For many of us, these unprecedented events have caused us to transform our normal business day. Office meetings and vendor-focused conversations have been significantly reduced and replaced with helping with homework and coming up with creative activities for our children.
While it’s hard to see a silver lining, this reduction in activity and time demands presents a great opportunity to analyze the business with an eye toward coming back with fresh ideas and strategies when the eventual rebound starts.
As we’ve often discussed, procure-to-pay technology is at a crossroads. Spend under management increases are stalled, and companies are looking for creative ways to drive more on-contract spending. Most P2P solutions lack the ease of use to engage the casual buyer with a simple purchasing process. As a result, that buyer purchases via another, off-contract channel.
In the course of a normal day, many executives lack the time to truly dig into the numbers and uncover both “low-hanging fruit” and more strategic opportunities for improvement. For procurement organizations using BuyerQuest, analysis is easy.
B2C Is the Next Evolution
BuyerQuest saw that the B2C space offered the next evolution for procure-to-pay, and it all starts with Search. By providing users an easy, e-commerce like interface to search for and buy products, users are more likely to perform their purchases through the B2C-style BuyerQuest platform vs. purchasing off-contract. While the purchasing experience may mimic a B2C platform, the back-end controls apply advanced workflows and manage PO creation, invoicing and payment to ensure a compliant Search - Buy - Pay process.
A Buyer is a Buyer
Whether the business is in an industry like Quick Service Restaurants, Airlines, Media & Entertainment, Construction, Healthcare, Oil and Gas, Grocery, Logistics, Personal Care, or another industry, buyers want a simple, B2C style purchasing experience - just like what how they buy at home or on their phones. At BuyerQuest we know that industry doesn’t matter as much as the buyer experience. This is why our technology has helped companies across industries drive more spend under management.
Higher User Adoption = More Spend Under Management
We at BuyerQuest are excited to see these increases in spend moving through our platform. With more buyers leveraging our B2C technology in their Search - Buy - Pay process, more procurement organizations are seeing increases in spend under contract, increasing bottom-line savings to their organization.
More Spend Under Management = Actionable Data
At BuyerQuest, we talk a lot about the value of our B2C-like buying experience for users, but during times like these, it’s the Actionable Insights that come from the data being generated that proves invaluable for strategic analysis. Rather than “data for data’s sake”, BuyerQuest’s reporting offers an opportunity to objectively review some different strategic aspects of the overall procurement process. Some examples include the following:
- Delivery Processing Time - How timely are deliveries from your suppliers? Are they meeting/exceeding agreed service levels? Are some missing the mark, but falling through the cracks?
- Shipping Costs by Suppliers over Time - It’s possible that costs for shipping include extra, unexpected charges, but perhaps aren’t being identified.
- Overall Supplier Activity - How much business are you really doing with your suppliers. Is there an opportunity to renegotiate based on the different volume?
Often it’s difficult to dedicate the time or attention to doing a deep analysis of the business. If you are one of the many working from a home office, now may be the best chance to really look at the data for opportunities to better prepare for the upcoming rebound.