Calalog vs Marketplace

Analytics is good…

The catalog, the soul of procurement

How about the Quality of your Data?

Over the past few days, we covered Real-time Analytics and the role of marketplaces… Let’s review Vroozi’s marketplace!

Not a catalog, but a marketplace.

The marketplace is a single point for all systems to access cleansed and normalized data with contracted and approved suppliers.

It orchestrates many different parties (business units, central category managers, suppliers, etc.) that need to manage content to scale in a central and decentralized (e.g. local sources) environment.

All product and services content goes through the marketplace validation and purchase approval processes.

Catalog vs Marketplace 

Transactions – Vroozi Purchase Express and Purchase Manager

  • Usability encourages employee participation to realize procurement objectives – contract compliance, diversity spend, green spend, etc.
  • Without participation, the company will not have complete transaction data. The company loses valuable information when employees circumvent the process.
  • Gives the information context that leads to insight. Provides the context on top of the marketplace data that leads to future insight for that context.
  • Portable and convenient – create purchase requests any time and on any device.

Catalog vs Marketplace

Vroozi Analytics

Real-time analytics/AI based on cleansed data – not a quarterly view of historical data

  • Confidence that the data is accurate
  • Capability to enrich the data with other data sources
  • Adjust insight on the fly without looking backwards

The above best practices encourage employee participation, build transactions based on different contexts, and enable businesses to adjust and realize their strategic objectives.

Having accurate and correctly categorized data during the entire lifecycle of the transaction is critical to the real-time insights that can be gleaned from the role-based dashboards and analytics.

How confident are you in your reporting?

Want to see a Live Demo?

@Vroozi

by Michael Jud, Procurement Strategist and Evangelist

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