InsightBee’s Procurement Intelligence Helps Monitor Suppliers, Mitigate Risk, and Improve Sourcing Strategy
LONDON, June 29, 2016
Across industries, supplier relationship management and procurement risk mitigation are now recognized as critical challenges, where failure has the potential to badly affect cost, revenue and market share. Also CFOs are pushing their procurement teams to be more proactive. InsightBee’s new Procurement Intelligence product supports CFOs, CPOs, and procurement leaders, who are becoming increasingly involved in planning strategies to make procurement more agile, mitigate procurement risk, and provide cost advantage.
In a recent Deloitte survey, a majority of CPOs in the life sciences and banking and financial services sectors reported an increase in procurement-related risks. “The Procurement Intelligence product is addressing these challenges for the CPO by monitoring suppliers and sending alerts for potential risks,” says Michael Foley, Managing Director of InsightBee Procurement Intelligence. “Currently, many CPOs and their teams have to rely on syndicated reports and news feeds about suppliers. As it takes time to locate relevant details in long reports and analyze the information to produce decision-driving insights, there is a clear risk of strategic measures missing the appropriate reaction window,” he adds.
Companies in which CPOs are not involved in mitigating procurement risk are also recognizing the importance of this function and are looking for ways to apply advanced analytics solutions to get the right information to compliance and risk managers.
InsightBee Procurement Intelligence is designed to help procurement teams set fact-based procurement strategies and to proactively identify supplier and category risks. It enables CPOs and procurement teams to monitor key suppliers for risks. In addition, category managers can use it to get the required facts on their fingertips at each step of the procurement cycle.
How does it work?
The cloud-based product sends event-triggered alerts and regular summaries of key insight related to specific questions to users. Custom insight reports can be ordered at any time as well as deeper analyses of selected events. Such products ensure that users have access to relevant information in the event of a procurement risk.
“Launching the Procurement Intelligence product is a significant step forward for InsightBee, close on the heels of our recent launch of the Sales Intelligence product,” says Manoj Madhusudanan, Managing Director of InsightBee.
“InsightBee disrupts the experience of accessing focused custom research and analytics on a pay-as-you-go mode across a range of solution areas. By leveraging our fast evolving technology, we plan to add more such innovative products to our platform in the near future,” he adds.
InsightBee is the simple way to source high quality custom research and analytics from any device. From proactive alerts to tailored reports, our online platform delivers the intelligence you need every day – across all business functions and industries. With our pay-as-you-go model, ordering tailored insights is easier than ever. And because InsightBee is created by Evalueserve, we’re powered by mind+machine, which means we combine human expertise with best-in-class technology to give you qualified intelligence, faster.