{"id":20598,"date":"2022-02-25T11:13:33","date_gmt":"2022-02-25T11:13:33","guid":{"rendered":"https:\/\/merlinsourcing.com\/?p=20598"},"modified":"2023-06-14T08:48:00","modified_gmt":"2023-06-14T08:48:00","slug":"maximize-procurement-efficiency-and-savings-with-analytics","status":"publish","type":"post","link":"https:\/\/merlinsourcing.com\/de\/blog\/maximize-procurement-efficiency-and-savings-with-analytics\/","title":{"rendered":"Maximize Procurement Efficiency and Savings with Analytics \u2013 Getting Insights from your Procurement Data"},"content":{"rendered":"<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_61 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" >Inhaltsverzeichnis<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewbox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewbox=\"0 0 24 24\" version=\"1.2\" baseprofile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/merlinsourcing.com\/de\/blog\/maximize-procurement-efficiency-and-savings-with-analytics\/#Why_You_Need_Procurement_Analytics\" title=\"Why You Need Procurement Analytics?\">Why You Need Procurement Analytics?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/merlinsourcing.com\/de\/blog\/maximize-procurement-efficiency-and-savings-with-analytics\/#Evolution_of_Procurement_Analytics\" title=\"Evolution of Procurement Analytics\">Evolution of Procurement Analytics<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/merlinsourcing.com\/de\/blog\/maximize-procurement-efficiency-and-savings-with-analytics\/#How_to_use_Procurement_Analytics\" title=\"How to use Procurement Analytics?\">How to use Procurement Analytics?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/merlinsourcing.com\/de\/blog\/maximize-procurement-efficiency-and-savings-with-analytics\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"h-why-you-need-procurement-analytics\"><span class=\"ez-toc-section\" id=\"Why_You_Need_Procurement_Analytics\"><\/span>Why You Need Procurement Analytics?<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p>Procurement professionals today need to navigate volatile markets with quick decision-making. They need to pivot their models to simultaneously <a href=\"https:\/\/merlinsourcing.com\/de\/blog\/covid-19-should-change-how-we-think-about-supply-chain-risk-costs\/\" target=\"_blank\" rel=\"noreferrer noopener\">reduce risks<\/a> and also seize new opportunities in supply chains, while also striking a balance with their mission of delivering cost savings. To tackle these new challenges, you need ways to bring more and more intelligence into every part of the procurement process. Procurement Analytics, as we all know, generate immense amounts of data across your enterprise systems. The first step in helping sourcing professionals bring more intelligence into spend management is to focus on data.<\/p>\r\n\r\n\r\n\r\n<p>This is possible by using technological advances in <a href=\"https:\/\/blogs.gartner.com\/power-of-the-profession-blog\/automated-sourcing-becoming-reality\/\" target=\"_blank\" rel=\"noreferrer noopener\">automation in the sourcing and procurement space<\/a>. It is easier for procurement managers to take a data-centric approach by replacing the laborious information gathering, organizing and analyzing processes that used to take weeks or even months to complete with a good analytical solution. There are numerous modern sourcing and procurement tools that facilitate these processes and enable procurement managers to uncover new insights by employing robust data analytics. These solutions help in better spend analysis, negotiations, supplier segmentation and performance management and <a href=\"https:\/\/merlinsourcing.com\/de\/blog\/bring-strategy-into-your-sourcing\/\" target=\"_blank\" rel=\"noreferrer noopener\">sourcing strategy<\/a>.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\" id=\"h-evolution-of-procurement-analytics\"><span class=\"ez-toc-section\" id=\"Evolution_of_Procurement_Analytics\"><\/span>Evolution of Procurement Analytics<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p>Procurement analytics has been evolving rapidly over the years from descriptive analytics to predictive and prescriptive analytics capabilities being built into modern solutions.<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"536\" class=\"wp-image-20603\" src=\"https:\/\/merlinsourcing.com\/wp-content\/uploads\/2022\/02\/Infographic-1-1024x536.png\" alt=\"Evolvement of Procurement analytics from descriptive analytics to prescriptive analytics\" srcset=\"https:\/\/merlinsourcing.com\/wp-content\/uploads\/2022\/02\/Infographic-1-1024x536.png 1024w, https:\/\/merlinsourcing.com\/wp-content\/uploads\/2022\/02\/Infographic-1-300x157.png 300w, https:\/\/merlinsourcing.com\/wp-content\/uploads\/2022\/02\/Infographic-1-768x402.png 768w, https:\/\/merlinsourcing.com\/wp-content\/uploads\/2022\/02\/Infographic-1-16x8.png 16w, https:\/\/merlinsourcing.com\/wp-content\/uploads\/2022\/02\/Infographic-1.