In an increasingly competitive business world, efficiency and speed in decision-making are key to success.

Reliable information is the raw material for data-driven business decision-making.

For these reasons, the BI platform is one of the most important technologies that adds the most value to companies, according to recent research by Deloitte and CH Master Data | Astrein with Supply Chain directors and managers.

CH Master Data | Astrein research chart:

The Power of Data

In the world of procurement, information is power. BI collects, organizes, structures analysis, shares, and monitors information that supports data-driven business management and empowers procurement professionals by providing access to real-time data on suppliers, pricing, market demands, and more. Beyond the value of implementing this platform, it is crucial to have standardized data and processes to ensure data quality. By having accurate and up-to-date data, the procurement department can negotiate better contracts, identify savings opportunities, and mitigate risks.

Some examples of BI application in purchasing:

Expense and Cost Analysis

• Using BI tools to analyze spending and expense patterns over time;

• Identification of high-cost areas and opportunities for cost reduction through detailed analysis.

Demand and Stock Forecasting

• Use of predictive analytics to forecast demand for products and materials;

• Optimize inventory levels based on forecasts, avoiding excess or shortage of products.

Supplier Analysis

• Supplier performance assessment based on metrics such as quality, delivery time and cost;

• Identifying opportunities for supplier consolidation to reduce costs and improve efficiency.

Contract Management

• Monitoring the performance of supply contracts through control panels and reports;

• Automatic alerts for contract renewals and important dates.

Risk Analysis and Compliance

• Identifying and mitigating supplier-related risks, such as financial instability or compliance issues;

• Monitoring compliance with purchasing policies and regulations through data analysis.

Purchasing Process Optimization

• Identification of bottlenecks and inefficiencies in purchasing processes through workflow analysis;

• Implementation of process improvements based on insights obtained from BI.

Negotiation of Contracts and Purchase Conditions

• Use of historical data and market analysis to support negotiations with suppliers;

• Identification of opportunities for improvement in purchasing conditions based on comparative analyses.

Performance Assessment and Key Performance Indicators (KPIs)

• Monitoring purchasing performance KPIs, such as total acquisition cost, purchasing cycle time, and single-vendor rate;

• Identification of areas for improvement based on the results of performance analyses.

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The data analysis capabilities offered by BI can provide valuable insights that help organizations optimize their purchasing processes and gain a competitive advantage by ensuring that all information is accurate and reliable, while also reducing costs and making more informed decisions.

Do you want to implement an efficient BI strategy for your purchasing department?

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