SpendHQ: Delivering a Proven Solution for Strategic Procurement Planning and Performance Oversight

SpendHQ’s Spend Intelligence solution, following its merger with Procurement Performance Management platform pioneer Per Angusta in July 2022, has integrated its offerings to enable the continuous, seamless interaction that delivers spend insights to inform and launch Procurement’s next wave of plans, goals, projects, and impact measurements.

As analysts from Spend Matters described in their coverage: “In merging these two solutions, intake, strategy, visibility and execution-based opportunities and insight will come together on both a control tower and category-basis for firms” and that for customers, this will “create a closed-loop procurement and spend management solution that covers the full scope of sourcing starting at opportunity identification all the way until performance and spend analysis and tracking.” (July 12, 2022)

Here are key benefits reported by customers from the use of these solutions:

New savings and value can be continuously discovered

It’s crucial for Procurement to be able to proactively identify new ways to reduce costs and/or generate more value. Rather than a blanket “cut costs across the board by 15%” mandate, Procurement and Finance leaders use SpendHQ’s solutions to quickly identify clear targets that makes good business sense. As an example, our customers report a 3X average increase in spend compliance with the spend insights they obtain.

By connecting your Spend Intelligence with Performance Management, new initiatives – whether focused on savings or strategic goals -- are more data-driven than ever and the reporting is defensible.

It also provides transparency and access to more team members, so that you have even more eyes who can discover compelling insights and then proactively propose opportunities on which to capitalize.

Get to trusted insights and measurements faster

Often, performance reports are met with skepticism when there is a lack of transparency and auditability. With data is centralized and accessible to many stakeholders, SpendHQ builds confidence in the outcomes you are measuring. A customer survey found that 76% experienced an increased trust in procurement performance reporting with our solution.

Trust also relates to the completeness of the spend data picture. How much of that data is captured and how ready is it for Procurement to use? SpendHQ’s approach guarantees that at least 97% of your spend data is classified into a Procurement-ready taxonomy.

The head of global indirect procurement for Under Armour said that the Spend Intelligence solution “opened up entirely new views into our spend. The improved visibility helps us in negotiation preparation, RFP development, and strategic sourcing pipeline development.”

Gaining that much-needed holistic view across all spend and procurement projects translates to better management control and oversight. It also means high credibility when reports are shared with Finance, business stakeholders, strategic suppliers, and even at the board level.

Drive progress towards strategic ESG and non-financial goals

Other goals beyond savings must be met to preserve the operations and value of the business. Many advanced sourcing projects arrive at supplier award decisions by considering more than just pricing inputs; delivery time, diversity, quality, payment terms, sustainability criteria, and other factors can tip the scale.

Having SpendHQ’s strong Spend Intelligence solution connected with our Performance Management means you can more quickly and clearly see how you are progressing and benchmarking relative to corporate-level commitments such as spend compliance with preferred suppliers, supplier diversity, sustainable packaging, or greenhouse gas emission reductions.

Easy access to such insights also facilitates greater collaboration with stakeholders, to have a more productive dialogue to find the right balance between preferences, costs, and strategic goals.