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