The price indexes tracked in ProcureAnalytiq

These are the current price indexes tracked in ProcureAnalytiq from which benchmark price indexes can be created.

This data is largely web-scraped from publicly available information, and then statistically correlated to ensure we use verified data, and data that appears to be consistent. We add about 10-20 indexes each week as we set up web-scraping for new sources.

In other words, we are doing what anyone could do with enough time and/or technical skills… but then again most of this data is made available largely free of charge to you here. So why bother?

The Data quality rating is set as follows:

Quality rating:

ProcureAnalytiq enables external benchmarking of your raw material pricing

ProcureAnalytiq was built to support tracking critical benchmark and cost-driver price development against your RM pricing.

Track your pricing against  external benchmarks

Finding and tracking external benchmarks is a critical requirement in procurement. It requires advanced search for external benchmarks and system to ensure that the tracking is correctly done in terms of Indexing, FX, Unit of Measure

Here is an example:

Track your pricing against critical feed-stock pricing & disruption

Choosing the right data sources for the critical cost drivers and proving the correlation through a look at history. Many procurement managers already keep an eye on 1-2 critical cost drivers. But often they are searching for the right price trends and they may choosing the wrong source of cost-driver data leading them to reach the wrong conclusion.

Build price indexes which are an indicator for your business or SBU’s

ProcureAnalytiq enables you to set up benchmark indicators in minutes to establish overall market indicators for your industry.

Save time & effort in procurement

In addition, the search of data as well as model building in Excel takes times and effort by the procurement staff. This time is better spent on interpreting data and planning negotiations rather than fiddling around in Excel?

Sharing of results

ProcureAnalytiq helps users to share their analysis over time, so that only 1 junior person can maintain the data (based on reliable data sources) and the others can use the analysis for interpretation and communication. It also allows a team to share their input with the supervisor or with research or other business partners.

Interested to explore the topic futher?

If you are curious about the topic of price benchmarking, especially of critical cost-drivers, please feel free to reach out to me through the Explore ProcureAnalytiq page