Procure Analytiq delivers direct material price savings
ProcureAnalytiq is an online cloud-based tool, giving insight of relevant market trends. ProcureAnalytiq leads to lower material cost, better anticipation of market developments, automated forecasting, and lower business risk
Anticipate material price increase (and know when to target price decreases!)
Tracking prices against market benchmarks will help to highlight opportunities for cost saving and risks of future price increases.
BusinessAnalytiq is designed to help establish, prove and track benchmarks against for your pricing.
Benchmarks can be single direct benchmarks, or complicated, multi-layered indirect benchmarks
Automate outlooks & forecasting
Simplify forecasting by using indirect market futures to predict future prices for key raw materials.
Forecasting prices is likely to be in the ball-park for the coming 0-2 moths, indicatively correct based on critical cost-drivers for the coming 2-4 months.
Beyond that, the most sensible approach to forecasting is to automate the process based on market futures.
BusinessAnalytiq software enables you to automate the forecasting of direct raw materials
Save time & effort in procurement
Most procurement teams track prices against market indicators. BusinessAnalytiq will reduce this process to minutes each month.
BusinessAnalytiq will allow users to share the data and simplify the actionable conclusions to simple charts to speed up preparation time for negotiations.
BusinessAnalytiq has an inbuilt database of commodities, currencies and statistics to give you the data you need.
Hold suppliers accountable
Ever notice that many suppliers are quick to pass on price increase, but too slow to reduce them?
Too often price increases from suppliers are justified on short term cost driver price increases, but those increases are not reversed when the cost driver prices are reduced.
BusinessAnalytiq helps to link your RM prices to the cost driver prices of your suppliers, and will alert you when it is time to push the supplier for price decreases (often based on the suppliers justification for price increases….)
Improve stakeholder communication
BusinessAnalytiq will help to communicate market changes to sales and business colleagues and even customers, if that is appropriate.
BusinessAnalytiq will track market prices of different benchmarks and translate those into a single index relevant to product categories.
This will allow you to explain market developments to internal stakeholders, as well as explain price changes to external customers if required.
Target structural cost savings
Understanding an approximate cost breakdown will help you to identify product categories with excessive margins, where you need to establish more competitive pressure
BusinessAnalytiq is designed to help establish, prove and track cost breakdowns for your categories.
Benchmarks can be constructed from single cost elements, or multiple fixed and variable cost elements
Get early warning on changes
Getting an early warning on changes in the market, allows you to adapt accordingly.
For example -leading indicators of price developments can help to indicate a trend of increasing or decreasing prices, enabling you to adapt your inventory accordingly protecting your profit and cash flow