The procurement dashboard visualizes data in an easy-to-understand manner to make it easy for users to understand and analyze company-wide procurement spending. A procurement dashboard usually includes financial and non-financial metrics and KPI results.
A company can enhance its strategy by tracking the right procurement KPIs, which prevent minor inefficiencies from becoming major issues, and which provide insight into effective practices and supplier relationships. The procurement dashboard controls from the time when the need for a particular product or service is identified to when it is received and the overall purchasing of goods and raw materials.
The right procurement report will enable organizations to thrive in a competitive economy. It connects the firm's needs with its suppliers or contractors in a strategic way. However, modern dashboards enable users to analyze data from multiple sources under one interactive roof simultaneously, saving time and focusing on generating actionable insights.
Data for procurement reports can be retrieved from an accounting or enterprise resource planning (ERP) system's procurement or Accounts Payable modules. Traditionally, companies created and managed these reports using spreadsheets or static presentations to manage data. However, it is time to move on from old practices and use modern online reporting software to transform the results and increase profit margins.
Learn more to know about GEP's procurement savings dashboard.