Purchasing managers have the responsibility of ensuring there is a continuous stock of products, and that the purchases made are delivered in a timely manner. With the help of analytical insights, this process is not only optimized to save valuable time, but also aids in establishing a more efficient process for purchasing.
Competitive Analytics provides extensive data, from anticipated purchases, supplier statistics, and other crucial components, in order to provide interactive and actionable insight so purchasing departments can refine and optimize their processes.
Analytics in the Purchasing Department
Quantities of Purchases
Cut costs and optimize spending by ensuring all purchases occur at the most efficient times, and through optimal channels.
Forecast future sales orders by using analytics to pick up on patterns of increase or decrease, and adjust quantity accordingly and efficiently.
Ensure client data is constantly updated so that relations remain relevant and recent.
Conduct a comprehensive assessment of supplier profiles, and analyze all factors to identify best offers.
Ensure suppliers provide optimal quality and cost-effective pricing.
Forecast seasonal demand levels to determine optimal amount of stock to keep on hand.
Analyze trends to identify when to place new orders and ensure stock remains sufficient during peak sales periods.
Ensure customer satisfaction by determining proper stock levels for high-demand products.
Optimize trends and patterns to determine delivery frequency and accommodate for demand.
Analyze delivery options in order to provide customers with the lowest shipping costs, quick delivery times, and increase satisfaction.