Apply analytics at scale to uncover new opportunities for cost savings and value delivery, proactively mitigate supply risks, and drive continuous innovation.
Gain actionable insights to drive cost savings – and much more
Procurement functions are under pressure to deliver sustainable cost savings, mitigate supply risks, and help organisations adapt to a constantly-evolving business environment. In the context of a highly complex and volatile supply chain, the challenge is having the agility to make the right decisions, quickly.
Analytics can help tackle the problem by providing data-led actionable insights in near real time, enabling timely and optimal decision-making. And as analytics become increasingly predictive, you can craft strategies based on what’s likely to happen in future, rather than what happened in the past.
Deep insights for continuous improvement
Procurement Analytics from The Smart Cube combines advanced analytics with procurement expertise to derive insights which enable data-led decision-making within your function and across the wider organisation.
Based on your specific needs, priorities and analytics maturity, we’ll work with you to identify and prioritise the business challenges and use cases where analytics can deliver value. These could be applicable across multiple categories, or specific to a single category or commodity.
We then apply agile principles and use our assets, algorithms, frameworks and specialist skills to integrate data from multiple sources and apply statistical modelling and data science techniques to generate insights.
As well as easy-to-use custom dashboards and reports, self-serve tools and applications for your teams, we provide expert recommendations on how to respond to what the data is showing.
Procurement Analytics is tailored to your needs, covering areas including:
- Spend: Review historical and future spend profiles, and identify areas for supplier consolidation and tail spend optimisation.
- Cost and price: Develop cost models and price forecasts to drive informed decisions.
- Contracts and POs: Monitor contract spend and compliance, optimise payment terms, and understand purchase price variance.
- Supplier base: Develop scenario models for tenders and bids, track supplier performance against SLAs, and develop supplier sustainability scorecards.
- Risk: Listen for supplier-related risk, and monitor early warnings for category risks.
- Category level: Take data-driven decisions and drive more value at a category level, recognising the unique metrics, data sources and optimisation levers for each category.
Benefits for your business
Make better informed decisions. Combine internal and external data sources and apply analytics to uncover hidden insights and make smart decisions based on forward-looking, accurate and reliable intelligence.
Drive best practice
Apply analytics at scale. Drive consistent application of analytics across the procurement function to improve category strategies, proactively mitigate risk across the supply chain, and identify opportunities for closer working with your strategic suppliers.
Deliver sustainable savings
Leverage data to manage costs. Build sustainable savings strategies with improved visibility into spend, costs and external factors. Use predictive analytics to model and understand the business impact of different strategies and tactics.