The Purchasing Team of a manufacturing organization strives to get the best deals from the vendors and aims to stock the parts/materials in time for the production team. With hundreds of vendors and thousands of parts/materials, it is imperative they have information to identify bottlenecks in Cost, Time & Quality
The first step in successful negotiations is to prepare a fact base with information on prior purchases. Organizations where Purchasing is centralized need better visibility of demand across sites so that they can optimize the order size and reduce costs.
Questions that your purchasing team should have answers to include:
While the relationship with a vendor is qualitative and personable, important conclusions about vendor performance should be based on data, rather than feelings. Since advanced analytics is especially useful in isolating vendor performance within a cluster, it can help eliminate biases from the evaluation. Using IntelliDash it is possible to analyze:
Advanced analytics can be particularly helpful in analyzing purchasing data to support a comprehensive sourcing strategy. Cost Savings in Procurement, improvements in overall on-time delivery, Vendor Reduction and Concentration to facilitate strategic sourcing from fewer vendors with stronger relationships are current trends in procurement.
Purchasing Cost Savings can be used to analyze savings year over year.
IntelliDash’s Purchasing Module gives you answers to these questions and much more without having to worry about data integrity, accessibility and the huge costs typically involved in building the necessary IT infrastructure for data analytics. The Purchasing Module comes with an abundance of pre-built dashboards. A summary of the Purchasing dashboards on IntelliDash is provided below: