CHICAGO--(BUSINESS WIRE)--Procurement organizations are confident in their ability to drive value, but struggle to prove it, according to a commissioned study conducted by Forrester Consulting on behalf of BravoSolution, the leading global strategic procurement provider. Announced today, the research explores the success of 150 procurement, sourcing and finance professionals in using analytics to reduce costs, increase efficiency, drive revenue growth and demonstrate value to the rest of the organization.
“Proof is in numbers. The top procurement teams consistently show concrete and measurable value,” said Andrea Brody, chief marketing officer of BravoSolution. “Good data and transparency are procurement’s lifeblood. The organizations that make a conscious effort to collect, mine and analyze these powerful insights – and apply them across procurement lifecycle – will continue to thrive.”
According to the study, procurement teams struggle to demonstrate value in part due to insufficient support from their analytics solutions. Over two-thirds of respondents said they felt successful or very successful in achieving savings and supplier selection goals, but only 45 percent indicated they receive adequate support from their analytics tools on these key initiatives. In addition, 91 percent of organizations said they struggled in demonstrating the value of their procurement activities due to an inability to collect data, lack of clarity around what data should be collected and ineffective analytics technology.
To access the full study, please visit: Procurement Needs Better Analytics to Help Demonstrate Value.
BravoSolution is a leading global strategic procurement solution provider. Our procurement technology platform and practitioner experience help more than 650 companies and 150,000 procurement professionals in over 70 countries unlock the power of procurement to drive financial performance, build procurement organizational excellence, manage risk and influence innovation. BravoSolution’s approach to strategic procurement consistently delivers business outcomes to enable customers to outperform their market. BravoSolution has direct operations in 18 offices located in 12 countries across four continents, employing more than 650 procurement experts. To learn more, see http://bravosolution.com.