Procurement teams can collect and analyze a wide range of data using technology to make more informed purchasing decisions. Some examples of procurement data that can be collected and analyzed include:
By analyzing these various types of data using technology, procurement teams can gain valuable insights into their procurement processes and make more informed purchasing decisions.
Saves Revenue: By tracking spend data, procurement teams can identify areas where costs can be reduced, such as negotiating better deals with suppliers or consolidating purchases to achieve volume discounts. This can help the company save money and increase profitability.
Supplier performance: Through supplier data, procurement teams can evaluate supplier performance and identify opportunities to improve supplier relationships, reduce risks, and ensure supplier compliance.
Contract compliance: By tracking contract data, procurement teams can ensure that suppliers are meeting their contractual obligations and avoid penalties or legal disputes.
Inventory management: Inventory data can help procurement teams optimize inventory levels, reduce carrying costs, and ensure that the company has the right amount of stock to meet demand.
Market intelligence: Market intelligence allows procurement teams to stay informed about industry trends, anticipate changes in demand or pricing, and make informed purchasing decisions.
Tracking procurement data allows procurement teams to make data-driven decisions that can lead to cost savings, improved supplier relationships, and increased efficiency in the procurement process. This can help the company achieve its strategic goals and remain competitive in the marketplace.