When making purchasing decisions, it is typical that in addition to the tender responses also organization's opinion on the supplier, supplier’s performance in evaluations, results of supplier questionnaires and, for example, acceptance of company terms are examined.
There are highly specialized solutions on the market where, in addition to supplier-specific spend, it is possible to see the spend information by product group and by product code - all the way down to purchase invoice data. With the help of such spend tools, it is possible to identify, among other things, savings potential and the most important focus areas in sourcing and procurement.
From the point of view of day-to-day supplier management, the possibility to see supplier-specific top-level spend information is often the most relevant. When information related to the supplier is searched for in the supplier management solution, having the spend information on the same screen helps to form an overall picture on the supplier.
With the new feature, supplier-specific spend data can be imported directly into Noventia supplier management via the interface or download. The sourcing teams can see the information in one place instead of logging into many tools to see the basic data about the supplier.
As transparency increases, it is also possible to see how large a share of the spend has, for example, accepted the company's Code of Conduct, in addition to simply comparing the number of suppliers.
In the day-to-day work of the sourcing team, the quick view of spend data is a valuable additional feature that increases transparency within the organization and supports making better purchasing decisions.