The banking and insurance industries got a close look at Ariba during the spend management vendor’s Financial Services Industry Summit, with customers and prospects gathering to exchange experiences and best practices for spend management in the sector. While the Summit focused on the top three priorities of the financial industry as identified by executives in a recent study—generating meaningful and measurable results, accessing and analyzing spend data, completing projects on time and within budget—the issues extend to many other industries as well with lessons for all.
These priorities continue to reinforce the importance of ongoing procurement transformation. Procurement professionals must focus efforts on automated processed and workflows to free up time so they can put their energy into strategic initiatives that deliver measurable and meaningful results. Such results demand a company use spend management to set strategies and objectives, formulate the plans, and then track the progress. For a detailed look at how financial services are bringing spend under control, see, “Financial Services Offers Spend Management Lessons for All”.