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\r\n\r\n\r\n\r\n<ol class=\"wp-block-list\">\r\n<li>Descriptive Analytics &#8211; Data is analyzed to understand &#8220;what&#8221; has happened in the past<\/li>\r\n<li>Diagnostic Analytics\u00a0\u2013 Data is analyzed to understand \u201cwhy\u201d something has happened in the past using statistical models.<\/li>\r\n<li>Predictive Analytics\u00a0\u2013 Trends and patterns in current and past data are used to forecast future trends<\/li>\r\n<li>Prescriptive Analytics\u00a0\u2013 Predictive models based on procurement data are used to suggest decisions and actions to be taken<\/li>\r\n<\/ol>\r\n\r\n\r\n\r\n<p>Most of the organizations today are scratching the surface by starting with descriptive analytics and progressing up the ladder. As you go up the analytics ladder, the technology becomes more complex to implement but the value delivered also improves substantially.<\/p>\r\n\r\n\r\n\r\n<p>In this blog, we are trying to bring to you some of the most important ways in which procurement departments could leverage analytics to streamline their <a href=\"https:\/\/merlinsourcing.com\/de\/blog\/bring-strategy-into-your-sourcing\/\" target=\"_blank\" rel=\"noreferrer noopener\">strategic sourcing<\/a> processes, achieve cost savings and enhance their sourcing-planning and effectiveness.<\/p>\r\n\r\n\r\n\r\n<p>One of the major misconceptions when it comes to procurement analytics is that it is all about <a href=\"https:\/\/merlinsourcing.com\/de\/blog\/spend-analysis-and-how-it-can-benefit-your-business\/\" target=\"_blank\" rel=\"noreferrer noopener\">spend analysis<\/a>. But in reality, it\u2019s a lot more. Analytics can be employed across different functions in procurement like \u2013 spend and savings analytics, category analytics, supplier performance analytics, market intelligence, sourcing analytics &#8211; bid analytics, payment analytics and so on.<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"536\" class=\"wp-image-20606\" src=\"https:\/\/merlinsourcing.com\/wp-content\/uploads\/2022\/02\/Infographic-2-1024x536.png\" alt=\"Different functions in Procurement Analytics\" srcset=\"https:\/\/merlinsourcing.com\/wp-content\/uploads\/2022\/02\/Infographic-2-1024x536.png 1024w, https:\/\/merlinsourcing.com\/wp-content\/uploads\/2022\/02\/Infographic-2-300x157.png 300w, https:\/\/merlinsourcing.com\/wp-content\/uploads\/2022\/02\/Infographic-2-768x402.png 768w, https:\/\/merlinsourcing.com\/wp-content\/uploads\/2022\/02\/Infographic-2-16x8.png 16w, https:\/\/merlinsourcing.com\/wp-content\/uploads\/2022\/02\/Infographic-2.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\" id=\"h-how-to-use-procurement-analytics\"><span class=\"ez-toc-section\" id=\"How_to_use_Procurement_Analytics\"><\/span>How to use Procurement Analytics?<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p>Here are the top 6 ways how procurement departments can get in on the game and use data analytics to make their buying process more efficient.<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"536\" class=\"wp-image-20608\" src=\"https:\/\/merlinsourcing.com\/wp-content\/uploads\/2022\/02\/Infographic-3-1024x536.png\" alt=\"Top 6 ways to make the buying process more efficient\" srcset=\"https:\/\/merlinsourcing.com\/wp-content\/uploads\/2022\/02\/Infographic-3-1024x536.png 1024w, https:\/\/merlinsourcing.com\/wp-content\/uploads\/2022\/02\/Infographic-3-300x157.png 300w, https:\/\/merlinsourcing.com\/wp-content\/uploads\/2022\/02\/Infographic-3-768x402.png 768w, https:\/\/merlinsourcing.com\/wp-content\/uploads\/2022\/02\/Infographic-3-16x8.png 16w, https:\/\/merlinsourcing.com\/wp-content\/uploads\/2022\/02\/Infographic-3.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\" id=\"h-1-spend-and-savings-insights\">1. <strong>Spend and Savings Insights<\/strong>\u00a0<\/h3>\r\n\r\n\r\n\r\n<p>Analytics enables you to analyze spend data and discover spend and savings patterns across categories, suppliers and regions.\u00a0Insights such as spend by suppliers for items, category, region, currency, etc. can be effectively used to consolidate vendors and identify costs saving opportunities.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\" id=\"h-2-supplier-insights\">2. <strong>Supplier Insights<\/strong><\/h3>\r\n\r\n\r\n\r\n<p>You can get a complete view of your supply base to make <a href=\"https:\/\/merlinsourcing.com\/de\/blog\/how-to-make-your-purchase-decisions-faster-smarter-cheaper-and-efficient\/\" target=\"_blank\" rel=\"noreferrer noopener\">better buying decisions<\/a> by evaluating performance, risks and bottlenecks. You can use analytics to identify excessive dependencies and diversify your supplier base\u00a0in order to minimize supply risks.\u00a0Supplier performance metrics like OTIF (On-Time In-Full), Quality, Share of Business etc. can also be analyzed to take better sourcing decisions.