Q+ (Procurement Intelligence Engine)

Responsive Analytics for best buying strategies

Q+ (Procurement Intelligence Engine)

Q+, the Procurement Intelligence Engine of VENDX is the Negotiation arsenal of buyers providing a range of Analytics for strategic buying.

Interestingly, the Q + engine automatically collates all analytics in the context of a specific transaction on a single dashboard to enable buyers to effortlessly design ideal Negotiation Strategies and ensuring quick & optimum procurement decisions

Typical Challenges WRT Analytics

  • Questionable Purity of Data due to manual intervention for creation of data.
  • Significant investment of time for generating and accessing desired analytics.
  • Limited capabilities of resources at times to generate required analytics.
  • Significant Cost impact & high risk in the absence of insightful analytics at the time of decision making.
  • Absence of data on Negotiation behavior of suppliers to design effective Negotiation Strategy.

Q+ collates following relevant Analytics on a click

  • Spend Analysis of relevant material and suppliers
  • Insight on budget v/s spend
  • Average Negotiation pattern of each supplier for a specific material
  • Insight on what strategy works best for each supplier
  • Price trends of each supplier for a specific material
  • Relevant Commodity Price trends
  • Exchange rate trends
  • Comparative for Supplier Capabilities
  • Unique Vendor Performance Rating on Qualitative & Services

‘Q+’ Key Analytics

Vendor Negotiation Behavior & Price Trend
Vendor Sustainability Report
Vendor Capability Comparison
Design ideal Buying Strategy
Procurement Intelligence Tool
Design ideal Buying Strategy
AUDIT MODULE -- "Establish Accountability for every Buying Decision."
Establish Accountability for every Decision
Spend Analysis
Strategize Negotiations
Vendor Performance Rating Module

Vendor Negotiation Behavior & Price Trend

Understanding behaviour pattern of negotiation of suppliers can be extremely useful arsenal of any buyer. This unique insight can significantly enhance buyer capabilities for an ideal price discovery
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Vendor Sustainability Report

Sustainable supplier selection is considered a vital factor in sustainable supply chain management & hence It is of paramount of importance to mitigate vendor risks thru methodical evolvement of sustainability rating of all critical vendor. VENDX Vendor Sustainability report is driven by a configurable engine to classify suppliers in different risk zone considering various customized parameters
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Vendor Capability Comparison

Design ideal Buying Strategy

Vendor Capabilities Comparison provides apple to apple comparison of capabilities of different vendors in terms of their production capabilities, quality assurance standards, financials, customers, their sustainability para meters and various para meters desired by an organization. This self - updated information by vendors is most appropriately routed for approval to provide the buyer updated accurate comparison of vendor capabilities.
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Procurement Intelligence Tool

Design ideal Buying Strategy

Procurement Intelligence Tool is an unique analytics on VENDX which empowers buyers to take informed decisions based on input cost variables relevant to critical material bought by the buyer.
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AUDIT MODULE -- "Establish Accountability for every Buying Decision."

Establish Accountability for every Decision

Sourcing is one of the most sensitive business function which involves daily decisions for major spend of an organization. Typically a manufacturing company spends anywhere between 45% to 85% of revenue in procurement of goods and services.
Read More..

Spend Analysis

Strategize Negotiations

Spend analysis is a process for analyzing the historical spend (purchasing) data of an organization to facilitate superior buying strategies and carry out long term planning for mitigating supply disruptions and ensure more effective cost management
Read More..

Vendor Performance Rating Module

Vendor Rating Module is a comprehensive engine with smart algorithm to evaluate vendor performance on quality and timely delivery on real time.
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Vendor Negotiation Behavior & Price Trend

VENDX recognizes the pattern of vendor behaviour and offers very interesting insight on patterns of negotiation of every supplier for every product along with generic & vendor specific price trend of every product.

Key Features

  • Track negotiation behavior of all the suppliers.
  • View historical price patterns of items offered by different suppliers.
  • Downloadable charts/graphs.
  • Comparative analysis chart.
  • Supplier specific price trend for every material
  • Instant insight on historical prices of every supplier

Benefits

  • Assist in design of an ideal negotiation strategy
  • Leads to superior Price Discovery
  • Significantly reduce time for negotiations
  • Improves Audit compliance

Vendor Sustainability Report

VENDX Vendor Sustainability report is created thru a configurable engine to classify suppliers in different risk zone considering various organizational relevant customized parameters. It facilitates to identify specific risks associated to a vendor to take desired actions to mitigate associated supply risks.

Key Features of VENDX Vendor Sustainability Report

  • Auto calculation of Sustainability score of different suppliers on desired parameters.
  • Customizable Questionnaire suiting your specific organization.
  • Easy-to-use scorecard with rich information.

Benefits

  • Helps Automate qualification of new vendors
  • Ensures to minimize supplier risk
  • Helps maximize the use of vendor capabilities.
  • Secure compliance of vendors to –
    • Certification requirements
    • Business requirements
    • Legal/regulatory requirements
  • Helps you to eliminate supply disruptions

Vendor Capability Comparison

VENDX Vendor Capabilities comparison facilitates buyers to select the most eligible vendor from the pool of vendors for that particular material or service. This report fetches the data which was entered by the vendor when they had registered or updated through or post Vendor Onboarding and gives an apple to apple comparison to onboard the most suitable vendor or decide business in favor or most eligible vendor.

