According to research by Ardent Partners, for the average enterprise the percentage of spend under management for 2017 is 61.2%. That number has remained relatively flat over the last year. In fact, Ardent Partners research shows that only 16% of all CPO's are focused on increasing their spend under management over the next few years.
This satisfaction with only managing 60% of total spend is shocking, particularly when Ardent Partners' research has consistently shown that procurement organizations with more spend under management realize superior performance across other key metrics. In fact, their research has revealed that for every dollar under management by procurement, the typical enterprise has seen a benefit of between 6% and 12% during the first contract cycle.
These benefits can be critical for a CPO or procurement team that wants to increase influence or visibility within their organization. Unfortunately, many businesses decided that 60% spend under management is acceptable likely because they aren't able to determine the best strategies to bring more spend under management.
Ardent Partners’ Chief Research Officer, Andrew Bartolini, with special guests from BuyerQuest and Kimberly-Clark will be discussing Best-in-Class strategies to improve spend management.
The webinar, titled, "Strategic Spend Management: Best-in-Class Strategies for CPO Success" and sponsored by BuyerQuest will occur on Wednesday, September 27th at 2 pm ET.
Attendees to the webinar can expect to learn practical strategies and methods used by best in class companies to bring more spend under management.
In addition, attendees will gain insights to turn spend data into actionable intelligence.
Participants will understand how procurement teams can leverage their systems and processes to both centralize control and improve compliance.
For those that attend the event, Ardent Partners is offering a free copy of their, "State of Procurement 2017" research report.
If you are a Chief Procurement Officer or procurement leader struggling to bring more spend under control or looking to find new ways to drive improvements in key metrics, you will not want to miss this event!