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.
DataKITE Power BI can help your procurement department identify procurement cost savings
- Identify high-spend categories – DataKITE Power BI can be used to identify the categories of goods and services that a company spends the most money on. This information can then be used to focus procurement efforts on these categories and identify opportunities for savings.
- Identify duplicate / repetitive spending – DataKITE Power BI can help to identify duplicate or repetitive spending, which is when you pay / order the same thing multiple times. This can happen due to a number of factors, such as poor communication between departments, lack of visibility into spending data, and human error. DataKITE Power BI can identify duplicate spending by comparing requisitions, purchase orders, invoices, and other procurement data. Once duplicate / repetitive spending is identified, you can take steps to eliminate it.
- Identify maverick spending – Maverick spending is when employees purchase goods and services without going through the proper procurement channels. This can lead to higher costs, as employees may not be negotiating the best prices or using the most cost-effective suppliers. DataKITE Power BI can identify maverick spending by tracking all employee purchases and comparing them to approved purchase orders. Once maverick spending is identified, the company can take steps to prevent it, such as by implementing stricter procurement policies and procedures.
- Identify areas for consolidation – DataKITE Power BI can be used to identify areas where a company can consolidate its spending. For example, a company may be able to save money by consolidating its purchases of office supplies or IT services. DataKITE Power BI can identify areas for consolidation by analyzing spending data by supplier and category. This information can then be used to identify opportunities to consolidate spending with a smaller number of suppliers.
- Identify opportunities for negotiation – DataKITE Power BI can be used to identify opportunities for negotiation with suppliers. For example, a company may be able to negotiate lower prices or better terms by bundling purchases or committing to a certain volume of business. We can identify opportunities for negotiation by analyzing spending data by supplier and category. This information can then be used to identify suppliers where the company has significant spending and where there may be opportunities for negotiation. By using DataKITE Power BI to analyze procurement data, companies can gain valuable insights into their spending patterns and identify opportunities to save money. We can also be used to track the progress of cost-saving initiatives and ensure that they are meeting their goals.
Overall – By using DataKITE Power BI, procurement departments can improve efficiency, reduce costs, and make better decisions. This can lead to improved profitability and increased competitiveness.
Try the DataKITE spend analytics tool for free.
