Procurement analytics is the collection and analysis of manufacturing data in an enterprise. It helps manufacturers make data-driven decisions in real time. Here, we’ll discuss the top procurement analytical companies in detail.
Data and artificial intelligence help many manufacturers make informed decisions based on actionable insights. Enterprises spend heavy amounts on production and supply chain management to deliver the end product to customers. However, many external and internal factors can lead to delays, shortages, greater expenditures, and losses. Such adverse situations can be avoided by adopting the data-driven model.
Procurement and spend analysis provides decision-makers with the necessary information to minimize risk and maximize returns. It helps supervisors and managers make smarter decisions based on insights derived by processing manufacturing data. Analytics for procurement is not a new concept. Several enterprises are already using business intelligence consultancy services to get analytical and data visualization reports in real time.
In this blog, we’ll understand what procurement analytics is and the top data analytical companies that help manufacturers improve their supply chain.
Procurement analytics is the process of collecting, cleaning, and analyzing manufacturing data to derive actionable insights. The insights help make decisions about vendors, purchases, invoice payments, credit, overhead expenses, equipment maintenance, workplace safety, production cycle, quality control, supply chain management, and much more.
According to Research and Markets, the global procurement analytics market is valued at $4.88 billion in 2023 and is expected to touch $10.26 billion at a CAGR (Compound Annual Growth Rate) of 20.4%. Many MSMEs and large enterprises from the manufacturing industry are investing in procurement data analysis to gain a competitive edge in the market by enhancing customer experience.
Analytics is the most vital component that helps manufacturers leverage data to streamline operations, production, maintenance, supply chain, and all aspects of the businesses to save money and resources and increase ROI. A few reasons to use analytics in procurement are as follows:
DataToBiz is an award-winning data analytics company that works with MSMEs, SMBs, and large enterprises from different continents. The company helps enterprises unlock the true potential of data to facilitate business expansion and growth in competitive markets. It offers end-to-end services for:
DataToBiz has earned a reputation for being a reliable Power BI consultancy provider in various industries like manufacturing, transportation, healthcare, FinTech, EdTech, etc. The company is a certified partner of AWS, Google, and Microsoft and has worked with 300+ firms. It has a satisfaction rate of more than 97% for offering tailor-made solutions to each client and helping them generate higher profits.
Everstream Analytics offers risk management and predictive analytics services to help improve global supply chain standards. The company converts uni-dimensional data into multi-dimensional to provide complete information and sharper analytics to clients. The company helps enterprises from many industries like manufacturing, automotive, heavy equipment, chemical, food and beverages, energy, etc. It offers the following services:
Everstream Analytics has helped many enterprises reduce the time to identify and assess disruptions by around 50% to 70%. The company works with leading supply chain providers to strengthen their services and save costs. Data, procurement, logistics, supply chain, and weather are the primary focus areas of the company. It also helps manufacturers create sustainable and lean supply chains.
Sievo is a procurement analytics firm that helps data-driven enterprises to make transparent sourcing decisions. The company deals with extracting, classifying, and enriching data from various ERP systems and external data sources. It aims to save time for enterprises by implementing advanced technologies to derive analytics. The company offers services such as:
Sievo assists several manufacturers to find the right suppliers and meet compliance standards with ease. From material forecasting to savings lifecycle management and reducing scope 3 CO2 emissions, the company provides the necessary software and analytics for business to achieve their goals. With a head office in Finland, Sievo has clients from around the globe and works mainly with large enterprises.
AnyData offers ready-to-go data-driven software products to help businesses use advanced technology to digitally transform internal processes. The company has developed a Modern Data Platform with all the vital components required to collect and analyze large datasets. It helps clients spend less time on data analytics and more time on expanding the business. The company’s services include:
AnyData provides analytical solutions to enterprises and consultants. The company calls itself a one-stop shop for advanced analytics, dashboard customizations, integrated security, artificial intelligence, contract management, and much more. The products developed by the company can be run on the cloud, on-premises servers, desktops, and mobile devices. From supplier management to procurement analytics, it delivers complete services to enterprises from various countries.
