Michael Foley, Managing Director Procurement IntelligenceWith the changing market scenario and emerging business trends, concepts such as procurement have undergone tremendous evolution over the years. Michael Foley, Managing Director, Procurement Intelligence expresses, “Procurement has moved from being primarily responsible for supplier management and cost controls to a partner at the table that works with business units and product teams to add value to a company overall.” Seeing a need in the marketplace, Evalueserve took the lead in ushering procurement intelligence into the modern age with their innovative InsightBee Procurement Intelligence platform. “We’ve taken a serious investment to modernize procurement intelligence for 2016 and beyond. Our aim is to bring together advanced technology, smart tools, and proactive alerts to help our clients with their sourcing strategy and enable them to be more proactive and less reactive to market trends,” adds Foley.
Evalueserve has grown in the past 16 years to become a global research and analytics company with over 3,500 analysts worldwide. A few years back, the firm began investing heavily to launch its ‘mind+machine™’ approach–an amalgam of Evalueserve’s analysts and advanced technology for scale, speed, cost effectiveness as well as new capabilities. “Our strength is a combination of insights and technology that maximizes our impact, which makes mind+machine™ a unique offering,” says Foley.
Procurement roles need a broader range of capabilities than in the past and today’s procurement expert must be able to regularly draw upon a global and up-to-date understanding of key trends shaping a category. They are also required to deliver a variety of analyses that identify everything from innovation, sustainability, cost models, risk tracking, benchmarking, and best practices. “The procurement role must deliver all this while spending an increasing amount of their time away from their desk and regularly sitting down with the business. This wouldn’t be possible without solutions like InsightBee Procurement Intelligence,” explains Foley. Our solution is a cloud-based dashboard that brings together all the analyses a category team needs in order to set an optimized sourcing strategy, stay on top of key trends, and proactively identify key risks as they emerge.
Our strength is a combination of insights and technology that maximizes our impact, which makes mind+machine™ a unique offering
Evalueserve begins each major engagement with a workshop, to not only understand how a client works and identify key needs, but also to find a way to suggest industry best practices and the learnings gathered by clients in similar situations. “We do not believe in providing a one-size-fits-all model when we work with the clients and our solutions reflect this philosophy,” adds Foley.
The InsightBee Procurement Intelligence platform takes a 360° approach to analysis, leveraging an impressive variety of database subscriptions, news sites, desk research, analyst reports, blogs, interviews with subject matter experts, supplier interviews, market research, benchmarking, and competitor intelligence. Additionally, combining our data analytics expertise with a client’s internal data helps clients get the most out of the data they already have.“This is a solution that would have been unmanageable a few years ago,” Foley states.
As the firm continually works to create a large user-base around their procurement intelligence platform, Foley sees an opportunity to create an interactive ecosystem that harnesses the power of the procurement community. “Things such as discussion forums, supplier rating systems, benchmarking with peers, webinars, and templates that can be used for procurement processes will help not only create more two-way communication flows between Evalueserve and our clients, but also between clients,” explains Foley.
The growing user-base prompted Evalueserve to take all the necessary steps to protect its clients’ data, all global delivery centers being ISO Certified 27001:2013 and conducting various levels of certifications and audit procedures.