report revealed that CPOs are investing in data and technology solutions designed to help them reshape their planning and investments. The most popular resolutions are supplier performance management (57%), spend analytics (54%) and supplier risk management (55%). There is a need for tools that help them better benchmark and manage their spend using real data and insights that are relevant to their particular business and markets.<\/span><\/p>\nData is also an invaluable ally in helping companies be more efficient, particularly in the current climate. It can help with investing with wisdom, planning more strategically and optimising spend carefully.\u00a0<\/span><\/p>\nMarketing Procurement Trends 03: Costs and savings (and being efficient)<\/b><\/h2>\n
Everyone wants to save money right now. The economic outlook is challenging, and brands want to build a foundation that\u2019s stable enough to weather the storms but agile enough to take advantage of opportunities. This is why saving money, and managing cost centres will be even more critical in 2023.<\/span><\/p>\nTo ensure that your business is ready for what lies ahead, you need to maximise your marketing investments and efficiencies.\u00a0<\/span><\/p>\nBeing efficient is important because the money saved can be reinvested back into the business and redeployed into other opportunities. Using a benchmarking tool, like RightSpend, can enable judicious spending and potentially save millions thanks to crystal-clear visibility into costs.<\/span><\/p>\nMarketing Procurement Trends 04: Continuity<\/b><\/h2>\n
Investing into the continuity of deliverables and marketing activities allows you to build on previous successes, align with your best practice framework and use data to refine decision-making.\u00a0<\/span><\/p>\nContinuity also underpins stronger relationships and success factors with agency partners, internal teams, and stakeholders.<\/span><\/p>\nFocusing on continuity, strategic spend, and careful contract negotiations ensures that all stakeholders feel secure. This confidence is invaluable, especially in the uncertain times we\u2019ll be seeing in 2023, as it helps retain talent, build on previous successes and forge partnerships with your agencies on a foundation of trust.<\/span><\/p>\nMarketing Procurement Trends…What else lies ahead?\u00a0<\/b><\/h2>\n
These Marketing Procurement trends are simply scratching the surface of what 2023 has to offer. We\u2019ve found that brands are looking to maintain focus, selecting the right tools and technologies to help them navigate complexity and giving themselves the insights they need to grab hold of all the potential opportunities.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"We look at the latest Marketing Procurement trends and explore why they are so crucial to your business. Excellent Marketing Procurement is about adding value, finding greater efficiencies and doing more with less, which becomes even more critical in an economic downturn. Marketing Procurement is an invaluable part of any business and is the all-important […]<\/p>\n","protected":false},"author":3,"featured_media":12206,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[3],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/rightspend.com\/wp-json\/wp\/v2\/posts\/12205"}],"collection":[{"href":"https:\/\/rightspend.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rightspend.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rightspend.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/rightspend.com\/wp-json\/wp\/v2\/comments?post=12205"}],"version-history":[{"count":3,"href":"https:\/\/rightspend.com\/wp-json\/wp\/v2\/posts\/12205\/revisions"}],"predecessor-version":[{"id":12503,"href":"https:\/\/rightspend.com\/wp-json\/wp\/v2\/posts\/12205\/revisions\/12503"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/rightspend.com\/wp-json\/wp\/v2\/media\/12206"}],"wp:attachment":[{"href":"https:\/\/rightspend.com\/wp-json\/wp\/v2\/media?parent=12205"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rightspend.com\/wp-json\/wp\/v2\/categories?post=12205"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rightspend.com\/wp-json\/wp\/v2\/tags?post=12205"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}