Business Blog
2 MIN READ

Rethinking your procurement analytics – Start spending smarter

Those that work in procurement know better than anyone how challenging it is to manage spend analysis and planning, supplier relations, collaborate with other departments for the purpose of strategic sourcing, risk management and process optimization.

Just like everything else in life, solving procurement challenges boils down to understanding the problem and taking appropriate action. So, let’s boil it down together.

A solution for every problem

Problem – lack of manpower. Solution – hire more people. This will solve your problem, but at a cost.

Problem – your procurement software is non-satisfactory. Solution – get a better software. This will surely help improve processes but does not completely solve all your procurement issues.

Problem – spending too many resources on procurement processes. Solution – automate your processes. This will help, but before you get where you need to be, you will end up investing a lot more resources.

Problem – you don’t know where to start. Solution – use data to know what to fix! Now we’re almost there!

Unlock the data

Data is the key that opens the door to resolving your procurement challenges. However, to understand the data at your disposal requires manpower (oh, not that again), a reliable software and most of all, a good amount of automation.

What you need is a specialized procurement analytics solution that can deliver all these solutions in one simple-to-use package.

Spend smarter with NEOS Procurement Insight

That’s what you get with NEOS Procurement Insight – a focused, visual and business friendly procurement analytics solution that enables your company to understand your spending habits.

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NEOS PI blends procurement industry standards and best practices with powerful, machine assisted advanced analytics, built on top of a best-in-class technology foundation.

What you get is a unified view of enterprise-wide procurement metrics and indicators. You’ll easily control your end-to-end procurement process and improve planning and internal process execution.

Optimize spending by analyzing historical trends. Facilitate actionable decision making with the help of machine learning. Increase cost savings. Gain deeper insights into suppliers and their behavior.

Get a grip on your spending issues

Why don’t you go ahead with exploring NEOS PI, its benefits and features, and if it would interest you to see how it fits with your business, contact us and we will arrange a POC.

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