468: Make Intelligent Purchases Driven by Data, with ProcurementIQ

Anthony & Lyle of ProcurementIQ talk about client collaboration, leveraging data, the growth of procurement & the biggest challenges impacting teams in 2025.  IN THIS EPISODE WE DISCUSS:   [06.08] Lyle's background and the journey that led him to co-found ProcurementIQ. [09.00] How ProcurementIQ has evolved over the last decade, and where they are now. "We were learning – and so was procurement in its own right. The concept of category intelligence wasn't really a thing in 2013... Back then there was market intelligence so what we really had to learn about was that evolution." [11.13] Anthony's background, how it sparked a passion for supply chain and why, after years in the industry, he decided to go to school for supply chain. "It's never a bad time to invest in yourself and develop your skillset." [14.08] The biggest supply chain challenges and disruptions, and the impact they're having on procurement practitioners and their ability to plan ahead and do their jobs effectively. "It's creating a ton of uncertainty – which is the bane of our existence in this industry! It's making it much harder to plan and strategize for de-risking supply chains. And the on-off again approach to tariffs makes it even more difficult, because the calculus is constantly changing." [16.09] Creating effective feedback loops between vendors and clients, the importance of listening, and the true story of how ProcurementIQ leveraged client feedback and collaboration to create their upgraded product suite. "We've been through a digital transformation to help our clients better navigate the complex environment they live in... Change is constant, whether it's priorities, cost savings, consolidation, risk mitigation, supplier diversity – clients are ultimately leaning on us to help them better understand, from an external market standpoint, what all of this means." "It created a very open and honest feedback loop… And it all started with conversation and collaboration." [22.47] ProcurementIQ's interactive website, how its market dashboard helps clients understand their buying power and leverage insights to improve it, and how benchmark pricing allows clients to engage with the marketplace in a way they haven't been able to do before. [25.58] ProcurementIQ's data and category insights, and how enhanced depth into areas like occupation profiles, external demand determinates and price driver profiles helps clients. "There's additional depth and analysis on price driver profiles to help customers construct better 'should-cost' models and ask better questions." [29.17] The ideal client for ProcurementIQ. [30.44] A case study detailing how ProcurementIQ helped a manufacturing client, that were looking to centralize their indirect spend and build category plans that supported stakeholder recommendations and transparency, to shorten their speed to information, boosting stakeholder engagement and supporting the team to increase efficiency. [34.20] The big questions facing the industry in the second half of 2025, and what procurement teams should be focusing on. "The big question, especially with the tariff environment, is: 'Is this going to last for the full term of this administration?' And what the heck is trade policy going to look like?! In the short-term, it's about getting creative with manufacturing capacity… and re-working supply chain networks." "Procurement leaders are facing challenges retaining, developing and attracting strong talent… There's going to be growth in the procurement profession, so leaders and individuals need to think about what they're doing to set themselves up for success, not only for what we're facing now but what we're anticipating in the future." [38.47] How to take advantage of ProcurementIQ's special deal for Let's Talk Supply Chain listeners.   RESOURCES AND LINKS MENTIONED:   Head over to ProcurementIQ's website now to find out more and discover how they could help you too. You can also connect with ProcurementIQ and keep up to date with the latest over on LinkedIn or Instagram, or you can connect with Anthony or Lyle on LinkedIn. If you enjoyed this episode and want to hear more about procurement, check out 462: Procurement Unlocked: Sourcing Best Practices in a Tariff-Driven World, with ProcureAbility, 243: Reinventing Freight Procurement with Emerge or 211: Transform Your Procurement Process, with Zip.