Procurement Analytics

Procurement Analytics for Actionable Insights

We help businesses turn procurement data into dollars.

What makes Analytics the lifeline for procurement?

The common myth surrounding analytics is that when it comes to procurement, analytics is solely relevant to spend analysis. On the contrary, analytics relates to all such activities, whether it is category management, strategic sourcing, or acquire-to-pay business processes. These are some of the major reasons to make analytics essential over various procurement tasks.

Analytics the Lifeline for Procurement

Contract management analytics

Analytics offers much value when it comes to the lifecycle management of the contract. Analytics software may alert you when you need to re-bargain contracts. Analytics may also recognize purchases done outside the purview of agreed contracts to ensure conformity and enhance contract coverage.

Category management analytics

If you can use analytics effectively, analytics empowers category managers with special powers. When it comes to procurement analytics, it lets the managers detect savings prospects, deal with supply risk prospects, ensure innovation, and segment and keep suppliers on top priority. 

Sustainability and corporate social responsibility analytics

Businesses can now understand the importance of analytics in evaluating sustainability as well as corporate social responsibility (CSR). It also helps to assess the associated threat in the supply chain and acquirement. Analytics tools can reveal the social or ecological effect of procurement choices and detect possibilities for increased sustainable options.

Strategic sourcing analytics

You can implement the best strategies with the help of data. When it comes to strategic sourcing, analytics does help in recognizing the best areas and times to run sourcing activities as well as proposal requests. Analytics software can detect which suppliers you need to add as far as sourcing projects are concerned. It also provides valuable information into suppliers’ threat situations and quality.

Acquire-to-pay analytics

Procurement analytics tools offer loads of benefits when it comes to the transactional aspect of procurement. When you have analytics in place, it is super easy to compute purchase-order cycles as well as enhance the terms of payment. Assess the exactness of payments, detect incorrect payment, find out about rebate possibilities, and minimize fraud. 

Turn your procurement data into dollars

Procurement Analytics Examples

Over various procurement businesses, you will find numerous procurement analytics applications. The common examples are:

Contract analytics It is the evaluation of supplier agreements, their meta-data like terms of payment, and dates of expiry.
Spend analytics The assessment of procurement spend information from external or internal sources of data.
Savings lifecycle analytics It means the assessment of savings projects and their effect on the financial outcome.
Supplier analytics It implies the evaluation of a supplier’s efficiency or performance, supplier threat assessment, supplier performance comparison, evaluation of supplier base, and variety or sustainability.
Procurement standards It means a comparison of a procurement firm’s performance or efficiency to peer or for that matter, market standards.
Spend projections It means the futuristic assessment of procurement spend info and its effect on business success or profitability.

Kinds of Procurement Evaluation

As far as procurement analytics is concerned, it has materialized from the requirement to figure out previous procurement efficiency or performance and help to make future decisions. Here the common types of procurement analysis:

Investigative Analytics
Investigative Analytics:

It means procurement info is construed to figure out why any incident has occurred previously.

Descriptive Analytics
Descriptive Analytics

Here procurement data goes through analysis to define what happened previously.

Prescriptive Analytics

Here prognostic models depend on procurement info to help in making informed decisions.

Predictive Analytics

It applies when patterns and trends related to data are leveraged to predict procurement efficiency in the future.

Procurement Evaluation

Cognilytic in a nutshell

Cognilytic helps organizations to change procurement data into money. We combine all procurement-related information under one roof, which helps in unearthing unseen data and offering useful insights for making informed, data-driven business decisions.

With artificial intelligence classification as well as data-driven external standards, we at Cognilytic offer the best procurement analytics software to empower procurement businesses globally.

Several users in some of the leading and best procurement businesses use our analytics solution. When it comes to providing our clients with the best solution, we do not believe in just retrospective reporting but walk the extra mile. We deliver more by ensuring futuristic forecasts as well as all-encompassing analytics solutions. We make the best use of internal data and combine it with external sources of information.

With us, machine learning technologies and human intellect are included as one. In simple words, we transform procurement data to help you make money.

    Get Solution for your business