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In the second part of our podcast interview series, Mark Cunningham, Founder and CEO of Stytch, will explain how procurement teams can create a deeper data story. Mark highlights the significant business impacts of consolidating procurement data, he underlines the major priorities procurement teams focus on, and he also defines procurement best practices when building a data-inspired culture. Listen to the podcast or read the transcript below.

Q: What are some of the business impacts procurement customers experience when they use Stytch?

Getting a consolidated view of all your data and then being able to slice and dice that data in different ways to get timely insights has benefits to all companies. However, let’s look at procurement teams specifically.

Using Stytch, the biggest business impact is deep visibility and timely insight into supplier relationships, supplier performance, spend, and procurement performance. This enables business agility and growth. From working with different procurement leaders, we’ve identified some important questions that these leaders typically want answers to:

  1. Total spend per supplier
  2. Percentage of suppliers that account for the most spend
  3. Suppliers that provide the best quality materials
  4. Procurement team performance (i.e how much is budgeted to conduct procurement activities, versus what was actually spent)

Measuring these things requires stitching together data from multiple systems and different places in the organization - from company financials to third party data on global conditions, to supplier information - into one central location. Stytch gives you the ability to create this single, central, consolidated view. Stytch also ensures that as the data changes, it is continuously updated in your reports and dashboards to allow for continuous analysis and timely decisions.

What we find is that a lot of companies try and do this kind of analysis in spreadsheets, which is less than ideal. Mashing together data in a spreadsheet is slow and laborious. With Stytch, you simply build a data model once and the data, reports and dashboards are automatically updated as the data changes. A MOAS (that’s “Mother-Of-All-Spreadsheets”) can take weeks or months to create each time. With Stytch, you can run a report in seconds.

Spreadsheets also only provide a single snapshot of your data in time, which means it’s hard to track trends and very difficult to analyze data with more than a couple of dimensions. Stytch on the other hand, creates a single, central view of the data allowing for multi-dimensional analysis. Further, spreadsheets are highly prone to human error and version control issues.

With Stytch and Dun & Bradstreet, you can not only identify missing information, errors or duplication, but fix the errors and enrich the underlying data, ultimately increasing accuracy and improving data quality.

Q:  At Dun & Bradstreet, we find that supply chain customers focus on three particular priorities: optimizing their supply base, preventing business disruption and protecting brand values. Have you seen these same priorities within your customer base?

Yes, those are similar priorities to what we have seen. Stytch and Dun & Bradstreet together help procurement teams actively monitor performance of the supply base and provide deep visibility at all levels. An informed, unified view of suppliers allows them to view their supply base more completely and anticipate problems, lowering the risk of supply chain disruption. Stytch and D&B also help procurement teams identify areas for optimization. For example, we can help procurement teams easily identify cases where spend across vendors can be consolidated and contracts can be better negotiated. The combination of Stytch and D&B data can also help identify where the vendor portfolio should be diversified to reduce risk. In addition, gaps or inaccuracies in a customer’s data can be identified, and fixed to allow for better, data-driven decisions.

Through utilizing Stytch in combination with D&B data, procurement leaders can also establish if they are working with the “right” suppliers to grow their business. For example, identifying suppliers with the best fulfillment record or, proactively choosing suppliers that are less risky by adding in Dun & Bradstreet data such as financial performance data. A combined Stytch and D&B solution can also help procurement leaders choose suppliers that are aligned with their brand values by adding analytics such as Dun & Bradstreet’s new Human Trafficking Risk Index, or company diversity data, to their supplier analysis.

Q: What are the best practices when a procurement customer uses Stytch?  

They are similar to any company or team looking to become more data-driven and build a data-inspired culture:

  • Determine what questions you actually want to ask of your data. If you could learn anything about your data, what would it be? Every company is different, with different business workflows, and success metrics. What are yours?
  • Determine whether you have the data to answer those questions - in part or in full? Where does that data live? This can be a political problem for some companies, more than a technological one. This is often the lengthiest part of the process so automating the extraction of data once you have access is a good plan.
  • Find the right tools to stitch together the data you need, regardless of where it sits, to get a 360-degree view of your procurement world today. Stytch makes it much easier to match and blend your internal data from different sources by assigning a D-U-N-S number to your supplier records. We can also add other firmographic information, such as SIC codes to more easily group and segment data. This is where generalized BI and analytics tools are powerful. They allow you to grab exactly the data you need (and only the data you need), as often as you need it.
  • Are you missing data? Is your data clean? Cleanse and enrich using Dun & Bradstreet data to fill the gaps.
  • Lastly, identify actionable insights from your data. Continuously test, learn, refine and repeat. Allow room for data discovery to learn new things about your business!

Q: Where can you learn more about Stytch and Dun & Bradstreet?

To learn more about the Stytch platform, check out their website at www.stytch.com or follow them on LinkedIn (Stytch, Inc.) or Twitter @stytchhq. If you are not already a Dun & Bradstreet Customer you can contact their team directly. If you are an existing D&B customer, just contact your Dun & Bradstreet Relationship Manager and ask to get connected with the Stytch team!

To learn more about Dun & Bradstreet be sure to check out our site www.dnb.ca or you can follow us on LinkedIn (Dun & Bradstreet Canada) or Twitter (@DnBCanada). Let’s connect!

 

Contributors

Pauline Berry is a Data Research Specialist at Dun & Bradstreet Canada who is most likely rock climbing when she's not researching.

Diana Matynia is a Digital Marketing Specialist at Dun & Bradstreet; you can usually find her painting experimentally on the weekends.