Purchasing Reports
Procurement has become a major player in building and maintaining the growth, value, and competitive strength of companies across all industries. Companies are keen to leverage the powerful insights hidden in their procurement data to make better business decisions, and rely on data-driven procurement tools to uncover and capitalize on these insights. them appropriately.
Common procurement reports are among the most powerful and essential tools available to CPOs and other procurement leaders as they align purchasing strategy with organizational goals and seek to focus their departments as value creators.
With a comprehensive understanding of what these reports are and how they work, procurement teams can achieve significant cost reductions and create a value chain across their organizations.
Learn about purchasing management problems
Common Procurement Reports
Purchasing departments use purchasing reports (called e-procurement reports when done using digital tools and using digital sources) to refine spending data into polished templates for actionable insights.
Reports are any document that provides useful information. They combine text, tables, and graphics to make the data more easily digestible.
Procurement reports are often generated on a periodic basis, but organizations that have invested in a purchase-to-pay improvement program can easily generate them on demand.
Some of the most popular types of e-procurement reports include:
Expenditure reports aid in budgeting, audits, and reporting, with multiple levels of detail based on context. They can be used to compare actual spending to budgeted values, get a clear picture of a company's overall financial basis in real time, help manage cash flow, and more.
Supplier base reports help track details of how much is being spent with suppliers, along with approvals, inventory and usage statistics, etc.
These reports are most useful when all spending information is available, from the original purchase order to the final supplier invoice confirmation and payment. Continue to achieve cost savings and protect business continuity.
Category analysis reports are a specific type of supplier report. By sorting, managing and analyzing data on materials, goods and services via category management, companies can gain a richer understanding of spending, monitor supplier performance and compliance more effectively, and seize opportunities to invest in innovation and growth.
Accounts Payable (AP) reports contain valuable information regarding spending activity, and provide accurate figures of committed spending, receivables, goods received but not invoiced (GRNI), etc. You are downstream of the AP in creating their own reports and forecasts.
Contract management reports provide analysis of supplier contracts and related ancillary data, as well as compliance and performance information.
They provide additional guidance in removing bloat from the supply chain, adding necessary context-related increments, and identifying opportunities to partner with the company's best suppliers in mutually beneficial initiatives.
Procurement benchmarking reports examine actual performance against internal standards, industry standards, peer performance, etc.
Savings Lifecycle Analysis reports are used to evaluate the effectiveness and efficiency of cost savings initiatives over their total life.
Purchasing Analytics Value
E-procurement reports typically use purchasing analytics to put information in context. Also known as spending analytics, it uncovers potential patterns, problems, and opportunities hidden in purchasing data and is used to create a purchasing strategy that addresses all three.
In the past, purchasing analysis was primarily performed by business analysts who specialize in spending analysis, using Microsoft Excel spreadsheets, paper documents, and manual workflows.
Over time, the process has evolved to accommodate the available technology. Automation and analytics have replaced boring, paperless, and error-ridden manual processes.
Today, a company that implements a best-in-class centralized buy-to-pay solution like Planergy has access to:
Advanced Procurement Analytics Powered by Artificial Intelligence (AI) - specifically, machine learning that improves performance and accuracy over time.
A variety of data sources, fully integrated within a central data management platform.
Automate processes to improve functionality, speed and accuracy while eliminating delays and human error.
Real-time visibility into spending data for more accurate and timely forecasting and reporting.
Report templates for more speed, convenience and accuracy.
Speed, security, and reliability with software-as-a-service (SaaS), built-in data encryption, and secure, mobile-compatible access.
Types of purchasing analytics
Purchasing analyzes take various forms that broadly fall into four categories of spending analysis:
Diagnostic analytics are used to mine current historical data to help purchasing leaders:
Understand long-term trends
Examine the nature of unaddressed challenges and untapped opportunities
Develop new, informed and improved purchasing strategies and forecasts by understanding this historical data to enhance value, performance, compliance, savings and profitability.
Descriptive analyzes are the 'what' to the 'why and how' diagnostic analyses. They describe past performance in intricate detail.
Predictive analytics focus on the future.
Metadata analyzes provide a clear and transparent understanding of historical data; Diagnostic analytics extract annotated data to gain insights; Predictive analytics use those insights to predict the performance of future purchases.
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