"The E-Procurement Benchmark Report" evaluates the strategies, capabilities and procurement performance of over 400 enterprises, discovering that E-Procurement solutions continually add value to the ever-evolving procurement unit. The research supports the value of E-Procurement technology, such as IQNavigator for services procurement, that serves as a driver for improvements in transaction-processing and compliance. The report concluded that E-Procurement technology transforms the procurement organization into a knowledgeable source of real-time information and spend visibility.
The report outlines E-Procurement technology that has helped Best-in-Class enterprises:
- achieve 75% lower requisition-to-order cycle times
- place 88% of their spend under management (twice the amount of the average enterprise)
- experience 31% lower “maverick” (off-contract) spend than all other organizations
In particular, to achieve best-in-class performance, Aberdeen's research recommends that enterprises leverage E-Procurement solutions for complex spend categories such as travel and entertainment, contract labor, print and real estate.
IQNavigator delivers a comprehensive E-Procurement solution to support all types of services spending. IQNavigator offers the industry's most comprehensive solution with broad functionality and the support of service categories including offshoring and outsourcing, professional services, contract labor, complex IT projects, facilities management, marketing and legal spend. IQNavigator automates the services procurement workflows using a state of the art Software-as-a-Service (SaaS) platform, a true multi-tenant offering, that provides fast time to value, ever increasing capabilities and low cost of ownership.
"E-Procurement solutions continue to positively impact the services spend category across a spectrum of procurement performance metrics," said Amit Gupta, research analyst, Aberdeen. "Our research has shown that by leveraging E-Procurement technology to manage services spend, enterprises have streamlined the procure-to-pay process by significantly lowering transaction cycle costs and cycle times, capturing greater spend under management, and reducing maverick (off-contract) spend."
Please contact Ashley Schmidt at ASchmidt@IQNavigator.com for any questions.
About IQNavigator
Founded in 1999, IQNavigator provides services procurement and optimization
solutions to Fortune 500 companies such as Charles Schwab, Shell, Northrop
Grumman, Sony Electronics, Alcoa, Schlumberger, Quad/Graphics, and Entergy.
The company's award-winning suite of integrated applications enables
companies to increase profitability by reducing and controlling costs for all
types of outside services spending worldwide. IQNavigator has a successful
track record for delivering a compelling and fast return on investment, as
well as adaptable process control, enterprise-wide financial analysis and enhanced
performance. The company is recognized as an industry pioneer and offers deep
domain expertise in key market segments such as financial services, energy,
healthcare, manufacturing and aerospace/defense. IQNavigator is headquartered
in Denver, Colorado, and is found on the Web at www.IQNavigator.com.
