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Procurement Analytics

Apply analytics at scale to uncover new opportunities for cost savings and value delivery, proactively mitigate supply risks, and drive continuous innovation

Procurement Analytics at a glance:

Advanced analytics, machine learning and procurement skills combined to harness the power of internal and external data for strategic and tactical decision-making.
A business-first approach that starts by identifying your procurement goals, then applies analytics in ways that clearly support them.
Modular solution customised for your needs and analytics maturity, whether you’re looking for a full-scale analytics solution, or exploring specific use cases for the first time.
Bespoke dashboards, visualisations, self-serve automated tools and reports for easy access to your category and cross-category analytics and insights, your way.
Purpose-built assets, models and algorithms to accelerate delivery and unlock insights for a wide range of procurement activities.

Turn data into actionable insights to address your procurement priorities

Modern procurement teams are faced with managing fast-evolving demand-supply situations, disruptive trends and a multitude of vendors, however diverse information sources often result in conflicting indicators.

To navigate this increasingly complex business landscape, they must maximise the potential of organisational and external data to:

Restructure the supplier base to achieve the right balance of quality, price and supply assurance, and improve partner collaboration.
Consolidate spend to capture maximum value from aggregated volumes and supplier contracts.
Manage price escalations with higher visibility into commodity price volatility and product/service costs.
Reduce transaction costs to deliver additional savings to the organisation.
Proactively mitigate risks with a real-time view of supplier, market and commodity dynamics.
Effectively manage processes including RFx, supplier performance and compliance tracking.

We don’t just give you dashboards and reports…

Procurement can leverage analytics to address these priorities, drive positive change across the function, and craft proactive strategies based on what’s likely to happen in the future, rather than past trends. Our specialist teams consolidate, integrate and analyse data sets, provide clear recommendations and next steps to help you turn insights into actions quickly, and make intelligence available to the wider business for effective decision-making. Procurement Analytics from The Smart Cube comprises multiple modules which address specific priorities:

Spend Analytics

Review historical and future spend profiles, and identify opportunities for supplier consolidation and tail spend optimisation.
Cost and Price Analytics

Develop scenario-based and predictive cost models and price forecasts to drive informed decisions.
Contract and PO Analytics

Monitor contract spend and compliance, optimise payment terms, and understand purchase price variance.
Supplier Analytics

Create scenario models for tenders and bids, track supplier performance against SLAs, and develop supplier sustainability scorecards.
Risk Analytics

Listen for supplier-related risk signals, and monitor early warnings for category risks.
Category Level Analytics

Take data-driven decisions and drive more value at a category level, recognising the unique metrics, data sources and optimisation levers for each category.

How your business benefits

With Procurement Analytics from The Smart Cube, you can:

Transform procurement performance by applying analytics to make data-driven decisions which enhance business value, based on forward-looking, accurate and reliable intelligence.
Build a world-class procurement analytics capability without needing to hire and retain in-house data scientists and engineers, visualisation experts and application developers.
Advance your digital procurement transformation agenda with custom analytics that combines internal and external data sources to uncover hidden insights.
Seize opportunities and proactively manage costs using predictive analytics to model and understand the business impact of different strategies and tactics.
Be a strategic partner to the business using deep, contextualised insights to recommend new and effective strategies for cost savings, innovation and risk management.
Empower your entire procurement team with access to deep analytics insights through custom dashboards and intuitive self-service tools.

How we work with you

We always start with prioritising business questions and not data problems. Based on your needs and analytics maturity, we’ll work with you and your team to identify and prioritise use cases where analytics can deliver the most value. For each use case, we deploy a robust and agile methodology:

Step 1

We understand your business objectives and define solution success criteria through diagnostic and discovery workshops.

Step 2

We identify the relevant datasets from internal systems (e.g. ERP and SRM) and external sources.

Step 3

We align with you on proof of concept scope.

Step 4

We implement statistical modelling (e.g. regression, clustering, segmentation) and advanced data science techniques (e.g. machine learning, text analytics) to generate insights and deliver rapid value from the projects.

Step 5

We augment the solution with other internal or external data (e.g. commodity price forecasts, supplier financials) based on learnings from proof of concept and perceived business benefits.

Step 6

We scale-up and deploy the solution in other business units or categories, and provide ongoing actionable insights.

Why choose The Smart Cube?

When you choose Procurement Analytics from The Smart Cube, you always get:

A solution tailored to your maturity and goals: We can build a pilot around a use case if you’re starting out with procurement analytics; our specialists can augment and extend an existing analytics team; or we can deploy a full-scale analytics solution.

Flexibility and customisation: We adapt to your tech stack, procurement systems, data sets and sources, creating a bespoke solution which delivers outputs tailored to your needs, ensuring high adoption across your function and business stakeholders.

Established procurement and data science expertise: Unlike many software vendors, pure-play analytics firms and consultancies, we have a 17-year track record of delivering valuable tailored intelligence to procurement teams at many of the world’s largest companies.

Skills and data across the analytics value chain: Our capabilities span data consolidation/ integration, reporting, visualisation, predictive and prescriptive modelling, and deep learning – leveraging multiple alternative datasets to enhance our insights.

A suite of purpose-built assets: Our proven assets enable faster delivery and better outcomes for a wide range of procurement activities – from data collation and extraction, to regression analysis and risk tracking and monitoring.

Relevant advice and recommendations: You don’t just get dashboards. Our Artificial Intelligence + Human Intelligence (AI+HI) model means you get actionable insights and recommendations, contextualised to your business, driving analytics adoption.