Sourcing Digitization
IMPACT STORYMandate to significantly increase sourcing revenue, team frustrated with inability to acquire data and understand spend relationships and trends. These counterforces to a time-sensitive mandate serve as the catalyst of a story that swiftly transforms sourcing data into an industry-leading insights tool that enhanced negotiation outcomes and increased revenue.
Challenge
- Corporate mandate to increase sourcing revenues by $2MM
- Team frustrated by inability to acquire accurate data and understand key insights without time-consuming manual data manipulation
- Sourcing analyses not consistently completed and hindered optimal sourcing negotiation outcomes
Solution
- Innovated industry-leading sourcing dashboards with multiple views of real-time spend data, empowering the sourcing team to enhance negotiation outcomes and increase revenue.
Project Outcomes
Revenue Growth
Cost Savings
Prospect Acquisition
Expertise
The following proficiencies were used in this project:
Visual Management
Visual Management
Create insights dashboards that intuitively showcase key performance indicators, while equipping teams with real-time visibility to follow-up tasks, work-on-the-go, and upcoming workload, to improve the client experience.
Digital Discipline
Sourcing Digitization
Sourcing Digitization
Tap digital tools for instant access to direct and indirect spend, tracking to forecast, and multiple layers of dissection to develop winning negotiation strategies and increased revenue.
Digital Discipline
Advanced Analytics
Advanced Analytics
Engage our data scientists to unearth revelations within the data sets that reside within your systems. Develop models and analytical tools to enhance your decision making and client value.
Business Discipline
Key Stats
$ million uplift in sourcing revenue
times target revenue
relationally-linked data widgets
What Was Done
Gap Assessment
Work-Out sessions held with sourcing team to understand current level of business reporting and gaps.
Latent Needs Discovery
Detailed review of sourcing goals, “day in the life” of studies, and negotiation discussion “sit ins” conducted to uncover latent needs.
Data Verification
Business and digital experts audited data to understand frequency and quality, uncovering key focus areas for improvement in data calculations and terminology definitions.
Rapid Prototyping
Design and digital experts rapidly prototyped data widgets and dashboard features to solicit business and IT feedback for refinement (key feature: data built relationally allowing for single-click multi-variable analysis inclusive of by vendor, time period, client, region, spend category, etc.).
Bespoke Business Intelligence
New bespoke sourcing dashboards launched delivering instant insight into multi-dimensional spend data to generate increased negotiation strength and revenue enhanced deal structures (team exceeded annual revenue sourcing target by 3x).
