Tips for getting the most out of your procurement data

The value of data is becoming increasingly important for all companies. Regardless of the industry to which they belong. This is especially true for procurement departments and supply chains. 

It is common for organisations to collect thousands of pieces of data about their internal operations and their suppliers. However, how much value are they actually generating from these tons of information? 

Procurement and data departments, in one place

It is one thing to collect large volumes of information, which is relatively straightforward these days with the technology available, but what about interpreting and categorising that data?

Many companies find that organising that information involves a great deal of effort and a considerable level of complexity. But the solution to this problem is within reach with wherEX e-procurement technology, specially designed to centralise all the operations of the purchasing and procurement departments in one place.

With the reporting system of the Analytics module, wherEX registered companies can easily access their data, already interpreted and sorted, to identify opportunities for savings and efficiencies in their operations.

The power of strategy 

When you have a sea of data, what can you do with it? There are hundreds of creative answers to that question and many possible paths to take, but only a few will lead your business to a prosperous destination.

Planning is essential for procurement and purchasing to be aligned with the core corporate strategy. Also, re-evaluating information is essential in today's uncertain and changing environment. What used to deliver excellent results for a business last year is unlikely to be the same thing that will keep it afloat in the coming year.

When procurement departments are automated with technology such as wherEX, procurement executives save a lot of time and the entire process becomes more efficient as a result. The time saved can be used in planning purchasing strategies, such as economies of scale.

Traceable, simple and efficient data

When it comes to data collection, the general recommendation is to seek out as many sources as possible to make the volumes of information increasingly robust. While this strategy is sound, it is even more important to have the ability to synthesise and condense the data in an attractive way.

It is normal and to be expected that not all employees in an organisation have the kind of knowledge needed to interpret supplier and supply chain data. Therefore, it is always good to turn to tools that can present that information in a simple way, with accurate, yet accurate graphs and insights.

This and other functions that optimise purchasing departments are available in wherEX, a B2B trading platform with a user-friendly, user-friendly interface, where the values of transparency and traceability are at the heart of every transaction, bringing benefits to both buyers and suppliers.