It may surprise you to learn that more than 50% of all organizations continue to use spreadsheets to manage procurement activities.
Updating or modifying spreadsheets that have 50, 75 or more than 100 columns to analyze bids and prepare reports for senior management is a tremendous drain on resources.
It also exposes your organization to inherent risks. Protecting proprietary pricing strategies is nearly impossible if this information resides in offline tools. Calculation errors are another risk that is common especially in large spreadsheets.
Here is a short list of benefits that senior executives have shared with me as they consider moving to a cloud-based sourcing optimization platform:
- Dashboards that monitor all open events and provide real-time tracking of key indicators
- Flexible dashboard layout to meet individual preferences
- Automated status reporting distributed with flexible delivery times and/or dates
- Automated distribution of critical data as it is updated
- Customized report generation views to meet multiple needs or requirements
- Create side-by-side and multi-level comparisons and analysis using current event data and/or historical data
- Instant template creation that can be searched and accessed by any system user based on access rights
- Template library with wild card search functionality on any name, word, data point etc.
- Standard formula database accessible by all users for new events
- Smooth upload of prior events from Excel
- Optimization capability to allow unlimited constraints to be analyzed simultaneously
- Integration with existing ERP systems for data exchange as needed
At a minimum, these features should be part of any tool you choose because they will create significant time savings.
They will raise the bar on the strategic analysis your team will produce.
Other company-wide benefits of using an online platform include:
- Reporting and analysis created in a centralized tool becomes an expanding knowledge asset
- This knowledge asset will generate sourcing savings and ensure efficiency in future events
- Documentation is no longer an issue since each formula is created in step format that makes it much easier to understand and reuse
- Often when an individual leaves an organization the tools are recreated because the documentation is nonexistent, or the formulas are too complicated. This is a giant waste of time that will now be eliminated.
Lastly, when an employee departs for a competitor, your asset will be protected.
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 the process of change, a procurement professional like myself can provide guidance and expertise to help your organization achieve the results you want. If you want to go explore this topic in greater detail, please contact me. 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 what I have to offer will be right for everyone, so don’t expect a sales pitch. You can reach me at (973) 718-7071 x875. The call will be forwarded to my mobile phone if I am not in my office which is likely.
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.
You Won’t Drift to Success©
Commit to taking the next step.
Until Next Time, I Wish You Great Success in Your Business and in Your Life