Measuring & Controlling Spending through Procurement
Do You Really Know What Your Business is Spending?
Many company leaders believe they already know how much their business is spending, but are shocked when they see the real data.
Real-time insight into your spending should be the prime focus of your procurement. Understanding your company’s spending is vital to creating a strategy that will help you succeed. Roadblocks like poor or incomplete information may set you up to create a misguided strategy.
Just knowing your actual analytics will allow you to decrease spending in the future and improve the quality of spending, too. Here are a few of the important analytics you can measure and see in real-time:
- Spend by Category
- Spend by Region
- Compliance – Catalog, Initiatives, etc.
Spend by Supplier
- Budget as of Today
- Projected Budget Spending – Rate of Spending
Predictive Savings with Contract Compliance
- Invoice Accuracy
- And More…
The ability to measure all these different analytics (and many more based on your needs) will change the way your company spends.
Analytics should be customized to each business’ needs. Here are some highlights of important analytics that every company will want to see.
Measuring Today – Real-Time Analytics
Analytics often come too late to make a difference. With real-time analytics, you can see what is going on today. How many POs were approved today? What is today’s spending? Or spending this year or this quarter? Now you can use your data to pivot and immediately see how successful your new spending strategy is.
Procurement can do the heavy lifting with the right analytic tools. Predictive tools like Vroozi’s Spend Analytics can alert you when the rate of spending is on track to exceed the allotted budget. The system will automatically recognize that the rate of spending is too high. With this powerful analytic, you can quickly communicate to your users what needs to happen.
Turning Numbers into Action
Numbers and data are only as valuable as the profitable actions and changes they inspire. If you track data and analytics only to put it away in a folder that never gets touched, you are missing out on a valuable guide. Being able to quickly turn your data into understandable charts and graphs that will help everyone to see what needs to be done next is a key feature of good procurement.
Vroozi’s procurement platform turns your data into actionable items so you can respond quickly to real-time data. Learn more about how Vroozi can turn your data into a valuable strategy >>