The importance of proper analytics reporting and insights with procurement services

The importance of proper analytics reporting and insights is a subject that is relevant for marketing and also every facet of a business and it’s operations.

The ability for a company’s managers and employees to have information at their fingertips, and be able to understand and make decisions from it, is business critical. But, in some ways, it is table steaks. While it is important for an individual or group to have information that they can rely on at their fingertips, there is a real opportunity for this information to be shared across individuals and groups – as a form of transparency and collaboration. We are seeing this as technology companies like Domo provide functionality including BI, as well as collaboration.

We really enjoyed reading this article, published recently by a procurement expert and friend of Sonar Group, that appeared in Procurement and Supply.

In his article, Henning illustrates that procurement can move from a department focused on reporting on cost savings, to a supply chain partner aligned to improve product and service quality across the company value chain. They can make this shift through expanding their KPIs and reporting beyond traditional cost savings to include value chain activities such as supplier performance and operational efficiencies, and through establishing cooperation and collaboration across the business.