Technology Changes to Supply Chains Demand Good Leadership
Hidden Costs of Outsourcing and Offshoring for Financial Services...
Procurement Transformation - Be Careful What You Wish For
Cloud Computing Benefits Procurement in Two Ways
Balancing Customization and Business Process Change in an...
Benjamin Ho, Deputy Procurement Officer, City of Chicago Department of Procurement Services
High Performing SRM Cultures Require Technology
Ryan Nied, Executive Consultant, State of Flux
Partnering with Procurement to Increase Automation
Aaron G. Thum, Executive Director, Procurement and Vendor Management, GardaWorld Cash Services
Aligning Procurement Teams with Data
Jeff Stites, CIO, Diamond Foods
Thank you for Subscribing to CIO Applications Weekly Brief
LogicSource Expands OneMarket Insights Data Analytics Platform Capabilities
The procurement system now includes supplier diversity enrichment, improved data visualization, better reporting capabilities, and other features.
Fremont, CA: Businesses must keep up with emerging technology to remain relevant, competitive, and lucrative. Procurement is no different. E-procurement, contract repositories, supplier performance management, spend analysis, supplier information management, AP automation, business networks, contract writing, and other processes are made easier by new technology.
"Because clean, accurate data is the backbone of sound budgeting and purchasing decisions, our OneMarket Insights solution focuses on capturing spend data from every corner of an organization, enriching it with additional third-party data and implementing monthly refreshes to ensure businesses have a real-time view of their organization-wide spending," said David Pennino, CEO, and founder of LogicSource. "With one source of truth, OneMarket Insights empowers procurement leaders to negotiate better pricing backed by the full strength of their total spend, and enables them to proactively attack and reduce costs."
According to an analysis, 40-80 percent of a company's budget gets often spent purchasing goods and services from outside vendors. These purchases frequently occur across multiple systems and business groups, making data collecting and data-driven decision-making nearly difficult. Spend analytics systems are designed to give transparency to enterprise-wide expenditures. Still, most solutions deliver inefficient updates, resulting in an out-of-date picture of spending and a lack of relevant external data for further enrichment. OneMarket Insights' newest capabilities address these difficulties more sophisticatedly, providing procurement professionals with precise, actionable information to produce value for their enterprises.
LogicSource, a global leader in procurement services and technology, updated its OneMarket Insights spend and data analytics platform.
Procurement users will benefit from increased data enrichments, new visualization capability, and expanded reporting capabilities, allowing faster and more detailed data analysis. Dynamic charts and dashboards enhance sourcing and finance professionals with more insight to make strategic budgeting and spend management suggestions.
Noteworthy OneMarket Insights enhancements include:
Supplier Diversity EnrichmentSlice diversity-enriched supplier and expenditure data in aggregate and at the taxonomy subcategory level to receive insights on 20+ various diversity fields to assist corporate efforts.
- Visualization Recommender
Spend cube crosstabs offer established data visualization forms, including six new chart types, to help you rapidly examine and comprehend the overall picture.
- In-Cell Filtering and Drill-Down / Drill-Up Selectors
While studying spend cube crosstabs, you may filter the view of any field using a searchable and sortable list of values. With new drill-down and drill-up choices in crosstabs and charts, you can get into the most precise details of your spending.
- Advanced Reporting Capabilities
Toggle between edit and live-data mode for additional flexibility and customization while creating reports.
- Repository Favorites
For a more streamlined user experience, add and delete saved reports, dashboards, and cubes from a consolidated favorites list.