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\" id=\"h-3-category-insights\">3. <strong>Category Insights<\/strong><\/h3>\r\n\r\n\r\n\r\n<p>Leveraging historical category spend data along with supplier data and combining it with external data like market intelligence can give insights to develop your category strategy and improve\u00a0 performance. It also drives\u00a0 <a href=\"https:\/\/www.ioscm.com\/blog\/category-management-a-strategic-lever-to-enhance-procurement-effectiveness\/\" target=\"_blank\" rel=\"noreferrer noopener\">category management strategy<\/a> by helping you to identify best-in-class suppliers, create negotiation strategies specific to suppliers, and identify and avoid risk through more effective supplier qualification for different categories. More advanced systems also pull in third-party information as well as geo-political information that can impact costs in that category.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\" id=\"h-4-strategic-sourcing-insights\">4. <strong>Strategic Sourcing Insights<\/strong><\/h3>\r\n\r\n\r\n\r\n<p>Employing analytics while analyzing supplier responses can help you reduce the efforts involved in comparing bids and choosing the right supplier\u2019s offering the best price and value to the organization. Analytics tool can process\u00a0huge volumes of data and\u00a0perform\u00a0what-if-scenario\u00a0analysis\u00a0for identifying the highest-value suppliers easily thus cutting several hours of data manipulation and analysis by procurement teams.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\" id=\"h-5-cost-and-price-insights\">5. <strong>Cost and Price Insights<\/strong>\u00a0<\/h3>\r\n\r\n\r\n\r\n<p>Analytics capabilities in procurement solutions can give better visibility of pricing and cost drivers to do should-cost analysis (clean sheet analysis or cost breakdown analysis) for identifying precise alterations to procurement cost structures and schematic product designs. Procurement solutions like <a href=\"https:\/\/merlinsourcing.com\/de\/\" target=\"_blank\" rel=\"noreferrer noopener\">MeRLIN<\/a> that have integrated <a href=\"https:\/\/youtu.be\/Bsfi8ryIb1c\" target=\"_blank\" rel=\"noreferrer noopener\">BOM analytics<\/a> enable users drill down into factors that impact price variances in a BOM. You can view and compare version history of Bill of Material \u2013 addition, deletion of parts as well as price changes across the lifecycle\u00a0to identify differences. These can help organizations to generate savings through optimal product pricing and by finding more avenues to cut costs and enhance profitability.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\" id=\"h-6-monitor-process-efficiency-and-compliance\">6. <strong>Monitor Process Efficiency and Compliance<\/strong><\/h3>\r\n\r\n\r\n\r\n<p>Analytics can help organizations to monitor the business process efficiency, drive purchases from preferred suppliers, identify maverick spend, increase spend under management, compare budget vs actual spend to make course corrections and much more. You can gain visibility into whether your company is actually using the contracts it has in place with preferred suppliers and buyers are adhering to spend thresholds in various categories or business units.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\" id=\"h-conclusion\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p>Procurement analytics thus has the potential to improve efficiency across the entire sourcing and procurement lifecycle and support procurement teams in making informed business decisions. Like I said before, your procurement process already generates vast amount of data points \u2013 internal and external. As long as this data remains inaccessible and unused, you would be missing out on several opportunities.<\/p>\r\n\r\n\r\n\r\n<p>So, have you started your <a href=\"https:\/\/merlinsourcing.com\/de\/procurement-analytics-software\/\" target=\"_blank\" rel=\"noreferrer noopener\">procurement analytics<\/a> journey yet? If you have, then where are you in your analytics journey? Let us know if you have any other interesting use cases of procurement analytics that we have missed out here.<\/p>","protected":false},"excerpt":{"rendered":"<p>Leverage analytics to maximize procurement efficiency and unlock untapped opportunities with key insights on spend, suppliers and categories.<\/p>","protected":false},"author":7,"featured_media":20613,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,19,20],"tags":[35,98,30,36],"class_list":["post-20598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-merlin","category-procurement-analytics","category-procurement-and-sourcing","tag-procurement-analytics","tag-procurement-process","tag-procurement-solution","tag-procurement-solutions","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.4 (Yoast SEO v21.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ 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