The Procurement Dashboard is meant for the procurement teams, procurement owners or IT procurement teams, it enhances your insight into your procurement landscape and timelines. This dashboard empowers you to gain a deeper understanding of ongoing procurement activities, the time it takes to complete them, upcoming renewals, and other relevant information.
These metrics hold significance as they provide valuable insights into the performance of your procurement initiatives, the effectiveness of your procurement processes, and opportunities for enhancement based on the data at hand. When managed effectively, they have the potential to result in significant time and effort savings throughout your procurement lifecycle.
In this article, we will learn about the metrics displayed in the Procurement Dashboard in detail.
The summary gives you a high-level glimpse of your procurement requests and contracts, you will find the following information on the summary page.
Open Requests: The "Open Requests" section displays the current, active requests for your organization, encompassing procurements in various stages such as negotiation, approval, and signature. Additionally, we emphasize the requests that have been added during the current month, providing insight into how many of the total requests are carryovers from previous months.
Completed Requests: The "Completed Requests" section lists all the requests that have been successfully fulfilled, and it also spotlights those requests that were completed during the current month.
Active Contacts: The "Active Contracts" section provides an overview of the total number of contracts currently in force for your organization. This count excludes contracts that may have expired or were not renewed.
Upcoming Renewal: The "Upcoming Renewals" section lists all the contracts currently approaching their renewal stage. We move active contracts to the upcoming renewals section 120 days before their renewal date. As a result, any applications with a renewal due within the next 120 days are included in the "Upcoming Renewals" tab.
The "Request Graph" visually represents the data on requests created versus completed for each month. We provide a six-month history, allowing you to track the rate of requests initiated and successfully finalized in your procurement process. This tool is invaluable for gaining insight into the balance between your requests and the ones that are halted due to approval rejections or cancellations.
Request by Status
This Request by Status provides an overview of the number of requests submitted, negotiated, and approved for an organization in the past six months. The widget captures the following data in the following formats:
1. No. of Requests Submitted - This represents the number of requests submitted in a specific month for the last 6 months
2. No. of Requests Negotiated - This indicates the number of requests that were negotiated in a particular month in the last 6 months
3. No. of Requests Approved - This denotes the number of requests that received approval in a particular month in the last six months.
The "Request Aging" feature illustrates the time it takes for a request to progress through different stages, which we categorize into negotiation, approval, and completion. This breakdown provides you with insights into the duration of each stage, enabling you to identify areas for improvement and enhance the efficiency of your procurement lifecycle.
Sometimes, organizations only become aware of an impending renewal with a very tight timeline, often just a month before the renewal date. The less time you have for renewal discussions, the higher the risk of making suboptimal decisions when renewing a tool. Therefore, it is advisable to proactively monitor renewals well in advance of the renewal date. This way, you will have sufficient time to assess tool utilization and costs, allowing for more informed and strategic renewal choices.
The upcoming renewals section offers you a renewal calendar where all your contracts scheduled for renewal within the next three months are listed. This gives you an extended preview of the tools set to be renewed, allowing you to assess them in advance and make more informed decisions when it comes to renewal.
In addition to the list view of renewals, you have the option to switch to a calendar view from the top right corner.
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