What is Procurement Analytics?
A Procurement Analytics provides consolidated and up-to-date data to procurement executives to help simplify their decision making process for the procurement contracts that they are managing on a day-to-day basis. The data collation provides both financial and non-financial benchmarking status of packages as well as vendors. The output would also include updates on standard operation procedures in maintaining sound contract management.
How do we do it?
We provide a comprehensive collection, collation, analysis and reporting of procurement performances across a wide range of key metrics including but not limited to:
- Order tracking and compliance
- Consolidated Expenses Tracking
- Cost Savings tracking by category Categorized by each vendor and by each project
- Supplier benchmarking and scorecards
ThrivOn dashboards are completely customized to each users’ specific spend categories and procurement processes in order to provide insightful, efficient and actionable procurement performance tracking.
Our sound approach and intuitive interface layouts enable us to deliver a range of interactive dashboards. ThrivOn dashboard solutions enable the users to be more relevantly informed through actionable metrics and make ‘efficient and effective’ procurement decisions.
The solutions aim to allow our users to be more informed through features such as:
- Observe purchasing trends such leading suppliers, top purchase categories and items
- Track key performance measures, such as the share of non-contract purchases to total purchases, and compare them across segments/departments.
- Identify contract leakage rate to help manage compliance
- Measure payables leakage rates to reduce operational inefficiencies