Here is the list of functionality upgrades in December 2020. Our thanks to the users who helped to develop the beta-version!
In the first version of ProcureAnalytiq, we only enabled the price indexing function, which tracks the movement of 2 prices over time, and determines the statistical correlation between those 2 price indexes.
The new functionality tracks the absolute cost over time. (see image above). This enables the user to get a visual image of the remaining margin between the baseline line and the cumulative benchmark (based on one or more benchmark items).
Users are now able to subscribe to updates on data or indexes which they want to follow. ProcureAnalytiq will send an automated email once a month with updates on the prices or index.
It is an easy way to keep updated on developments of key price or benchmark data.
Volume % analysis
In the first version of ProcureAnalytiq, we only enabled the Value % functionality. This meant that users had to translate Volume % into a Value % manually.
ProcureAnalytiq is now able to make that calculation from Volume % to Value % for the users. However it means that each of the baseline and benchmark indexes need to be absolute price and not an index, with the right Unit of Measure.
ProcureAnalytiq takes care of the FX translation as per normal.
Data quality indication
In the list of benchmark items, you can now see an estimate of the quality and reliability of the underlying data series. The codes can be translated as follows:
A – Data is from reliable and confirmed source
B – Data is multiple credible sources, and there are no significant statistical inconsistencies
C – Data is from multiple credible sources, but there minor inconsistencies between them
D – Data is from a single credible source
E – Data is from a single source, which we consider reliable but we cannot verify
F – Data is from a single source, which we consider reliable but it is anecdotal and we can neither verify nor guarantee monthly input
Blank: User-input data series
Share Index function
Once the work on an index has been completed and it is set up, you can share it with any other user on ProcureAnalytiq. This means that other users can see the Index , although they cannot make any changes to the Index.
The only condition is that the other user must have a ProcureAnalytiq account set up.
Other users will have access to My Share indexes even with a free account, so there is no need for them to pay anything.
The Detail chart now includes the man Baseline and Benchmark index.
There is also the ability to add other Data Series which you wish to add into the mix. So that gives users to have a Direct and an Indirect benchmark on a single overview
Chart range and Comments per Chart
For each chart it is now possible to limit the date range of the chart so you can see clearer movements in pricing for the time that is relevant to you.
In addition, it is possible to save comments for each chart, so that you can record and share observations.
We will continue to develop the ProcureAnalytiq application, but prefer the changes to be user-driven so all suggestions are welcome. We will discuss and rank them based on a dialogue with the community.
DELIVER DIRECT MATERIAL SAVINGS
ProcureAnalytiq is an online cloud-based software tool to track market developments and leading indicators related the direct material purchases for your business.
ProcureAnalytiq enables user to faster reaction to market changes, better negotiations, automated forecasting of material pricing, better internal and external communication, and ultimately reduces direct Raw Material prices.
Interested to explore more?