MarTech connects the digital dots to deliver improved efficiencies in procurement
Martech, the term for the combination of marketing and technology, has undergone impressive evolutions over the past few years to meet the changing needs of marketing teams as they seek to keep up with a rapidly changing landscape.
Agility and transformation have become key touchpoints for both marketers and procurement as they hunt for tech that will allow them to refine operations and processes so they can pivot and adapt on demand.
These expectations are reflected in a recent study entitled ‘The Digital Future of Procurement Operating Models and Work’ that found 90% of global procurement leaders have made transformation an urgent priority. 87% are putting technology and digital innovations at the forefront of their planning so they can squeeze out as much value as possible. A trend we saw also highlighted in a recent report by the Association of National Advertisers (ANA) that revealed an impressive $300 billion in global spend on martech in 2021.
The reason why these expectations are so high is twofold.
First, procurement is one of the essential value propositions for a business; it is the key to ensuring marketing investment and approaches are aligned to business strategy and expectations.
Second, marketing procurement places a high value on return on investment (ROI) so the more closely it can analyse and track spend against ROI, the better it is for marketing’s investment and success metrics.
The right technology can better shape how well procurement and marketing combine to meet key performance indicators and improve efficiencies. It can also be used to collate and analyse data to provide marketing and procurement teams with relevant insights that can improve processes and get the most value from agencies, campaigns, assets and channels.
Where Martech meets data
The first and most important consideration needs to be the choice of the technology used to refine procurement and embed transformation. The key words being ‘the right technology’.
The reality is that digital transformation tools and technologies don’t often have the best track record. Many fail, eat up more budget than it was expected to save, or simply don’t work.
There are several reasons for this, but the most common being the tech wasn’t the right fit for the business. The idea of ‘one size fits all’ is definitely not true for technology. Martech has to fit within the unique cracks and crevices of your organisation. Your procurement processes are not necessarily the same as someone else’s, so you need your martech to work with you.
Data is where martech really can transform your procurement
Your first step – when you set out to invest into marketing technology – is to make sure it is aligned with your business, that it can adjust to your business ecosystem, and that it can tap into a treasure trove of data and turn it into a wealth of insights.
When you gain access to data and use it to unpack relevant and invaluable insights, you are establishing a data-driven marketing procurement strategy that can grow with your business.
Using relevant data, can enable you to make informed decisions that refine your marketing spend and procurement processes. Data should be used to assess overall performance and provide insights into areas of improvement.
Access to benchmarking data enables you to assess your spend and campaigns better, clarifying how well your marketing procurement strategies and budgets align against the competition and global standards. This level of insight can transform brand-agency relationships as it provides visibility to refine how marketing procurement approaches spend and ROI moving forward.
Where data meets delivery
Transparency and visibility have become commodities for marketing procurement. When you know how an agency is using your money in a specific market and how well its output compares to another agency in the same market, you can make informed decisions that fundamentally change your choices.
With data at your fingertips you can access the numbers and the figures to help you maximise your procurement and your approaches.RightSpend knows that success lies in the data and in providing customised martech solutions that translate into improved procurement processes and decision making. To this end, we provide a centralised database that’s accessible by everyone so the data is visible and transparent, and can be used to make informed marketing and procurement decisions.
Our goal is to give you the confidence you need to challenge your existing marketing spend and utilise the data to make any changes you put into effect as relevant and purposeful as possible.
Data is immensely powerful within the right technology, so we connect you to the data and insights you need to build trusted relationships, both internally and with your agency roster, to get better results.
We’ve developed a martech solution that’s highly specialised and agile. It assesses more than $10 billion in marketing spend every year across 75 global markets and 10 different agency disciplines to offer you unique insights that align with your requirements and budgets.
The RightSpend platform provides a martech solution that tracks your savings and progress so you can flex with the changing landscape, adding value to your procurement process from the very first time you log in.