Written by Tamr
Rapidly Deploy Procurement Analytics To Gain A Complete View Into Your Spend And Significantly Reduce Organizational Risk & Cost
The production of a high-quality product at an attractive profit margin is the lifeblood of all businesses. Unfortunately, every organization must contend with difficulties in execution that threaten this model. More often than not — particularly in industries manufacturing complex products — ensuring sufficient availability of cost-effective, high quality product components is a major issue that companies struggle to solve. While these vital responsibilities typically fall on sourcing and procurement teams within organizations, ramifications are felt company-wide and on the balance sheet. Two of the most frequent results that stem from not properly managing the production of goods are a substantial rise in component costs and the presence of significant organizational risks in the supply chain.
Sourcing teams are experts on a variety of activities, including supplier negotiations aimed at reducing costs and risk mitigation. However, these critical tasks are often done in the absence of insight generated from all of the information available. This is commonly caused by the inability to quickly prepare all of the data for analysis. Most techniques for preparing data are highly manual in nature — executed through either an army of employees that assemble the information or legacy technologies that still do not introduce a significant amount of automation into the process.
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