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DHANYA ARUMUGHOM

 * August 3, 2021
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HOW TO MAKE YOUR PURCHASE DECISIONS FASTER, SMARTER, CHEAPER AND EFFICIENT?

In the global business environment today, supply chains have become global and
interconnected, making them more complicated and vulnerable. In this
scenario, supply chain professionals are finding it very challenging to respond
to numerous challenges like supply chain visibility, data accuracy, risk
management, cost savings, supplier issues, etc.  

Conventional procurement strategies and processes often become inefficient in
building an efficient supply chain. The current disrupted market demands an
efficient, demand-driven, transparent and smart procurement process. For this,
your procurement function should be driven by strategic decisions that allow you
to overcome the supply chain challenges and add more value to your business. 

Even if your company uses an ERP, it really might not be sufficient to manage
your sourcing activities. Most of these conventional enterprise systems take
care of the transactional procurement activities alone, and you may find it
difficult to follow up on your strategic procurement activities internally and
externally, leading to delays in making decisions. The use of traditional tools
and spreadsheet based analytics are insufficient and can only make
it difficult to generate essential analytics to make your purchase decisions.
Speedy decision making is an essential factor for an optimised procurement
process. It gives a significant competitive advantage for the whole business to
improve its bottom line.   

So how exactly can you make your procurement or purchase decisions faster,
smarter, cheaper and efficient, adhering to the 5 Rs of procurement – Right
Quality of materials, Right Quantity, at the Right Price, at Right Place and at
the Right Time? Undoubtedly, digitisation of your procurement activities is one
of the best ways to accelerate your purchase decisions. 

Digitisation of procurement activities has been following a steady ramp up for
many years.  But in recent years, it has gained significant momentum with
procurement technologies evolving rapidly and many organisations deploying these
technologies to improve their speed and agility. Digital procurement platforms
today offer a combination of tools for Advanced Analytics (Spend, Program and
Project Analytics etc.), eProcurement, Sourcing, Supplier
Relationship Management, eCatalogs, etc.  

Sourcing software offers immense possibilities to professionals who continuously
worry about making decisions on sourcing the goods, selecting
suppliers, de-risking the supply chain and obtaining high-quality products at
the best prices for their organisation. It leverages technologies like AI and
machine learning algorithms to categorise and manage spend in real-time and
predict demands. With digital procurement solutions, professionals can get
to know the cost of any commodity from alternate suppliers or countries, predict
future sources of supply, and act on timely alerts from negotiated agreements
through smart contract management. 

Here is how digital procurement capabilities can work together to make your
procurement decisions more efficient, smarter and faster. 

 * Utilise Big Data for richer data sets – It can create a master data source by
   collating disparate data spread across various sources including physical
   data files (Items/Parts, PO, Bill of Materials, Specs, etc), unstructured
   databases of spend information, data related to demand and delivery of raw
   materials captured through sensors, and third-party data (supplier data,
   commodity trends, social media, local media, etc). 

 * Use Predictive and advanced data analytics to enable improved decision
   making – By applying modelling and statistics on the data from the disparate
   data sources and using machine learning algorithms and AI, predict most
   likely scenarios for cost/price fluctuations, demand, supplier or country
   risks, etc to enable proactive decision making. 

 * Visualization simplifies decision making– Transform the data collated into
   organized information and produce user-friendly visualizations that can give
   fresh insights and recommendations simplifying decision making. 

 * Interconnected Collaboration Networks – Provides a platform that enhances
   collaboration between buyers and suppliers aiding transparency and ability to
   plan and make decisions together. 

Procurement software can thus help organisations generate data-driven insights
and strategies to uncover new sources of value, increase efficiency, and
mitigate risks successfully to ensure a stable supply. Given the growing pace of
technological innovation fueling digital procurement solutions today,
procurement professionals should embrace these technologies to the utmost to
make smarter decisions, become more agile and have a competitive edge. 

RheinBrücke’s MeRLIN is a Strategic Sourcing solution that provides the
strategic platform enabling value optimisation of your procurement function. It
simplifies the complexities around Strategic Sourcing through higher levels of
automation, enhanced supplier and internal collaboration and advanced analytics.
It allows you to make smarter purchase decisions that can impact your bottom
line positively. Contact us to know more about MeRLIN. 


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RELATED POST

Spend Analysis


WHAT IS SPEND ANALYSIS AND HOW CAN A PROCUREMENT AND SPEND ANALYTICS SOFTWARE
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October 3, 2020 No Comments


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Menu
 * Solutions
   * Category Management
   * Analytics
   * Supplier Relationship Management
   * Requisition Management
   * Strategic Sourcing
   * Award Management
   * Contract Management
   * Platform
 * Industry
   * Automotive
   * Process Manufacturing
   * Discrete Manufacturing
   * Public Sector
   * Life Sciences
   * Oil & Gas, EPC
 * Use Cases
   * Direct Sourcing
   * Spend Rationalization
   * Research & Development
   * Workflow Management
   * Procurement Digitization
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   * Supplier Lifecycle Management
   * Payment Terms Review
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SOLUTIONS

 * Category Management
 * Analytics
 * Supplier Relationship Managament
 * Requisition Management
 * Strategic Sourcing
 * Contract Management
 * Platform
 * Award Management


INDUSTRIES

 * Automotive
 * Process Manufacturing
 * Discrete Manufacturing
 * Life Sciences
 * Oil & Gas, EPC
 * Public sector


USE CASES

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 * Spend Rationalization
 * Research and Development
 * Workflow management
 * Procurement Digitization
 * Procurement Audits
 * Supplier Lifecycle Management
 * Payment Terms Review


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COMPANY

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 * Careers
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PARTNERS

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GET IN TOUCH WITH RHEINBRÜCKE

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