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Procurement transformation led by smart solutions and agile systems are key to reimagining partnerships and creating long-term value
Historically, there has long been a disconnect between Marketing and Procurement. Instead of common ground, there was a battle between spend and priority and this often resulted in decisions that benefit neither side. Death by compromise!
Yet the walls between Procurement and Marketing have been slowly coming down, creating easy and effortless channels of communication.
It is communication that ensures Marketing understands the metrics and objectives of Procurement; and vice versa. It is also communication that allows for both teams to find synergies when it comes to budgets, forecasting, analysis and planning.
We’re seeing Marketing sharing more information with their Procurement colleagues, helping them to truly understand the nuances of Marketing Procurement – which is so different to other Procurement categories.
The real question is what can support Procurement transformation and help to create value, improve agility and remain competitive?
Procurement Transformation: The answer is technology
Marketing Procurement platforms are designed to simplify processes and smooth over the tricky bumps in the road. Using Marketing Procurement software allows you to transform your processes and reimagine your relationships.
01: Communication and Clarity
Marketing Procurement software is designed to turn information into transparency. Taking data, analytics and insights to improve processes and turn them into accessible and visible information streams.
When everyone is on the same page and able to access the same information you are able to detect inefficiencies, gain a clear view on marketing spend, identify opportunities or wasted spend, and improve agility.
With Marketing and Procurement able to see how spend and supplier decisions affect strategy and brand, they can work together to achieve so much more, while optimising spend and reducing bottlenecks.
02: Spend Analysis
With data flowing smoothly throughout the business, Procurement transformation can change how they are managing marketing budgets, assess the value of all expenditure, and approach decision-making differently. Data empowers informed choices about marketing spend, suppliers and campaigns based on hard facts that both Procurement and Marketing can see.
You are aligned.
Marketing spend analysis delivers clarity and comfort when it comes to costs. Procurement can see how Marketing has worked to meet its budgets and requirements and what factors are influencing expenditure, while Marketing can see how Marketing Procurement is juggling demands from the business to essentially meet Marketing’s needs.
03: Agency Review
Both Marketing and Procurement are managing agency relationships – but slightly differently. Expectations, costs, KPIs , visibility and deliverables – are crucial to ensuring agency relationships.
The focus is on increasing agency performance whilst balancing costs.
Marketing Procurement software, like RightSpend, is designed to help you reassess your agency relationships across multiple benchmarks, not just capability. It is designed to ensure agencies and brands build trust and improve shared performance based on increased visibility and transparency.
You want digital tools capable of carrying out constructive and detailed agency reviews backed by reliable data that ensures your agency relationships thrive.
04: Value and Agility
Marketing Procurement software allows you to use a data-driven approach to get more value from your agencies, campaigns, planning and teams. Data allows you to sink deep into insights and discover how you can save money, increase value, improve performance and reshape spend.
Relevant Marketing Procurement data can transform how you manage your marketing budgets and assess the value of your expenditure. And you can optimise and refine your spend instead of simply cutting budgets.
Using the right tools, you can discover value within your existing strategies, teams and spend by optimising your approaches and processes. When everyone understands the Why behind budget and Procurement decisions and can see how these will deliver value over the long and the short term, then teams are more agile in their responsiveness and more open to change.
05: The Perfect Partner
RightSpend is a powerful and relevant Marketing Procurement platform designed to connect Marketing to Procurement through measurable value, clear insights and improved visibility. Marketing teams appreciate the data-driven capabilities of the RightSpend platform when it comes to Marketing budgets and planning as it allows them to optimise spend and make accurate investment decisions. Procurement appreciates the platform for its up-to-date analytics, tools to optimise spend and its ability to introduce efficiencies to the Procurement process.
RightSpend delivers a competitive advantage to companies wanting Procurement transformation. Built on the foundations of best practice within a data-driven ecosystem, this platform connects the dots between Marketing and Procurement so everyone is on board at the same time.