Measuring the Real Impact: Key Metrics for Procurement Intelligence Success

Procurement intelligence platforms radically improve performance. They offer procurement teams insight into markets, suppliers, and potential risks, which then allow better choices, better results, and ultimately a better business. But how do you prove to your stakeholders it’s worth the investment?

Here we’ll look into the key metrics to measure the impact of a procurement intelligence solution and how these platforms deliver tangible benefits for your business.

The Magic Number 

Let’s face it, a lot of companies have a significant amount of spend that’s not being managed effectively. This translates into losing out on potential savings, risk avoidance, and better strategic decision making.

These platforms give you a clear picture of your budget, your suppliers, and your risks, which puts you in a powerful position for cost control and strategic sourcing.

A purchasing intelligence tool can help you:

• Spot Maverick Spend: Find those purchases that don’t align with your policies.
• Identify Risks: Discover warning signs of your vendors before they pose a serious threat.
• Automate Tasks: Unburden your team with tedious tasks, and let them deal with the more strategic priorities.

What does this mean for you?

• Cost Optimization: You’ll see where you can reduce costs to free resources for your business to grow.
• Strategic Sourcing: You’ll be able to make smarter sourcing decisions to get the best value for your money.
• Risk Management: You can proactively identify and manage supplier risks, to minimize disruption and ensure a more resilient supply chain.

Goodbye, Manual Research 

Market research is the key to sound purchasing strategies, but the old-fashioned way of sifting through piles of reports and databases can really take up a lot of time.

Procurement intelligence platforms automate the data collection and analysis, freeing your team to do more strategic work, such as supplier interaction and negotiation. That will allow for increased productivity and enable your team to do more important things like create new sourcing plans and cultivate better supplier relationships.

Negotiation Power 

Renegotiating contracts for better terms and finding cost savings is so crucial. However, that’s a difficult job when you’re wading through a complicated market, attempting to decipher supplier pricing and cost structures.

Procurement intelligence platforms provide your team with intimate knowledge of supplier pricing strategies, market trends, cost structures and allow them to become agile negotiators. They can find where to save money and to get better deals, which will significantly improve your bottom line. 

Mitigating Disruptions 

Supply chain disruptions—whether natural disasters, geopolitical instability, or other unexpected events—can all hit your supply chains hard, leading to production delays, increased costs, and potential revenue losses.

Procurement intelligence solutions help you see these disruptions coming. By analyzing data and identifying potential problems, you can adjust your strategies proactively and keep your supply chain running smoothly. 

If you need to understand the benefits of a procurement intelligence platform in even more detail, download our guide in building a business case for investing in procurement intelligence. It explores how the right procurement intelligence solution can help you transform the way you make informed decisions. 

Beroe offers an entire AI-enabled suite of tools to help you reach procurement greatness. Our platform empowers you to track and improve these key metrics:

• Real-time data and insights: Beroe offers real time market intelligence, cost analysis, and supplier risk so that you can make the best sourcing decisions you possibly can.
• AI-powered tools: Beroe automates tasks, finds cost savings, improves process efficiencies through our AI enabled platform so your team can focus on strategic initiatives.
• Advanced analytics: Our analytics are so advanced that you can see the trends in the market, you can predict what the suppliers are going to do, you can manage the risk, all of which will help you make better decisions, and you will have better procurement operations.
• A user-friendly interface: Beroe’s platform is user friendly and takes complex data and makes it easily understandable and usable.

Ready to unlock the full potential of procurement intelligence?