Savings tracking is one of the top goals of procurement, while other factors holding significant traction in mind. PRM360, a cloud-based procurement software can help you track savings in the real-time by adding visibility, and control to the procurement processes. PRM360 can help enterprises track everything right from identifying the products and negotiations to procurement and payment.

With PRM360, you can easily capture savings based on the actual spend reported through intuitive and intelligent dashboards. Detailed analytics give complete visibility into your savings when needed. Here's how PRM360 helps you identify savings throughout the procurement process:

Strategic Sourcing - Get a 360 View of Suppliers

PRM360 enables you to easily collaborate with internal stakeholders and suppliers, analyze company spending and manage supplier risks with eSourcing. The solution leverages data intelligence and artificial intelligence for vendor behavior analysis. Detailed reports help enterprises identify the right vendors, eTenders, eAuctions, and compare the variables, thus saving 70% of employee's productive time.

eAuctions - Dynamic Bidding is the Key for Savings

Our procurement software offers vendor management and strategic vendor identification to help companies procure quality and reliable products. With a database of more than 50,000+ vendors, enterprises can make negotiations online and get the right price for the product in a short period. With such a competitive bidding environment, businesses can finalize deals in just 15 minutes.

Stock Overloading - Investing in What you Need Matters

Procuring goods and services is one of the key phases in procurement cycle, it is important to see whether the goods procured are in high-demand. Caps research stated that for every dollar you spend on supply management, the estimated return is $6. This tells you how important it is to understand what goods are in demand and to what extent you have to acquire to reduce expenses considerably.

The best practice is to buy products in an appropriate amount, meaning investing realistically rather than purchasing the maximum. Buying excessive stock can result in potential loss, if the products are not in demand. PRM360 helps you understand the demands and identifies hidden costs in product purchases, leading to a considerable amount of savings in the long run.

Spend Tracking - Leverage Data Analytics in Supply Chain

Enterprises can classify, and analyze transactional data to cut down costs and manage procurement activities effectively. Our comprehensive spend analysis drills down the historical spend data and identifies price variances while rationalizing payment terms.

In addition, PRM360 also helps businesses in auditing vendors, inventory and purchases. The solution bridges the gaps and enables businesses to seamlessly manage their procurement-to-pay processes. Organizations can witness 15% savings of their budget when they automate their procurement activities with PRM360 software.