Eddie McGeachie’s Post

Transcript

Hey, everyone, welcome back for another deep dive. We've got some really interesting stuff to dig into. Today we're going to be talking about accelerated insight. And I know you're probably thinking, oh, no, not another spend analysis solution, right? Everyone's talking about it these days. Yeah, exactly. But but here's the thing, we're going beyond the buzzwords today. We really want to understand why spend analysis like actually matters right now, especially with, you know, everything happening in the economy. And we're going to figure out how this tool, this accelerated insight. Can, you know, help us navigate these kind of uncertain times? Yeah, no, you're, you're totally right. And it's, it's really interesting to see how spend analysis is like changing, you know, it's not just about cutting costs anymore. It's about making like smarter decisions for the future. And that's, that's what I found so fascinating in the stuff we read, this idea that accelerated insight. It kind of makes all those like really complex analysis things, you know, actually doable, especially for category managers. I mean, they've got a lot on their plate. Well, absolutely, category managers they have. The toughest job, right they're dealing with so many different things, different categories of spending global markets, you name it so having a tool that's like easy to use that gives them clear information it's like essential for sure and and Speaking of information the material we looked at mentioned all these benefits right like. Better spend visibility supplier, what was it supplier rationalization, right supplier rationalization and improved working capital which OK, yeah, those sound those sound good but. Can you, like, connect the dots for us? What does that actually look like in, you know, in the real world, especially now? OK, so imagine you're a category manager. Let's say you're responsible for, I don't know, IT equipment. OK, IT equipment. Got it. And you're dealing with, you know, prices going up, supply chains all messed up. And everyone's telling you to do more with less spend. Visibility, the kind that Accelerated Insight gives you. It's like, it's like shining a light on exactly where all your money is going. OK, so you can see everything clearly, and that makes sense. Yeah. But it's it's gotta be. More than just seeing the numbers, right? Yeah, you got it. It's about what do you do with that information? You can like zoom in on where you're spending too much, figure out how to save money, maybe by working with fewer suppliers or negotiating better deals, Right. So you're streamlining the whole process. Exactly. And that's where that supplier rationalization thing comes in. Less suppliers, less complicated, less expensive. So you're not just cutting costs, you're making everything like more efficient. Precisely. And when you have a more efficient operation. It it frees up, you know, working capital, which is like the fuel for your business. It's like they say money you save is money you can use for other things. Exactly. And that's where those, what were they called the dashboards? Yeah, the dashboards, the, the material was really into those. Right. They said dashboards are like the best way to keep track of everything. Yeah. They said the most efficient way to track many data sources, which, OK, sounds impressive. But why dashboards? Like, why not just, you know, use spreadsheets or something? Well, dashboards. They kind of, they like take all that data and make it, you know, actually mean something. OK. Just being a bunch of numbers. Yeah, exactly. They turn those numbers into pictures, like graphs and charts and stuff. So you could actually see what's going on, spot trends and all that. So it's like way easier to understand, way easier and accelerated insight. They they make a big deal about how their death boards can track those key performance indicator metrics. Yeah, those things. That's what I thought was really cool. Yeah, me too. Because it's not just about the spinning itself, it's about how. That spending, like, affects your overall goals. Yeah, Right. Exactly. It's like, are you actually getting bang for your buck? Are you hitting your targets? Dashboards can help you see that. It's like having a scorecard for your spending. Yeah, exactly. A scorecard that tells you if you're winning or losing and probably gives you some hints about how to up your game. Exactly. Speaking of which, the material talked about how important collaboration is in this whole process. Ohh. Yeah. They were really big on that, like, working together across different teams and stuff. Yeah, because it's not. Just a procurement thing or a finance thing it's got to be everybody working together right Cause procurement knows about the suppliers and the contracts and finance they have all the budget stuff figured out and IT well they make sure the whole tech side of things run smoothly yeah. So you need everyone on board sharing information to get the full picture and that's where having you know, trusted and validated data comes in which the material mentioned a lot Ohh absolutely garbage in garbage out right. If your data is messed up your whole. Analysis is gonna be messed up, so data quality is like job number one 100% you gotta have a solid foundation. OK, so let's say you've got your team your data is top notch you're ready to dive into those dashboards Yeah. What else did we learn about how they actually work Well, we talked about the visuals, right, but it's not like you just get a static report you can actually interact with the data so you can like ask it questions and stuff Yeah, exactly. You can filter, you can sort you can drill down into specific areas that you're interested in It's. A much more dynamic. So it's like having a conversation with your data. Exactly. It's not just a one way St. you can say, OK, show me how much we spend on travel last quarter or who are our top five vendors for office supplies. So you can really tailor the information to what you need. Exactly. And when people have the information they need in a format that makes sense to them, they can make better decisions, which is the whole point, right? Absolutely. And the material also highlighted how important it is to customize those dashboards for different roles. Ohh, right. Because the CEO and a category manager, they're gonna have different priorities exactly as CEO might just wanna high level overview, you know, the big picture, while a category manager needs to get into the weeds precisely so. Accelerated Insight lets you create these custom views so everyone gets what they need, like a bespoke suit for your data. Exactly. It's all about making the data work for you, not the other way around. And when everyone is on the same page making data-driven decisions, that's when you see the real impact. And Speaking of impact, those customer stories were pretty convincing. They were, they really brought it all home, you know, like real people, real companies seeing real results. I like the one with the procurement director. I can't remember where they were. Ohh yeah, the local authority. Right, yes. They were so passionate about how data analysis was helping them make a difference. And it wasn't just about saving money. It was about like doing more with less, being more efficient, exactly, serving their constituents better. And it's not just big organizations either. They had that example with Hemsley Fraser, the consulting firm, right? They're using spend analysis to track their training budget across like, how many countries was it, 6767 countries? That's wild. So clearly this stuff scales. It definitely scales. And it proves that no matter how big or small you are, no matter what industry you're in, understanding your spending is crucial because like they say, you can't manage what you can't measure. Yeah, right. It's it's kind of wild, right? Like we think about spending data and it doesn't sound very, you know, exciting. But it can really make a difference. It really can. And I think, you know, what gets lost sometimes is that it's not really about the numbers themselves. It's about, like, giving people the tools to do their jobs better. Totally. Instead of just being in the dark, they have information, real insights, and they can actually use those to make things better. Yeah. Like every single thing on those dashboards, it represents a decision someone made, you know, And those decisions, they have a ripple effect on their teams, on customers, on the bottom line, so they can actually see. Other work connects to the bigger picture exactly, and that's powerful for sure. So OK, big picture time, it seems like this accelerated insight thing it's, it's more than just a tool, right? It's like a whole different way of thinking about your business 100% It's about having a clear view of what's going on with your money, finding those hidden places where you can save and making the whole buying process, which can be like a nightmare sometimes way more efficient. It's like having a financial GPS, but for your whole. Company, I like that instead of getting lost in the weeds, you've got a map and a plan. Exactly Well, we have covered a ton of stuff today, spend, analysis, dashboards, all that good stuff. But before we go, I want to leave everyone with something to, you know, think about. We've been talking about how companies use this stuff right, but what about you personally like in your own work? Where could you use a little more, you know, insight into the spending? Ooh, that's a good one, right. Maybe it's your teams budget or like how your department. Uses its resources or even just your own personal finances, those principles we talked about seeing what's there, finding opportunities, making decisions based on data, not just, you know, gut feelings. It applies everywhere. That's such a good point. Well, on that note, I think we're going to wrap this deep dive up. Thanks for joining us, everyone. And remember, knowledge is power, especially when it comes to your money. We'll see you next time.