SpendHQ’ s Spend Intelligence and Performance Management tools play a critical role in supporting procurement excellence at companies like Best Buy

One word dominates modern procurement: complexity. The scope of work for those in the profession has expanded well beyond sourcing and control, encompassing strategic responsibilities for areas as broad as innovation and transformation, compliance and regulation, and risk and sustainability.

To deliver measurable impact in this environment, CPOs and their teams need unmatched visibility and accountability, actionable insights powered by well-managed data, and simplified reporting that drives effective strategic decision making.

It’ s here that SpendHQ, the leading bestin-class provider of innovative enterprise procurement intelligence solutions, excels. The company helps advance procurement teams by offering a centralised system for the classification of all spend data, as well as managing the entire sourcing project pipeline and results.

Enabling strategic procurement

“ We have a unique proposition, comprising two SaaS solutions, that provides a full procurement platform to enable successful transformation,” says Shannon Wegner, Strategic Account Manager at SpendHQ.

“ Our Spend Intelligence solution provides spend analytics,” she adds.“ It gives critical visibility into organisational spend across all raw spend data – we manage all the normalisation, classification and data management within the solution to drive smarter strategies and elevate procurement’ s performance with the organisation.”

To do this effectively, Spend Intelligence leverages AI to organise data and deliver automated and actionable insights and reporting.

SpendHQ’ s Performance Management solution is a strategic procurement project management tool that helps teams put data and insights into action.“ It identifies opportunities, then tracks and manages projects and savings, and acts as an intelligent procurement control centre,” Shannon notes.

Combined, SpendHQ’ s solutions provide a unique and powerful end-to-end intelligence and performance platform for procurement teams. 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.

“ We really have one of the few solutions out there that covers everything,” says Shannon.“ With our platform, procurement gets accountability, visibility and consistency of data that simplifies workflows, drives savings, reduces risks, manages compliance and identifies new opportunities.”