The Procurement Software Podcast James Meads

This week on The Procurement Software Podcast, host James Meads explores different price points for procurement technology applications.

James discusses software options costing less than $20,000 to $25,000 per year, those ranging from $25,000 to $75,000 annually, and higher-end solutions.

Tune in to discover what each price point can offer your procurement team and how to make the most of your tech budget.
How much do digital procurement tools cost?
In this episode, the focus is on the broad spectrum of procurement technology solutions available across various price ranges, catering to different organizational needs and budgets.

For those with a budget under $20,000 per year, niche-specific software designed for SMEs offers basic yet modern e-sourcing and spend analytics capabilities.

Mid-market organizations with a budget between $25,000 to $75,000 per year can access more comprehensive e-sourcing solutions, AI-powered spend analytics, and full-featured procure-to-pay software, along with supplier relationship management platforms.

For budgets exceeding $100,000 per year, top-tier procurement technologies become available, including full e-sourcing suites, advanced spend analytics, complete source-to-contract suites, and AI-powered automation for tactical and tail spend.

The episode emphasises the importance of aligning procurement technology investments with organisational budgets and the need to enhance procurement processes and drive digital transformation within the procurement function.

Timestamps:

[00:02:24] Procurement tech on a budget.
[00:05:05] Accounts payable workflow automation.
[00:06:19] Procurement Tech for $25,000 to $75,000 per Year
[00:09:00] Premier League of procurement technology.
[00:12:08] Digital procurement introduction.

And that wraps up another episode of The Procurement Software Podcast!

Thanks again for listening, and do please leave us a review on Apple Podcasts or rate us on Spotify. Every one helps!

We'll be back at the same time next week, so see you there.

If you want to learn more about Procurement Software, check out the useful links below.

 
Stay in touch!

Sign up for the Procurement Software Newsletter
Book an Intro Call and let’s talk all things Digital Procurement!
Connect with James on LinkedIn
Follow Procurement Software’s LinkedIn Page

This week on The Procurement Software Podcast, we delve into the topic of selecting technology in a greenfield procurement role.
Host James explores what technology he would invest in if given the opportunity to lead a digital transformation in procurement.

Join us for a deep dive into the world of procurement technology and decision-making.
What digital procurement tools should you buy first?

In this podcast episode, the importance of incorporating spend analytics software into procurement is highlighted as a means to gain insights and enhance value within the function.

Advances in AI and machine learning have made these tools more efficient, allowing procurement teams to focus on strategic activities.

The episode also discusses the benefits of using procure-to-pay and source-to-pay platforms to streamline processes, reduce administrative burdens, and enable procurement professionals to concentrate on value-driven tasks.

Furthermore, the adoption of niche category-specific tools tailored to the organization's unique needs and challenges is advocated for more efficient procurement processes and cost savings.

Overall, the episode emphasizes the critical role of technology in optimizing procurement operations, driving strategic decision-making, and achieving procurement excellence.

Timestamps:

[00:00:48] Greenfield procurement technology investments
[00:04:32] Technological advancements in spend analytics
[00:05:30] Importance of Spend Analytics
[00:08:41] Procurement team efficiency strategies
[00:13:12] Niche category specific tools
[00:15:10] Focus on Category-Specific Tools and Solutions
[00:16:01] Eliminate, automate, delegate for efficiency

And that wraps up another episode of the show.

Thanks again for listening, and do please leave us a review on Apple Podcasts or rate us on Spotify. Every one helps!

We'll be back at the same time next week, so see you there.

If you want to learn more about Procurement Software, check out the useful links below.

 
Stay in touch! Sign up for the Procurement Software Newsletter Book an Intro Call and let’s talk all things Digital Procurement! Connect with James on LinkedIn Follow Procurement Software’s LinkedIn Page

On this episode of The Procurement Software Podcast, host James welcomes back Ward Karson, COO of Raindrop. They discuss how AI applications in source-to-pay technology can be confusing, and how organisations can best navigate the vast array of solutions available.

Ward, a veteran procurement professional, shares valuable insights to help listeners stay ahead in the ever-evolving procurement landscape.

