The platform’s analytical features will provide an integrated benchmarking system as opposed to existing static tools in the market which require, Sievo said, “costly and time-consuming consulting engagements” that only give “a high-level overview.”
Expense and inconvenience have therefore limited CPOs’ understanding of procurement performance against the market in the past, while Sievo Procurement Benchmarking tool will provide customers with an on-demand, real-time spend analysis suite.
The platform is capable of monitoring performance metrics, financial gaps, and sourcing opportunities, with detailed information that offers procurement specialists a rounded and actionable view of each factor.
“Procurement has been striving to create real competitive advantage for years – but historically, CPOs have lacked the necessary insight to measure performance against industry norms,” said Sammeli Sammalkorpi, Sievo co-founder and VP of customers.
“Sievo’s new Dynamic Benchmarking capability will revolutionize procurement performance by providing procurement leaders with insight into how they are performing, where they are falling behind and opportunities to lead the market.”
The suite is backed by “a data repository of over 125 million transactions and $140B in spend,” according to Sievo’s press release.
It added that Sievo will also release public quarterly reports on industry-specific shifts in KPIs and benchmarks in addition to the data provided to firms via its benchmarking suite.