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.
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.
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.
Learn more about BuyerQuest’s procure-to-pay capabilities.