Tune in for expert advice on embracing change and ensuring that new, cutting edge developments in procurement and not confused with old technology masquerading as the new.
AI in Source-to-Pay: Use cases and opportunities
In the latest episode of The Procurement Software Podcast, Ward Karson, COO of Raindrop, returned to discuss the transformative impact of AI on the source-to-pay space

Ward discusses how generative AI is a game-changer versus traditional AI and other types of machine learning and process automation. The conversation highlighted the shift from traditional technologies like RPA (Robotic Process Automation) and OCR (Optical Character Recognition) to advanced AI, including generative AI, exemplified by tools like ChatGPT. Ward clarified that while RPA is process-focused, AI leverages data and generative AI can autonomously create content such as contracts.

Ward stressed the necessity of mastering basic procurement operations before advancing to more complex technologies. He showcased how modern Source-to-Pay (S2P) suites like Raindrop enhance efficiency, cut operational costs, and minimise administrative tasks, potentially rendering Business Process Outsourcing (BPO) in transactional services obsolete to some extent.

The conversation also explores the business case of choosing BPO vs. technology, and how to present the numbers in order to get the political capital required to be given the budgets.

Timestamps:

[00:00:48] Greenfield procurement technology investments
[00:04:32] Technological advancements in spend analytics
[00:05:30] Importance of Spend Analytics
[00:08:41] Procurement team efficiency strategies
[00:13:12] Niche category specific tools
[00:15:10] Focus on Category-Specific Tools and Solutions
[00:16:01] Eliminate, automate, delegate for efficiency

And that wraps up another episode of The Procurement Software Podcast!

Thanks to Ward for sharing his insights with us today, and thank you again for listening. We'll be back at the same time next week, so see you there.

If you want to learn more about Ward, Raindrop or Procurement Software, check out the useful links below.
Stay in touch!

Connect with Ward Karson on LinkedIn
Check out Raindrop
Sign up for the Procurement Software Newsletter
Book an Intro Call and let’s talk all things Digital Procurement!
Connect with James on LinkedIn
Follow Procurement Software’s LinkedIn Page

This week on The Procurement Software Podcast, host James Meads delves into the topic of why reviews and best-of lists may not be as helpful as they seem when choosing procurement software.
The episode also touches on the lack of transparency in some top procurement tech listings, cautioning listeners to be wary of sponsored content.

Tune in to gain insights on navigating the complex landscape of procurement software selection.
Why Procurement Software reviews are of limited use

This episode underscores the importance of a critical approach when considering reviews and best-of lists for procurement software.

It stresses that the criteria used in reviews might not always align with an organisation's specific needs, given the diversity in procurement maturity and operational requirements.

The episode further highlights the significance of the reviewer's role within their company, suggesting that feedback from daily users like procurement category managers is more valuable than that from analyst firms.

Additionally, the size and maturity of one's organisation are crucial factors to consider, as a solution fit for a large, mature enterprise may not suit a mid-market business or a growing tech start-up.

The episode concludes by advocating for a nuanced evaluation of procurement software, taking into account the criteria used in reviews, the user's role, and the organisation's size and maturity level, to make informed decisions that best serve an organisation's unique procurement needs.

Timestamps:

[00:00:37] The Problem with Reviews and Best-of Lists
[00:01:10] Personal Experiences and Organisational Differences
[00:03:20] Relevance of Reviews from Large Enterprises
[00:04:24] The Bias Towards Large Enterprise in Best-of Lists
[00:05:08] Considerations When Looking at Procurement Software Reviews
[00:07:37] Procurement Maturity and Organisational Stages
[00:08:10] Impact of Change Management and Data Quality
[00:09:04] Summary and Critical Mindset Towards Reviews
[00:11:22] Conclusion and Takeaways

And that's a wrap for another episode of the show.

Thanks again for listening, and do please leave us a review on Apple Podcasts or rate us on Spotify. Every one helps!

We'll be back at the same time next week, so see you there.

If you want to learn more about Procurement Software, check out the useful links below.

 
Stay in touch! Sign up for the Procurement Software Newsletter Book an Intro Call and let’s talk all things Digital Procurement! Connect with James on LinkedIn Follow Procurement Software’s LinkedIn Page

This week on The Procurement Software Podcast, host James delves into the concept of creating the ideal procurement team by combining human expertise with technology.

