Improve procurement management with supplier intelligence
Procurement management refers to the process of planning, executing, and controlling the procurement of goods and services from suppliers. It’s closely related to procurement intelligence, the process that helps to make informed decisions about supplier selection, negotiate better contracts, and manage supplier relationships more effectively.
Smart supplier and procurement intelligence play a crucial role in improving procurement management by providing valuable insights into supplier performance, costs, and risks. They enable you to optimize your procurement processes, identify potential supply chain risks, and develop strategies to mitigate them. As a business, when you leverage procurement intelligence to inform procurement strategies and decisions, you create the situation to improve supplier relationships, optimize procurement processes, and mitigate supply chain risks, resulting in better overall procurement management.