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Technology, data, analytics, are reimagining the shape of Marketing Procurement
Marketing Procurement is one of the most dynamically evolving and changing disciplines right now. Thanks to technologies such as artificial intelligence (AI), machine learning (ML) and automation, Marketing Procurement is changing shape and direction.
Marketing Procurement has become an exceptional business enabler. Teams can use smart tools to anticipate market trends, identify patterns in cost and demand, and potentially predict supply chain or service disruptions.
With this level of insight, Marketing Procurement can create better synergies with suppliers, refine expenditure in line with realistic market benchmarks, and develop more collaborative relationships.
As technology evolves, we see these as three best practices to improve your Marketing Procurement processes, relationships and long-term procurement optimisation.
01: Data-driven decision-making
Whether the data is taken from external sources or enhanced by AI and ML-driven solutions, it continues to be essential to Marketing Procurement.
AI can offer predictive analytics capable of helping Marketing Procurement identify patterns and trends while ML can take this data and unpack its implications over time. Combined, the two offer Marketing Procurement the digital equivalent of a crystal ball – making it easier to predict trends, detect patterns in spend, save money, and refine expenditure.
External data solutions, built on the same rich data foundations, remain invaluable. When Marketing Procurement can benchmark critical metrics such as agency costs against global data, then it’s far easier to engage in agency negotiations and establish costs that are beneficial to both sides. It also goes a long way towards mitigating the risk of being overcharged – some agencies charge more for brands within specific sectors – or chasing cheap solutions that devalue the agency and the work it delivers.
Benchmarking tools offer Marketing Procurement far more control over their spend and planning because they give decision-makers one crucial advantage – visibility.
A data-driven Marketing Procurement team can make more informed decisions about budgets; use insights to refine performance metrics; identify which areas pose an opportunity for cost streamlining; optimise investments across campaigns and suppliers; and see a measured increase in ROI.
02: Focus on relationships
Marketing and Procurement can still have differing points of view when it comes to decision-making and costs. It’s unlikely that this will change,even as technology reshapes the relationship.
However an increase in transparency and mutual understanding – each side showing the other their pain points and pressures – has led to a stronger collaborative approach. Now, Marketing Procurement should build on this foundation to become further entrenched in the organisation’s marketing strategy and providing support to drive it forward.
Collaboration at this level benefits both Marketing and Procurement as they can work together to achieve KPIs, share insights, and achieve the best possible results.
03: Embrace flexibility
Marketing Procurement can be seen to be inflexible. It’s an understandable challenge considering that teams have to work within numbers, clearly defined metrics and business-mandated parameters. However, this doesn’t mean Procurement has to be rigid – just, specific.
Flexibility isn’t compromising on the essentials, it’s the ability to react to changes from Marketing and the business with agility. When Marketing Procurement is flexible, it allows Marketing to respond to changes and trends with speed. To achieve this flexibility, Marketing Procurement should consider using data and insights to optimise critical procurement processes.
Simplifying the workflow goes a long way towards reducing bottlenecks and speeding things up across the board.
Data and Marketing Procurement: A success story
Whether your Marketing Procurement team is looking to build stronger relationships, or aiming at gaining measurable cost efficiencies and marketing budget optimisation, you need data.
Relevant insightful data enables you to make decisions that evolve your capabilities and achieve a significant ROI. Your goal is to get the best while saving money using best practices that are strategic and intelligent and it’s data that will deliver this.