IBM has suffered to capture value from procurement data. With various structures of spreadsheets from suppliers, customized part numbers, ambiguous descriptions and lot priced packages, the procurement organization has faced an uphill battle when trying to derive value from spend. We launched an initiative to develop insights from historical spend and market intelligence. From dashboards to visualize the data, to chatbots which allow the user to negotiate insights through natural language, the flexibility of the tools adapt to the category in order to provide optimal impact. We have been able to drive invoices against contracts to find anomalies and over charges, fluctuations in discount percentages, and leverage historical trends in spend against market values in order to achieve year one cost take out in excess of $50M over the past year.
About the Future of Sourcing Awards
The 2018 inaugural Future of Sourcing Awards program recognized organizations that showed innovation, leadership and transformation in categories critical to the sourcing industry. The Awards brought together some of the brightest minds, the best insights and the most relevant topics and created a truly remarkable experience. In eight categories our esteemed judges selected three finalists from many innovations in sourcing, outsourcing, third party management, supplier performance, digitization, governance/compliance, talent management, and sustainability.
Each nominee was invited to discuss their innovations in a podcast for The Sourcing Industry Landscape as well as a Ted-style Talk at the SIG 2018 Fall Global Summit. Finally, each nominee was asked to provide a handout for their Talk.
Contributors: IBMCategories: 2018 Nominations, Future of Sourcing Awards
SRC Type: Benchmarking and Analysis, Procurement Operations