics enables procurement teams to track compliance with procurement policies, identify potential risks and ensure that resources are allocated efficiently. Overall, spend analytics plays a vital role in helping procurement teams drive strategic sourcing initiatives, enhance supplier relationships and ultimately contribute to the organization's bottom line. SpendHQ is well positioned to accomplish all of the above, as it is able not simply to track spend data but actually create and track savings plans (opportunities/projects) based on that spend data. Additionally, it can model and marry a variety of data alongside the spend, from contracts to risk. This Vendor Analysis also explores: The concept behind SpendHQ and the pain points it addresses The platform, application and supporting services that SpendHQ delivers Verified customer reference analysis of how the solution is actually working in the field Competitive market analysis within SpendHQ’s addressed market segments and its top competitors Overall analyst assessment of SpendHQ and its solution to meet market needs Here’s why we think that SpendHQ matters: To the market — SpendHQ brings not only expert spend analytics but also performance tracking and project management to the S2P market. To potential buyers — SpendHQ has over a decade of experience in spend analytics and procurement performance management and brings a breadth of analytics not only in spend but in related areas such as contracts, risk and carbon emissions. The post SpendHQ: Vendor Analysis (Part 1) — Spend analytics solution overview, company background, platform and services overview, modules and application overview, roadmap and vision appeared first on Spend Matters.

SpendHQ: Vendor Analysis (Part 2) — #Spendanalytics product-level strengths and opportunities, voice of the customer, competitors and market analysis, user considerations, analyst commentary and summary: Part 2 of this Spend Matters Vendor Analysis focuses on the strengths and opportunities of SpendHQ’s #spendanalytics solution. We will also look at the voice of the customer and the elements to consider when looking at SpendHQ as a potential solution provider. Part 1 of the series provided a history and overview of SpendHQ’s spend analytics solution as well as the solution’s roadmap/vision. The post SpendHQ: Vendor Analysis (Part 2) — Spend analytics product-level strengths and opportunities, voice of the customer, competitors and market analysis, user considerations, analyst commentary and summary appeared first on Spend Matters.

In a recent interview with Ashish Dhongde, Associate Director of Procurement at Unilever North America, Ashish shares his insights on risk mitigation strategies. He categorizes supply chain risks into three types: ?? Long-/Medium-Term External Risks (e.g., regulatory changes, political shifts): These require proactive planning and in-depth risk assessments. ?? Short-Term External Risks (e.g., strikes, sudden supply disruptions): These need immediate tactical interventions, such as adjusting inventory or sourcing from alternate locations. ?? Controllable Long-Term Risks (e.g., single-source dependencies, new feedstock innovations): These require strategic foresight and decision-making at the early stages of product development. Dive into his full interview here: https://lnkd.in/gZKgp_Tg #procurement #procuretech #supplychain #riskmanagement

?? Digital Procurement Transformation: Your Insights Needed! ?? Adopting digital procurement technology is more than just implementing new tools—it’s about achieving real value and overcoming challenges along the way. How do you ensure your organization is ready for the change? We’re reaching out to procurement leaders to share their experiences with adopting S2P tech and the real-world impact it’s had on their organization’s procurement process. Key questions we’re exploring: ?? What motivated your decision to go digital? ?? How has your S2P tech performed so far? ?? What obstacles did you face, and how did you overcome them? Your feedback will be instrumental in guiding procurement professionals through the transformation process. ?? Complete this 15 minute survey by December 6th: https://lnkd.in/gDzUFhsa Let’s work together to ensure successful procuretech adoption and drive true value! #DigitalProcurement #ProcurementTech #S2P #ProcurementLeaders #ChangeManagement #Survey

ICYMI: ‘Return on Relationships’ – the ROI of building supplier relationships and how to measure it: The annual State of Flux global supplier relationship (SRM) management study made its appearance in London last week at the 2024 Supplier Management Summit in its 16th rendition, this time themed ‘Return on Relationships (RoR). The report once again delivers data-backed findings of the state of SRM across the globe and gives #bestpractice models, […] The post ‘Return on Relationships’ – the ROI of building supplier relationships and how to measure it appeared first on Spend Matters.

ICYMI: GenAI and chatbots — The fallacy of ‘No UI is the new UI’ — Part 1: The phrase "no UI is the new UI" is a popular concept in user experience design. It suggests that the best user interfaces are often invisible or unobtrusive. Instead of relying on traditional visual elements like buttons, menus and text fields, these interfaces anticipate user needs and perform actions automatically or through subtle cues, creating a more seamless and intuitive experience. The concept is closely related to conversational user experience (CUX). Chatbots and voice assistants are often key components in delivering a user experience without traditional, visual user interfaces. Users interact with a system through text or voice natural language when interacting with a chatbot, which makes the interface invisible or less noticeable and aligns with the core idea of "no UI.” Here we explain the CUX experience, past and present. The post GenAI and chatbots — The fallacy of ‘No UI is the new UI’ — Part 1 appeared first on Spend Matters.

ICYMI: GenAI and chatbots — The fallacy of ‘No UI is the new UI’ — Part 2: As we explained in part 1, the "no UI is the new UI" concept is making a comeback because of the rise of generative AI (GenAI). GenAI has opened up new possibilities for providers to enhance their applications with new AI capabilities, one of which is chatbots. Chatbots are a way to move from graphical user interfaces (GUI) to conversational user interfaces (CUX). After looking at the potential benefits and the challenges that chatbots represent in part one, this second installment will cover some of the unintended consequences of CUX, especially related to the promise of reducing or even eliminating the usual learning curve. The post GenAI and chatbots — The fallacy of ‘No UI is the new UI’ — Part 2 appeared first on Spend Matters.