We’ve participated in hundreds of negotiations with suppliers over the years, which has provided us with valuable insights into how to ensure a successful renegotiation process.
In this article, we share four top tips on how to secure sustainable, long-term results from your supplier renegotiations.
DataKITE is a business intelligence (BI) tool that can help your procurement department to improve efficiency, reduce costs, and make better decisions. DataKITE Power BI can be used to collect, analyze, and visualise data from a variety of sources, including i2B or any other procurement systems, e-catalogs, and supplier websites. This data can then be used to create reports and dashboards that provide insights into procurement performance.
Spend analysis involves identifying, gathering, cleansing, categorising, grouping, and analysing the spend data of your organisation. As a result, procurement costs are reduced and efficiencies are improved by increasing visibility and transparency. Real-time data and analytics provide the insight you need to save money and improve efficiency.
An analysis of spend is only part of the much larger field of spend management. With it, you can visualize all your data to make better sourcing and supplier decisions. Also, it can reduce cycle times and identify maverick spending as well as improve contract compliance.
No IT support, coding skills, or credit card required.
Many companies spend money to ensure their customers receive the best quality product or service. The hidden costs are often overlooked. Spend analytics tools measure how much money companies spend on procuring products and services.
Some companies are already (or are planning to) invest in a spend analytics tool in order to manage their spend, but due to a lack of knowledge, many are realising the true value of spend analytics.
Here are some of the benefits to help you understand what spend analytics can bring to your organisation.
Analysing your company’s spend structure is often the first step towards building a data-driven procurement organisation. The challenge for companies that have jumped on the analytics bandwagon is translating analytics into fact-based actions that enable procurement savings. In this article, we’ll discuss some promising cost-reduction strategies enabled by analytics that can help grow your procurement savings exponentially.
Having poor quality data is arguably as bad as having no data at all. To put it simply: if you put rubbish in, then you’re going to get rubbish out. It’s time to change that.
Access to a high quality spend analytics tool is a critical component of how the modern procurement function operates.
Data analysis has transformed how we assess buying behaviour, identify supply risks and opportunities, and develop our procurement and category strategies.
But over time, outsourcing spend analytics tools has become the industry norm, with third parties hosting company data and displaying it back to the customer via their dashboards.
