Category Watch
Benchmarking
Drive procurement excellence with Category Benchmarking.
Benchmarking
With inconsistent pricing and evolving industry standards, procurement teams often find it challenging to determine if their strategies are truly competitive. Without a clear understanding of how their practices compare to peers, buyers risk falling behind in cost efficiency and strategic alignment.
Beroe’s Benchmarking solution empowers you to measure and compare your category performance against your industry peers. By evaluating 18 key procurement metrics, you can identify opportunities to optimize costs, mitigate risks, and refine your category strategies.
How Benchmarking elevates your procurement:
Cost optimization
Compare your category performance on critical cost parameters like Spend against Revenue, Payment Terms, and Inventory Duration. Identify areas to control costs and enhance financial efficiency.
Risk mitigation
Assess category risk by comparing the risk exposure for your supplier and sourcing locations to get a holistic view of the current market and proactively address potential supply chain issues.
Strategic category management
Make informed procurement decisions by comparing your company's performance against peers across 11 strategic questions, including achieved savings, supplier types, contract terms, and more.
Set realistic goals
Gain insights into peer performance across key categories to set achievable goals and understand what’s possible within your industry.
Enhance risk management
Monitor suppliers accounting for over 60% of category spend, identify the financial health of key suppliers, and take proactive measures to mitigate risks associated with underperformance.
Drive cost efficiency
Uncover areas of overspending by comparing key metrics with benchmarks drawn from a 50,000+ user community and Beroe's 18 years of knowledge capital, revealing opportunities for cost reduction and improved cash flow.
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