Key Features

  • Configurable parameters to collect information and compare vendor capabilities to ensure relevant data for different categories
  • Direct linkage of the report in sourcing module to ensure appropriate consideration of the relevant vendor capabilities while finalizing contract
  • Self–update of information by vendors
  • Admin module to ensure acceptance of only relevant data
  • Communication and approval facility between administrator and category managers for views and approvals

Benefits

  • Mitigate supply disruptionsImproved quality of service.
  • Improves decisions quality
  • Simplify vendor onboarding process.

Procurement Intelligence Tool

Procurement Intelligence Tool is unique analytics on VENDX which empowers buyers to take informed decisions based on input cost variables relevant to critical material bought by the buyer.

Key Features

  • Track of major commodity price trends
  • Daily track of exchange rate of all major currencies
  • Commodity & exchange rate trends

Benefits

  • Insightful decisions leading to superior negotiations
  • Mitigation of risks pertaining to abnormal price rise due to upward trend in relevant commodity prices
  • Superior hedging strategies
  • Prevention of loss of inventory values due to price drop of relevant commodities

AUDIT MODULE — “Establish Accountability for every Buying Decision.”

Sourcing is one of the most sensitive business function which involves daily decisions for major spend of an organization. Typically a manufacturing company spends anywhere between 45% to 85% of revenue in procurement of goods and services.

Considering the fact the process of buying decision-making is driven by manual interpretation and interactions, it demands very strong accountability in the context of buying decisions to ensure fair, transparent, and compliant decisions.

Challenges pertaining to Auditability of Buying Decisions:

  • Lack of visibility on real-time data of interactions during Negotiations between buyers and sellers
  • Difficulty in filtering out non-compliant buying decisions
  • Questionable purity of data to be evaluated for Audit
  • Significant efforts to create a set of documents desired for Audit
  • Huge investment of time in Audit by both buyers and auditors
  • Lack of Decentralization of sourcing function leading to loss of opportunities
  • Demotivation for buyers when failed to satisfy auditors queries

Key Features of VENDX Audit Module

  • 1023 permutation – combinations to filter out any decisions taken on the platform as per the auditors’ desire.
  • Instant insight into justifications and entire transaction history to identify any abnormality and take corrective measures.
  • Instant insight into the buyers’ negotiation efforts to ensure that the buyers leverage all the analytics to devise the most effective negotiation strategies.

Benefits

  • Painless Audit exercise.
  • Minimizing the possibilities of fraud and collision with the suppliers.
  • Superior accountability leading to better decisions leading to reduction of cost.
  • Huge savings of time of resources due to easy and effortless access to all documents and justifications for audit.
  • Best possible internal control on every decision.
  • It ensures the accuracy, authenticity & reliability of the procurement records.
  • Optimum use of resources due to effortless access to all documents and justifications.
  • Decentralization of decisions leading to timely capitalization of available opportunities.

Spend Analysis

Spend analysis is a process for analyzing the historical spend (purchasing) data of an organization to facilitate superior buying strategies and carry out long term planning for mitigating supply disruptions and ensure more effective cost management

Key Features

  • Real-time spend analysis
  • Spend breakup on Item/ Category/ Vendor/ Buyer/ Project/ Authorizer/ Plant
  • Facility to slice-n-dice spend to determine in seconds total spend on desired parameters
  • A quick reflection on Budget v/s Spend
  • Facility to create a spend tree and view spend at different hierarchy level
  • Instant creation of spend report library in a frame to switch over from one analysis to another
  • Facility to include spend outside the scope of the platform to give a comprehensive analysis of all spend

Benefits

  • Huge savings of time due to dynamic inclusion of spend at the moment when a decision is authorized.
  • Better accountability of buyers due to instant visibility of spend v/s budget.
  • Superior negotiation strategies with suppliers due to instant insight on the volume of business offered to suppliers.
  • Superior compliance.
  • More effective negotiations leading to Cost Reduction.
  • Saving of time due to instant availability of relevant historical information.

Vendor Performance Rating Module

The vendor Rating Module is a comprehensive engine with a smart algorithm to evaluate vendor performance on quality and timely delivery in real-time.

Vendor Performance evaluation is one of the most daunting tasks for organizations leading to significant challenges in deriving rating in a very transparent and fair manner. In absence of fair derivation of rating of vendors, an organization runs a huge risk on deliverables from the selected vendor.

Key Features

  • Configurable engine to evolve dynamically rating of a vendor for a specific product
  • Smart algorithm to have variable rating weightage and rating score calculations
  • Auto generation of comparison of rating of different vendors
  • Easy comparison of rating of different time period for a vendor  
  • Linkage of vendor raring to Sourcing module for considering the same while awarding a contract

Benefits

  • Absolutely fair evolvement of vendor rating without any manual intervention once the rating module is configured based on a specific product or category-leading to minimizing vendor risk.
  • Huge savings of time due to automated rating mechanisms.
  • Complete transparency in vendor rating mechanisms leads to the most appropriate risk management.
  • Improvement of Supplier performance due to quick actions/communications to improve supplier performance
  • Timely & Quality deliverables based on appropriate supplier selection leading to minimum supply disruptions

Case
Studies

Digitization Success Stories

Read about challenges we addressed for our customers and the benefits accrued by them

.01
Audit Challenges
A leading conglomeration of pharmaceutical, specialty chemicals, and agri chemicals groups wanted to ensure strong accountability for decisions and ensure seamless audit. They had received some seriou ...
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.02
Spend Analysis
A global pharma company having HO in West Zone in India was facing serious challenges in planning & executing effective buying strategies for different categories and vendors in absence of insightful ...
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