The Catalog is the Soul of Procurement
At the heart of Benchmarking
This month we are exploring the 15 reasons the catalog is the soul of procurement.
One of the truest measures of success is comparison. For a company or shopper to see if they are really getting the best deal in procurement, they look to average industry standards or even to their competitors to compare.
Using an e-catalog at the soul of procurement helps users discover if they are paying the right price. Sometimes after negotiating a deal, it might not be clear if the deal is even a good one. Sure, it sounds like a reasonable price and delivery schedule, but without in-depth research, it might be much higher than the deal most customers are receiving. Putting the contract into the catalog allows you to see what others are getting from their supplier relationships and sets a benchmark for the future.
Transparency and Visibility in Procurement
Benchmarking products, services, expenses and traffic…
The transparency of deals provided by a catalog outlines the industry standards that newcomers or even established procurement players should be measuring their success by. Comparing items, services and suppliers through the catalog helps companies make the best decision. They can see where their needs fall in relation to the catalog’s offerings.
The insight needed to choose a product based on certain parameters is easily identifiable with the catalog’s benchmarks.
Not only can shoppers see if their options are the best available and typical for the particular product or service they are searching, benchmarking also gives them confidence in their final decisions. Knowing where your selection falls within the industry benchmarks either assures you about the quality or budget-friendly price of the procured item or service or helps you find a better deal.
No business would complete a year, look at their final profit and be pleased with a static number. They would compare it year-over-year statistics or to competitor performance. Procurement should be the same. A catalog makes comparison transparent and the benchmarks set with each new purchase shapes the procurement industry for years to come.
Benchmarking, good prices and unique services/products are available on Vroozi’s B2B Marketplace (30-day Free Trial) >>