LONDON--(BUSINESS WIRE)--Quantzig, a leading analytics and advisory firm that delivers customized analytics solutions, has announced the completion of their article on the benefits of procurement analytics.
With the availability of a huge amount of data, it has become vital for companies to deploy advanced analytics to understand market dynamics, purchasing trends, behaviors of business stakeholder, and team performance. The data obtained helps procurement managers to assess their real position on the ‘analytics value chain’ and make accurate procurement decisions. Moreover, procurement analytics helps in precise market pricing evaluation to maximize savings, analyze consumption patterns to reduce overall spend, and analyze preferred supplier compliance.
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“Procurement analytics improves the efficacy of organizations when it comes to understanding their existing supplier base’s performance and identify opportunities to integrate processes by utilizing global contracts and secure better pricing,” says a market expert from Quantzig.
Benefits of procurement analytics:
Financial metrics
Controlling spend over budget is crucial for companies in the competitive marketplace. Procurement analytics helps companies to compare the purchase order value or the budget with the actual invoicing and make informed business decisions. It also identifies cost-effective opportunities and optimizes the working capital.
Quantzig's procurement analytics solutions have been helping procurement managers to make informed decisions, both at strategic and tactical levels. Request a proposal to know how you can leverage Quantzig’s solutions for better vendor management, negotiations, and purchasing strategies.
Pricing metrics
Procurement analytics help businesses to identify price variance by division or geography. It also assists organizations in analyzing pricing gaps for a similar kind of products or services across the globe. Procurement analytics offers predictive insights on price development and identifies the rise in spend for a SKU or category. Are you interested in availing the benefits of procurement analytics for developing better pricing strategies? Get in touch with our experts.
Compliance metrics
Organizations need to identify and control any variance from the agreed KPIs and define process as they come with a higher price point. They also need to detect any fraud in the process for the long-term growth of the business. Procurement analytics analyzes factors such as spend near approval limits and large spend without a point of sales and aids in fraud detection for companies. To know more about the advantages of the procurement analytics, visit the full page here!
About Quantzig
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/get-more-info
