A data-driven Marketing Procurement approach needs the right data in the right systems to ensure spend is optimised and ROI is maximised
Marketing Procurement data is central to efficient decision-making. It allows brands to assess marketing spend versus return on investment (ROI). It ensures that the millions invested by brands on Marketing campaigns is allocated optimally to achieve exceptional results.
The challenge can be finding the right data, using the right systems and accessing the right technology.
Data-Driven Marketing Procurement Challenges
A challenge that was felt by the Formula 1 Williams’ Chief with the team using Microsoft Excel spreadsheets to manage a list of more than 20,000 parts.
As they dug through the legacy system, they found a spreadsheet that was difficult to navigate, update, and manage due to the sheer scale of the data it was processing.
What had started as an easy way of tracking parts had turned into a colossus of data that was prone to errors. It had invaluable insights, but these were buried in cells that were tricky to navigate.
Given that a technology led company, such as Williams, were relying on spreadsheets it’s no surprise to us the number of Procurement teams that are facing the same challenges.
We speak to many global companies who are struggling to manage their Marketing Procurement data effectively. Relying on Excel for all of their Procurement data, they find that it is slowing them down, rather than streamlining their processes.
Excel can be the perfect starter, but it won’t necessarily work as a long-term solution. Once the data tips over a certain point, the technology becomes weighty, slow and complex. As everyone has access to the entire spreadsheet, it’s also very easy for users to make mistakes and changes that have wider implications than they might realise.
The other challenge is the quality and age of the data within the spreadsheet.
Data-Driven Marketing Procurement: Evolving the spreadsheet
The modern data-driven Marketing Procurement approach requires access to robust and relevant data, within an environment specifically designed to provide the whole procurement team with clarity, insights and reporting functionalities. A solution where data works for you and with you.
RightSpend’s marketing procurement platform provides access to globally sourced data that’s monitored and updated regularly. With more than $10 billion assessed annually covering thousands of data points.
For Marketing and Marketing Procurement teams currently wrestling with complex spreadsheets it can make sense to move towards a more agile and accessible solution, one that is designed specifically for Marketing Procurement data management and control. A solution which can be transformative.
RightSpend is not a simple spreadsheet. It is a high-quality data platform constructed specifically for ease of access and accuracy. Transforming how Marketing and Marketing Procurement engage on the topics of cost, agency fees and budget expectations.
Four reasons why Data-Driven Marketing Procurement needs technology
- Marketing Procurement can use data to assess ROI across different agencies and campaigns. Data provides visibility into agency performance and capabilities, enabling detailed reviews across specific regions, markets and industries. When you consider millions of dollars are invested into campaigns, it makes sense that Marketing spend is carefully assessed against clear criteria and measured with trusted, independent data. Data-driven decision-making can save brands millions.
- Small actions equal big results when Marketing Procurement can assess decisions against data. Data allows you to optimise spend based on real-life insights and analysis. You can invest your Marketing budget in the areas that deliver the best results. Data ensures you are constantly evolving to achieve impactful results. Data-driven decisions can fundamentally shift your investment and your successes.
- Track insights effectively rather than discover them unexpectedly. Data highlights opportunities and trends quickly. With visual dashboards, you can create reports that succinctly demonstrate the action points and results. Marketing Procurement can showcase the value they add to the process.
- Predictive and proactive data analytics can change how you approach your Marketing spend and your Marketing Procurement strategies. Using a platform that allows you to benefit from predictive analytics and drive ongoing efficiencies in your procurement process.
Predicting trends and proactively adapting procurement strategies allows you to maintain deeper control over your Marketing spend and Procurement planning because you have visibility into your data and quantifiable insights.
With RightSpend, you can create a data-driven Marketing Procurement team with the tools needed to help them rely on insights designed to advance their strategies and planning. RightSpend takes your team far beyond the capabilities of Excel, providing a Marketing Procurement platform that ensures your success.
