How do procurement dashboards help companies in any industry track KPIs, identify savings opportunities and implement cost reduction strategies to improve their business? Here are some key details about our ready-to-use procurement software:
Improve Compliance Rate:
The compliance rate is how completely companies fulfill their contractual agreements with their customer. In addition to quantities and prices, agreements include other clauses like cancelation terms, response times, diversity programs, process changes, and delivery windows. This is crucial for businesses that rely on procurement organizations to complete their order. Procurement Dashboards show individual and category supplier compliance performance which helps companies with benchmarking and holds suppliers accountable now, providing data for future supplier negotiations.
Track Suppliers, Their Quantity, and Their Relation with Your Company:
As a company, you’re sourcing from many suppliers at once who are competing for your investment. Some procurement leaders leverage their procurement processes and implement data-driven strategies to ensure on-time delivery, provide better products, and cost-effective rates. Dashboards provide greater insight into supplier performance and help improve procurement performance overall. By seeing supplier performance in detail and in aggregate, organizations can select the best suppliers for their next orders and long term contracts.
You don’t have to do anything here. Big data from your Quality and ERP systems are saved and the Dashboard shows the defect rates automatically. This process will identify high-performing suppliers and eliminate low-performers from your supply chain. You can figure out your future business prospects with the help of the Procurement Dashboard.
Measure Lead Time:
Delivering orders is not the only important variable when picking a supplier. Suppliers need to fulfill orders on time including deliveries. What Procurement Dashboards benchmark and select the best supplier to do the job based on quality products, supply quantity, and lead time needed to completely deliver the order. No order will go unfulfilled with the Dashboard tracking the procurement process and purchasing KPIs.
In Time and Accurate Reporting:
Procurement Dashboards also bring you accurate, company-wide metrics and reports about the performance of your procurement KPIs and strategy. It tracks your organization’s operations and performs analysis to present procurement metrics regarding business operations in the past week, past month, or quarter. The dashboard compiles procurement data and can quickly generate emergency reports or monthly reports to pinpoint opportunities for improvement. The accurate tracking data will enable you to identify strategic sourcing opportunities, see total costs, set benchmarks, and KPIs to help achieve the future goals of your business.
Contact us today to learn more about how Simfoni’s technology and processes can help your organization achieve world-class Spend Analytics, Savings Tracking, Procurement Benchmarking & Tail Spend Management Solutions.