Procurement and Contract Management Reporting – What I Want to See on My Dashboard
When I open my dashboard, there is procurement and management reporting information that I want to see.
If there is additional information I need, the dashboard should be easily modified and updated in real-time and I should be able to save different report versions for my varying needs.
I admit that I can be impatient.
Based on feedback from clients and prospective clients I believe most procurement professionals are frustrated.
The reporting and communication features in their current tools aren’t flexible and easy to modify or they just don’t exist.
We all need to have the right information at the time of decision.
Good decisions can’t be made in a vacuum.
It simply takes too long to create information dashboards in most online systems. Most have great stock reports but that rarely answers the questions the CPO or CFO ask.
If you are working with offline products like Excel and PDFs then you face an almost impossible task to have reliable information readily available.
Here are some features that make things easier for me and for your suppliers and will do the same for you if your tools have them:
Supplier bid feedback so they know where they stand and can modify their submission if desired. This feature creates an auction-like environment without the negativity that is normally associated with auctions.
RFP reporting that tracks progress during an event and summarizes it upon completion. Multiple versions of the reports can be created and saved as templates, archived or discarded.
New reports can be created on prior events. This is necessary to keep your reporting on an apples-to-apples basis. This isn’t revisionist history. The feature allows you to look at prior events using the same requirements you now utilize.
Search capabilities that allow multiple parameters based on date ranges. Many companies have a “high” season of RFP events and tracking during this time can a nightmare. The search capability will keep you informed on the status of all your events with minimal effort.
Search and find open steps in an event. Suppliers can struggle to fully complete large or complex RFPs. If you have ever searched a 200-line submission or one with multiple data inputs per line item you will appreciate this feature.
Bid comparisons that allow slicing and dicing of the information at multiple sub-total levels down to the item. This feature can put you in a very strong negotiating position since you will be able to evaluate what-if scenarios. You can instantly update and see the impact of concessions suppliers are willing to make while you are negotiating.
If you have ever had to work late to create what-if scenarios or to prepare a bid analysis, you will love these features.
The ability to update your reporting and analysis during negotiations is a game changer.
It is normally impossible to anticipate what suppliers will submit when asked to sharpen their pencil.
Features like these will also make your CPO or CFO smile because you will be able to provide information and analysis at the time of decision and isn’t that your goal?
If you want to explore a purchasing or procurement topic in greater detail, I invite you to request 30-minute discovery conversation. In my experience the next step will be apparent at the end of the call. I never assume that my recommendations will be right for everyone, so don’t expect a sales pitch. You can reach me at 973-936-9672.
Organizations of all sizes are reducing costs and increasing efficiency, without changing the way they conduct business. If you would like to know how, 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