Technology that enhances data and analytics is rewriting the story of Marketing Procurement – allowing Procurement teams to take ownership of their data, and providing Marketing and Finance with insights that have relevance and proven value.
From the conversations we’re having with our clients, the idea that Marketing Procurement is behind the curve when it comes to the adoption of digital solutions is certainly a myth.
Marketing Procurement teams are paying attention to how technology can enhance their decision-making, particularly through improved access to data and analytics. Centralised marketing procurement data makes it easier for teams to assess their spending across multiple touchpoints and get the insights needed to support their Marketing colleagues.
It’s a digital world: Procurement in the lead
A recent report titled ‘Charting the next leap ahead: How procurement can help organisations pull ahead in a polarised world’ found that 67% of Procurement professionals have digitised their strategic activities with 53% already having digitised more than half of their transactional processes.
Marketing Procurement teams which have already recognised the importance of digitisation are streamlining their data analysis and identifying efficiencies and enhancements.
Our Top 4 uses for Marketing Procurement Data
- Smarter Agency Negotiations: when contracts with agencies need to be assessed or reviewed, data offers the visibility needed into costs and performance to empower smarter negotiations. Marketing Procurement data can be used to refine agreements and make more informed decisions around marketing spend, planning, and campaigns.
- Highlight Agency Performance: Marketing Procurement data provides detailed insights into overall spending and performance. Showcasing those agency relationships that may not be performing optimally or delivering expected returns on investment (ROI). When Marketing Procurement can pinpoint areas of potential risk of reduced performance, they can also forecast where to allocate budget more effectively.
- Revealing Value: Powered by data and refined by analytics, the insights provided by benchmarking can transform how Marketing and Procurement make their decisions. Identifying ways to make their marketing budget go further and setting both teams up for significant returns on investment.
- Refining strategy: Marketing Procurement data allows for the refinement of strategic planning and focus of marketing spend. Data is ultimately one of the best tools for delivering results and planning effective allocation of marketing spend.
Discovering the value: Marketing Procurement Data brings visibility and collaboration
There are measurable benefits for Marketing Procurement if they invest in digitisation initiatives – improved efficiencies, supplier visibility, and decision-making being the main benefits. Digitisation provides the tools to allow Marketing Procurement to more accurately assess how suppliers, systems and processes are working.
This visibility changes the dynamic between Marketing and Procurement. Leading to a shared, collaborative approach to the Marketing Procurement process and improving data-led decision-making. Collaboration is a key benefit of a solid digitisation strategy.
We know that Marketing Procurement wants to be able to adapt quickly to market conditions to meet the needs of the brand. Using data and technology they are able to improve their oversight to marketing budgets and overall spending.
The narrative around technology within Procurement is changing, with many global Marketing Procurement teams prioritising data and analytics as they recognise the role it plays in optimising marketing spend and identifying opportunities to improve ROI.
