Going into a new contract negotiation armed with powerful data and analytics will create the best possible outcomes for your organization. Stave ProcurementPath can provide you with the business insights you require to help you optimize your negotiating position. Its powerful data analytics and reporting of key procurement information that allow you to avoid costly mistakes and reliably secure contracts that benefit your organization.
Here’s a look at how Stave ProcurementPath works in your favor during negotiations, and how to seize its power during your next discussion with a vendor.
Historical Spend and Consumption Analytics
Understanding how your organization buys goods and services, how efficiently you spend, and the impact of procurement on the performance of the business can be difficult to quantify. ProcurementPath’s historical spend and consumption analytics and reporting for contract and suppliers provides a full view of orders, delivery, spend, and other performance details across the organization and by categories, suppliers, region, or business unit.
ProcurementPath can help identify an information fact base that can help drive top of the line organizational performance or bottom line savings by helping procurement negotiations with the details on the total cost of ownership, the balance between cost and quality, and the ability to drive overall business value while reducing risk.
Vendor Performance, Risk, and Issue Analytics
Fact-based analytics allows you to easily evaluate your vendor’s performance and to compare vendors within categories to see which are offering the best value to your organization. This data allows you to perform analysis on price, product offerings, quality, speed, location, or other factors valuable to your business.
ProcurementPath allows you to backup your decisions with hard data. If your leadership or compliance group requires an explanation for a vendor / supplier selection, it’s easy to generate reports that show why they were selected. Just as easily, if a regulator needs documentation on why a bid was rejected, you have archival information at your fingertips that lays everything out in black and white.
In terms of day-to-day negotiations, having competitive vendor information allows your company to always select the right vendor for the right job. No matter what kinds of claims a vendor might make, you’ll have underlying data in ProcurementPath that informs your decision-making.
Over time, your vendors and partners will realize you maintain a rich archive of order history information and they will be forced to adjust accordingly. This provides you better prices and service for your company, because you have the data to demand it.
Future Forecast and Predictive Analytics
Stave ProcurementPath also provides valuable forecasting and future planning insights. The identification and grouping future demands based on historical consumption, future plans, pricing trends, and ancillary costs / discounts can help your organization optimize spend. Pre-planning can also allows your organization to make informed inventory carrying decisions. Additionally budgeting becomes much easier and more accurate when you are managing forward month-over-month and year-over-year projections down to the dollar.
Your organization won’t be caught off guard by vendor partnerships that can’t keep up with your evolving needs. Your company can expand and innovate with confidence; ProcurementPath provides actionable data you can always rely on.
The Benefits of Understanding and Using your Data in Supplier Negotiations
Your negotiations with vendors and suppliers will benefit from advanced procurement and spend analytics - a few of the benefits include:
- Improved fact-based data, easily accessible and always up-to-date
- Reduction in addressable spend
- Benchmark performance and price against the market
- Increased compliance with internal policies to minimize maverick and off-contract spend
- Increased efficiency - procurement has clear visibility into savings opportunities
ProcurementPath: The Right Path Forward
Be a better negotiator for your company with Stave ProcurementPath, a cloud-based digital procurement tool that streamlines the procurement process. See a video about how it works, go try it out in the ServiceNow Store, or connect with Stave to learn more.