The vendors that your company works with regularly provide true value in many ways. Too often, however, businesses look at vendors only for what they are doing for them today rather than for the many opportunities that they could provide. At USEReady, we want to help you maximize the benefits of your vendor relationships so that they are as productive and meaningful as possible to your business.

Common Vendor Management Challenges

Regardless of the industry that you work in and the types of vendors that you connect with, you likely face many similar challenges that other businesses face. These are factors that could be detrimental to your business, such as through inflated overhead, poor logistics and more. Many of these factors may be improved or even eliminated through the use of vendor management analytics. These challenges include:

  • Lacking insight necessary to negotiate for better rates
  • Failing to identify hidden opportunities to save money or improve logistics
  • Making critical procurement decisions based on personal biases
  • Analyzing multiple datasets to extract comprehensive insights

How to Improve Vendor Management Through Superior Data Analytics?

Your vendor relationships impact your business’s ability to serve customers, your internal operations, your brand image and even your bottom line. The process for improvement vendor management through enhanced BI and analytical process will be dependent on your operations. However, these general steps may apply to most businesses:

  • Gather data to populate vendor profiles using key metrics, and continue to update profiles using updated data going forward
  • Utilize a customized dashboard to run reports and extract valuable insights in real-time
  • Create action plans to continually improve procurement processes and vendor relationships
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The Impact of Advanced Procurement Analytics

Your procurement team cannot be as productive and as efficient in their efforts as possible without vendor management analytics. Even if your company is already using basic procurement analytics, you may be leaving key opportunities on the table because of insufficient insights. When you step up your procurement analytical efforts, you may:

  • Identify useful tactics to negotiate superior contract terms
  • Be aware of violations of contract terms as soon as possible so that appropriate action can be taken
  • Determine if more strategic vendor relationships are available
  • Make well-informed decisions about vendors in a timely manner
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What to Expect From Our Tailored Services

Regardless of the efforts that your business is currently taking to utilize procurement analytics effectively, we can help you to maximize the power of this data on a deeper level. When you reach out to USEReady today, you can learn how we can:

  • Create a framework for data collection and management that is customized for your team’s specific needs
  • Enable each user to customize reports as needed in real-time
  • Help you to maximize vendor relationships while reducing overhead where possible

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