As procurement operations evolve by adopting new technology and using efficient workflows, an important outcome is the ability for real-time reporting. Historically, reporting data had to be compiled manually, consolidated, analysed, and then reported on. Today, compiling and consolidating can be automated so that more time can be spent analysing data and generating insights.
A key component of the technology required for real-time reporting is automating the compilation and consolidation of procurement data. This, in turn, improves the quality of scheduled reports as more time can be spent by procurement specialists analysing the data to uncover meaningful insights.
With data already in one place, custom reports can be quickly created to answer ad hoc questions as they arise.
Having on-demand access to current information impacts productivity by creating faster feedback loops and motivating accountability.
Procurement activities can be evaluated on shorter timeframes so that any issues can be quickly identified and to ensure that KPIs are on track to be met.
With real-time updates to procurement scheduling, project teams will be able to make more informed decisions and better manage deliverables.
The systems and processes required for real-time reporting improve data trust, transparency and auditing by ensuring there is a reliable, consistent source of truth.
Real-time reporting helps strategic planning by providing access to the current, long-term information necessary for risk management and forecasting.
The ability to quickly provide accurate updates as needed increases the visibility of the procurement function. C-suite and project teams alike will benefit from real-time reporting and how it improves short and long term planning.Requirements for real-time reporting.
A central vendor management and procurement system used across all projects is the first step towards real-time reporting. This is important because a common system ensures that the processes and data being captured are standardised throughout the organisation.
Data health and integrity are critical to realising the benefits of real-time reporting. Implementing strong internal controls and workflows will ensure that data is entered consistently, and reports are reliable.
Felix’s enterprise-level procurement management software provides a common system to manage vendors and procurement activities, as well as native integrations and an open API to connect procurement data to ERPs and BI tools.
The Vendor Management module helps with the following:
All the data captured in Felix can be easily integrated with business intelligence tools so that stakeholders - from operations to finance and executives - benefit from shared real-time reporting.
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Procurement and supply chain management can be incredibly complex and critical for project success, especially in construction – where there are layers of subcontracting parties.
While some organisations still rely on multiple decentralised databases or spreadsheets to store vendor data, a centralised vendor database offers numerous advantages. This article explores the top 10 reasons why a centralised vendor database is more effective than having information scattered across multiple email inboxes and spreadsheets.
Big data, small data, lots of data. What are we supposed to do with all this data? It can get overwhelming quickly. Many construction companies miss out on critical insights because they're managing procurement manually with excel and email.
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