As a finance executive, you are the organization’s gatekeeper. You are strategic in all regards with a focus on overall profitability and financial performance. Equally important to you is the daily oversight of compliance requirements and mitigating risk. Managing and accomplishing these objectives requires visibility into your spend processes and your suppliers’ performance. Procurement initiatives play a critical role in contributing to the organization’s financial goals, and one failure may put your organization at risk financially – and adversely impact brand and reputation.
Finding Value in the Strategic Procurement Process
In February 2017 Gartner, Inc. released their latest Magic Quadrant for Strategic Sourcing Applications. BravoSolution was positioned in the top quadrant as a top procurement technology vendor for the fourth straight report (2010, 2013, 2015 and 2017), and was among the most highly-placed vendors for both its “completeness of vision” and “ability to execute.”
BravoAdvantage partners with the finance and procurement organizations providing the capabilities needed to advance from conventional procurement to strategic, where procurement will:
- More actively measure and manage spend performance
- Leverage spend data to proactively identify new sourcing opportunities, better manage compliance and more accurately report on savings
- Onboard, segment and manage suppliers based on performance, risk and future development
- Conduct simple and complex sourcing events and evaluate goods, works and services in an automated and collaborative fashion to reduce cycle times, increase transparency and deliver faster ROI
- Unlock massive savings in critical categories by analyzing sourcing scenarios to find the most advantageous approach
- Link contract performance to supplier information for a single repository for creating, storing and tracking contracts
- Buy and pay for goods and services in a simplified, paperless, and cost-efficient way. View everything that’s being ordered, purchased, and received, automate approval and payment processes, enforce controls, and save money
BravoSolution and BravoAdvantage strengthen finance and procurement by focusing on value creation and providing greater visibility and transparency into spend and your suppliers. The outcome is a strategic advantage, moving the organization from a conventional procurement function to a strategic partner within the business. Strategic procurement optimizes resources, including business processes, technology and talent.