ProcureAnalytiq functionality

ProcureAnalytiq is an online cloud-based tool to support price benchmarking and forecasting. 

Here is a summary of the key functionality

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procureanalytiq procurement analytics

Set up price benchmarks against cost drivers

You can benchmark your material prices against any of direct comparisons, supplier cost-drivers or industry feedstocks.

Setting up a benchmark of your pricing against your supplier cost-drivers helps you to understand the input costs of your suppliers.

This helps you to anticipate price changes, suppliers’ arguments, and helps to prepare for negotiations.

Call us to explore and do a free proof-of-concept for your business

Set up direct benchmarks against comparable products 

You can benchmark your material prices against any of direct comparisons, supplier cost-drivers or industry feedstocks.

To establish relevant benchmarks against comparable products requires market research and the ProcureAnalytiq team will help you to identify what direct benchmarks are available. The ProcureAnalytiq tool then helps to establish the correlation and automate the tracking.  

Call us to explore what is possible. We will do 1 free proof-of-concept for your business. You have nothing to lose, but a lot to gain.

procureanalytiq procurement analytics
procureanalytiq procurement analytics

Set up total cost benchmarks

Understanding an approximate cost breakdown will help you to identify product categories with excessive supplier margins, where you need to establish more competitive pressure

ProcureAnalytiq 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

Contact us for a free demonstration

Set up benchmarks against industry feedstocks

You can benchmark your material prices against any of direct comparisons, supplier cost-drivers or industry feedstocks.

Setting up a benchmark of your pricing against underlying feedstocks helps your business to understand long-term price developments and risks.

It will enable you to forecast the medium term better and automate inputs for annual budgets.

Contact us to discuss what is possible. 

procureanalytiq procurement analytics
procureanalytiq procurement analytics

Support to research & establish correlations

Even for the most complicated and obscure products you purchase, it is often possible to find some good insight from doing the research to establish correlations.

And it is not a case of first-time-right. Over time you develop new insights and data sources to continuously improve your understanding of the market, your materials and you suppliers

Contact us for a free demonstration

Support to set up benchmarks & source data

Most companies do not realise what is possible in terms of benchmarking and sourcing price data.

We support you in the process to find and establish benchmarks, and we do a free proof-of-concept.

What have you got to lose? And what could you gain?

procureanalytiq procurement analytics
procureanalytiq procurement analytics

Able to handle currencies, UOM and index types

Handling different units of measure, different FX and different index types as inputs can make life complicated.

ProcureAnalytiq will automatically handle FX, UOM and types seamlessly. You will not have to think about it. It will translate complex multiple-level indexes into the currency in which you are purchasing.

Contact us for a free demonstration

Access to data series inside ProcureAnalytiq

ProcureAnalytiq has 500 data series built into the tool for all users and can make 1000’s more available on demand, which are visible only to their accounts.

In addition, users can add their own data series (encrypted) to run simulations and correlations

Experimenting with benchmarks and establishing correlations was never this easy.

Contact us for a demonstration

procureanalytiq procurement analytics
procureanalytiq procurement analytics

Keep records on critical events

ProcureAnalytiq allows users to quickly and easily maintain notes on critical events on the supply and prices of its materials.

It might not seem to be vital, but it is useful if you need to explain movements to stakeholders, or there are personnel changes etc.

ProcureAnalytiq also enables you to set the date range you wish to look at

Contact us for a free demonstration or a free proof of concept for your business

Explore different correlations and price dependencies quickly and easily

To settle on the right benchmark and correlations requires experimentation and fine-tuning. ProcureAnalytiq enables you to make changes to the benchmarks in seconds.

In our experience, the process of fine-tuning and discovering non-intuitive correlations is a very important process. And it is rarely “right first time”. But experimenting with benchmarks and establishing correlations was never this easy.

Contact us for a demonstration

procureanalytiq procurement analytics
procureanalytiq procurement analytics

Turn analysis into predictions of future changes

Interpreting the conclusions of indexing can be complicated.

The ProcureAnalytiq system gives an indication of the likelihood and size of a price adjustment which is coming.

This is based on the correlation between prices and benchmarks.

Contact us for a free demonstration or a free proof of concept for your business

Share indexes online

The system is set up so that individual indexes can be shared online to multiple users.

Those users can track the index and see the details but cannot make any changes to the index.

This allows the benchmarking to be managed and finetuned centrally, or it allows a user to share their work with their manager or other stakeholders.

Contact us for a demonstration

procureanalytiq procurement analytics
procureanalytiq procurement analytics

Export benchmarks into Excel

You are able to download individual analysis or the entire data set into excel files for further analysis or sharing.

Downloads take a few seconds to complete.

Contact us for a free demonstration or a free proof of concept for your business

Automate price forecasting

Forecasting can be a manual process with few reference points. As a result it tends to err on the side of caution.

Using ProcureAnalytiq, you have the option to double-check your forecast against benchmark futures, or to ask the system to indicate the most likely forecast trend based in the indicated cost trend.

Contact us for a demonstration

procureanalytiq procurement analytics
procureanalytiq procurement analytics

Automatic updates & notifications

To figure out the best indexes to use may sometimes take a little time.

But once it is set up, it will be updated every month automatically. And you will receive notification if the system believes a price change may be coming.

Contact us for a free demonstration or a free proof of concept for your business

Improve stakeholder communication

Communicating market dynamics and complexities to stakeholders in one of the key challenges of Procurement analytics.

ProcureAnalytiq has tools to explain price movements and trends in a market context.

Always up to date. Always at your fingertips

Contact us for a demonstration

procureanalytiq procurement analytics
procureanalytiq procurement analytics

Data encryption

Data and benchmark descriptions can be encrypted as an extra level of security.

Encryption passwords are only known to the users and the data cannot be unencrypted by the system programmers or administrators, to ensure data is confidential.

Contact us for a free demonstration or a free proof of concept for your business

Subscriptions to key indexes

CProcureAnalytiq allows you to indicate which data series, price indexes and benchmarks you wish to track and be updated on and have quickly available.

This is standard functionality of the tool included in the monthly fee.

Contact us for a demonstration

procureanalytiq procurement analytics