Meeting the information needs and requests of the CPO and CFO can be a challenge for procurement professionals.
The time it takes to create, modify and update reports for senior executives is one of the big reasons motivating them to find better tools. This is especially true if the primary analysis tools are spreadsheets and workbooks.
If you are investigating eSourcing tools you are not alone. Less than 40% of all organizations are using a cloud-based eSourcing platform.
Here are some of the reporting and analysis features that senior executives, managers and analysts have told me would make their life easier and more productive:
- Reports generated with customized views to fit each recipient’s needs or preferences
- Customized views become templates that can be used, updated or modified in any other event now and in the future
- Access any data in a sourcing event and place it in a report
- Create side-by-side and multi-level comparisons and analysis using current event data or data from prior events
- Ability to generate total cost of ownership using formulas built into the tool
- Upload from or download to Excel to take advantage of previously created specialized analysis or reporting formats
- Automated distribution of reports as they are updated
- Status reports on event progress delivered on a pre-determined schedule or on a one-time basis
- Dashboard reporting customized to each individual’s requirements
All of these features should be part of any tool you select because they will generate significant time savings. They will also raise the sophistication level of analysis that your team can generate.
There is one other important benefit that I want to share on the advantage of using an online platform.
- Reporting and analysis that is created in a centralized tool becomes a knowledge asset of the organization.
- This knowledge asset will continue to grow and that will generate better sourcing and greater efficiencies in future events.
- If someone leaves the organization, the knowledge stays. This is especially important if the individual goes to a competitor. Offline tools do not offer this level of security.
In many cases, when an individual leaves an organization the tools are recreated because the documentation is nonexistent. This can be a huge waste of time.
Action Step: Finding the right tools for your needs can be a challenging process but it doesn’t have to be. If you are uncertain where to start a procurement professional like myself can provide guidance and expertise to help your organization achieve the results you need. If you want to go explore this topic in greater detail, please contact me.
EC Sourcing Group is one of the companies I represent because their tools have been created by dedicated and experienced sourcing professionals. They know the day-to-day challenges your team faces and have built their tools to solve them. If you want to know how, I invite you torequest a demo or 30-minute discovery conversation so you can experience the platform, process, people, and tools. You can reach me at 973-936-9672.
Next week I will continue on this same theme so your organization can improve your bottom line. If you would like to know more ways to reduce costs without changing the way you do business, simply give me a call or send me an email with your contact information and the best time to reach you.
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Until Next Time, I Wish You Great Success in Your Business and in Your Life