Organizations are always thinking of ways to make better use of working capital without affecting operations. Since MRO inventory values are quite high, it becomes a natural focus area for optimization.
Due to bad historical information, and lack of good clean material records, MRO inventory optimization seems much more complex to people, than it really is! What adds to the complexity is that they really don’t have good visibility into spend patterns.
The critical backbone for any spend analytics program is a good data backbone, which is a key focus in all our client and vendor engagements. Our partners deliver reliable spend analytics platforms, tailored to industry and vendor-specific needs. But independent of the platform in use, the data is supremely important in making spend analytics work well.
We work with clients to ensure that the inventory and transactional data they have is adequate to establish a reliable spend analytics program. Our consulting and advisory services enable clients to identify a roadmap for making spend analytics efficient and productive. And our master data management solutions enable clients to establish a good clean data framework to support analytics.
With a well-established spend analytics program, clients are able to leverage their data to drive critical business decisions – to achieve reduced procurement costs and lower MRO inventory optimization overheads, without affecting plant reliability.
Vendor Spend Analysis
Vendor spend analysis determines how much of the spend comes from critical vendors. Vendor Spend analysis will help clients to clearly monitor and track the spend data.