Emphasizing the importance of leveraging existing resources without expecting additional budget, the episode explores ways to maximize the efficiency and effectiveness of a procurement team and its wage bill.

Join the discussion on how to merge human talent with technological advancements to elevate procurement's efficiency and added value to new heights.
Building a procurement team that's fit for 2030
This episode of The Procurement Software Podcast explores the concept of optimising a procurement team by integrating human expertise with technology.

James suggests restructuring the team to focus on strategic tasks by reducing category managers and introducing roles such as procurement business partners, data scientists, analysts, and admin assistants.

This shift allows the team to delegate routine tasks to technology, enabling a focus on value-added activities.

The episode highlights the importance of data analysis in procurement, advocating for a data scientist's role to leverage data for informed decision-making and process optimisation.

Additionally, the host discusses the significance of investing in procurement technology, like spend analytics and procure-to-pay software, to easily identify savings opportunities, automate processes and facilitate self-service for stakeholders.

This strategic combination of human and machine capabilities is presented as a way to create a more efficient and effective procurement team, driving value and enhancing productivity within the organisation.

Timestamps:

[00:00:37] Dream Procurement Team Concept
[00:01:09] Budget Constraints and Assumptions
[00:02:01] Current Team and Salary Structure
[00:03:17] Rethinking the Category Management Team
[00:04:19] Reducing Category Managers and Allocating Budget
[00:05:02] Introducing a Procurement Business Partner
[00:05:57] The Importance of a Data Scientist
[00:06:51] Adding an Analyst to the Team
[00:07:54] Hiring an Admin Assistant with Marketing Skills
[00:08:59] Final Team Composition and Headcount
[00:10:47] Allocating Budget for Procurement Technology

And that wraps up another episode of The Procurement Software Podcast!

Big thanks to you for listening. We'll be back at the same time next week, so see you there.

If you want to learn more about Procurement Software, check out the useful links below.
Stay in touch!

Sign up for the Procurement Software Newsletter
Book an Intro Call and let’s talk all things Digital Procurement!
Connect with James on LinkedIn
Follow Procurement Software’s LinkedIn Page

In this episode of The Procurement Software Podcast, host James Meads explores invoice automation's efficiency in reducing invoicing time and tackling employee retention issues.
Guest Kevin Kazenmayer from Tradecentric shares insights on channel development, and transitioning from procurement to a supplier role.

Tune in and discover how technology such as invoice automation enhances procurement efficiency.
Accounts payable automation isn't sexy but it's key

This episode delved into the transformative impact of invoice automation.

With a rich background in procurement and e-commerce solutions, Kevin highlighted how automating the invoicing process can address bottlenecks in accounts payable and improve employee retention. It does this by minimizing mundane tasks.

Despite a 65% satisfaction rate among Coupa users with their procurement systems, a survey revealed that a third still experience invoicing challenges, underscoring the need for focused automation efforts.

Kevin emphasized the critical role of collaboration between procurement and finance departments in the successful adoption of technology.

He shared success stories, including Mars Veterinary Health's operational improvements through automation, illustrating the broader benefits of investing in supplier connections.

Concluding the episode, it was evident that invoice automation offers a straightforward yet significant way to enhance procurement processes, providing a quick ROI and helping to retain skilled employees by shifting their focus from repetitive tasks to more strategic activities.

Timestamps:

[00:01:08] Introducing Kevin Kazenmeyer of TradeCentric
[00:05:23] Invoice automation challenges
[00:08:06] Siloed Procurement and Finance
[00:14:14] Procurement vs. Finance Perspective
[00:18:07] Fixing challenges in accounts payable
[00:19:52] Employee turnover and engagement incentives
[00:24:23] Procurement as profit centre
[00:27:03] Investing in spend management
[00:31:44] Invoice automation

And that wraps up another episode of The Procurement Software Podcast!

Thanks to Kevin for sharing his insights with us today, and thank you again for listening. We'll be back at the same time next week, so see you there.

If you want to learn more about Kevin, TradeCentric or Procurement Software, check out the useful links below.
Stay in touch! Connect with Kevin Kazenmayer on LinkedIn Check out TradeCentric Sign up for the Procurement Software Newsletter Book an Intro Call and let’s talk all things Digital Procurement! Connect with James on LinkedIn Follow Procurement Software’s LinkedIn Page