Robobai is a global FinTech leveraging AI company that helps businesses transform their supply chains. The company emphasizes creating ethical supply chains through 360° visibility. It focuses on providing accurate reports about sanctions, indigenous suppliers, ESG initiatives, etc., to help clients make better decisions. The company’s services are as follows:
Robobai empowers treasury and procurement teams to use data wisely, make better decisions in choosing suppliers, and make the supply chain more transparent. The company provides AI tools and analytics to automate processes and save time and resources for enterprises. Businesses from the manufacturing industry and other niches can use RobobAI to automatically improve data quality and derive insights.
Simfoni is a digital transformation company, revolutionizing how businesses spend money. The company eliminates the hurdles and hassles from procurement to control and save business spend. It also helps automate procurement and supply chain processes to increase sustainability and achieve business objectives. The company offers an array of services, such as:
Simfoni helps enterprises understand the benefits of procurement and purchase analytics by providing modular, purpose-driven solutions customized for each business. It uses AI technology to enable deep automation and streamline procurement to reduce unwanted expenses. The company supports manufacturers to benchmark performance, enhance spend visibility, and track the KPIs through interactive dashboards. The user-friendly solutions offered by the company empower enterprises to leverage actionable insights for effective decision-making.
Anaplan is a SaaS company with proprietary Polaris Calculation Engine™ and Hyperblock® technology that help businesses with digital transformation. It provides data consultancy services and personalized solutions to assist enterprises embrace change and market volatility. The company focuses on creating better strategies and plans to ensure clients achieve the desired outcomes. Its services include:
Anaplan helps manufacturers bridge the gap between finances and the supply chain so that market complexities are no longer complex or overwhelming. It saves time and money spent collecting data and running analytics by offering third-party analysis of the target market. The company sets up customized dashboards for employees to access and derive real-time insights. It promotes digital-led agility in businesses to increase performance, productivity, and profits.
One of the biggest benefits of analytics is the increase in supply chain transparency. Procurement is cross-department functionality where employees from production, finance, and IT have to be involved in the process. Using data analytics makes it easy for employees in all verticals and departments to access updated information and make the right decisions at the right time.
The success of a manufacturing enterprise depends on how well it manages its resources. Maverick spend, delay analysis, spend complexity, etc., are crucial aspects to consider when prioritizing the allocation of resources in the factory.
Too many manufacturers spend the majority of their time on low-level activities, leading to lesser productivity. Procurement analytics automates collecting, cleaning, storing, and analyzing data. There’s no need to manually create reports or share them with others. This saves time and energy and increases production.
Categorizing spend data allows the management to identify necessary and unnecessary expenses. It also helps prioritize different areas of procurement and set budget limits. This will reduce overhead costs and wastage of precious resources.
Internal benchmarks allow the departments to compete with each other and deliver exceptional performance. Procurement and spend analysis provides the necessary reports to understand the expenses at every stage or level across the enterprise. This allows the management to streamline the processes in weaker departments.
Tangible savings are easy to identify by studying the spend analysis reports. From changing suppliers to adjusting the final price of the product, lower contract loyalty, and recalculating payment terms, an enterprise can discover many opportunities to save money and increase the return on investment.
Choosing the right procurement analytics solution and service provider is detrimental to the success of an enterprise. Take time to consider all factors before making the final decision.
Understanding the business objectives, pain points, goals, and constraints is the key. The right solution will be the one that aligns with the business metrics.
What is the service provider’s experience? Does the team have domain expertise in working with manufacturing businesses? Do they offer customized procurement analytical services?
Hiring a Power BI partner is an apt move if a business wants to use user-friendly business intelligence and analytical tools. The company should be a certified partner for different technology providers.
What kind of pricing system does the service provider have? It’s vital to find a partner with transparency to avoid hidden costs and additional charges. Referring to client testimonials should provide more information about how the company handles the prices.
Choose a data analytics company that offers end-to-end services. This ensures the enterprise can partner with a single service provider to manage and upgrade data pipelines and dashboards instead of relying on different people.
Procurement data analytics is the most efficient method to derive actionable insights and adopt the data-driven model in an enterprise. It helps harness internal and external data to gain a competitive edge in the market.
Reputed data analytics firms assist manufacturers in bridging the gap between business goals and existing processes. Talk to an AI and BI consulting company to achieve cost-effective production without compromising quality, speed, or sustainability.