“Helps companies make purchases from suppliers who bid for their business in a live online platform”— Forbes 30 Under 30 Asia
Procol’s Spend Analytics Goes Beyond Just ‘Organizing Transactional Data’
Make sense of your historical spend data such as previous purchase price, initial quotes, POs, and contracts, with detailed reports and insights to make informed business decisions. Own a blueprint of commonly procured goods/services with year-on-year comparison and cut down on maverick spending.
Create improved visualization for specific categories/products in a progressive manner to identify spend leakage and improve business performance. Allocate spends categorically to prioritize top spend categories and enable easier navigation and interpretation for your organization.
Extract and analyse data for every e-auction event in terms of supplier participation, quote reduction trend, and invoice payments. Event Analysis also gives you the opportunity to review payment patterns and negotiations to realize better savings in the future.
Visualize detailed profiles for each vendor to analyse spend coming from preferred vendors and get the best value for your procurement. Consolidate data from multiple suppliers across business units to ensure contract compliance and lasting vendor relationships.
Warming Up Your Data to Deliver the Best Results
Aggregate spends data coming from typical data sources such as ERP systems and procure-to-pay tools, in multiple data formats such as CSV, Excel, invoices, and others. Merge data files from varied sources at one central database while keeping the original reference intact.
Remove duplicate/corrupt records, redundancies, missing codes, typos, and discrepancies, caused by disparate systems. Through data cleansing, you can monitor errors and ensure accuracy while allowing quality information for quicker decision-making.
Normalizing, categorizing, and standardizing supplier data to your specific needs helps you extract accurate conclusions and derive business insights.
This last step simplifies complex data sets and presents it in digestible formats. Pre-configured and customized dashboards present data in a relatable, accessible, and interesting manner to help teams formulate strategies and future actions.
Why Procol for Spend Analytics
Unified Spend Data
Centralizing spend analytics data onto a single dashboard gives organizations an ability to look into their expenses and purchases. Businesses can track spend data across verticals and individual teams whenever needed – daily, monthly or annually, via unified dashboards and customizable reports.
Realize Savings Opportunities
Depending on the underlying purchase trends and analytic reports, procurement teams can improve their resource management and minimize spend. Companies can also identify additional savings on indirect items to drive cost effectiveness.
Ensure Compliance with Managed Risks and Maverick Spending
We enrich spend data with supplier’s profiles and associated revenues to help you assess the overall failure risk for your supply chain. Procurement teams can also reduce their maverick spending by ensuring contract compliance and improving process efficiency.
Collating spend data helps you benchmark your performance across business units and different locations. Organized data with meaningful comparisons can also help in setting realistic and achievable targets for improving your procurement journey.
“The startup helps food retailers procure inventory online, has clients such as Bikanervala and Big Bazaar.”— Yuvraj Malik
“A single platform for sourcing, collaboration, commodity insights; helps businesses save cost and time”— Editorial Desk
Procol can revolutionize procurements for you.
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