5 Reports Procurement Managers Should Look For

Purchasing operations are an important part of your business. You need to make the most of your money to become the rest of the competitive world.

You can perform regular analyzes and follow up your business with various reports to better manage your money and perform more efficient purchasing transactions.

Purchase analysis enables you to check what is going on in your purchasing department and whether the purchasing strategy is still being maintained. You can also observe if stocks are kept to an optimum level.

With regard to the procurement process, you can examine whether the best supplier has been selected and how advantageous the prices and conditions have been. Regardless of the size of your company, costs and stocks need to be analyzed and tracked.

In more complicated purchasing operations: delivery times, huge expenses and increasing suppliers make analysis difficult. Various reports or reports will help you for these analyzes. These reports are; The reports include Cost, Inventory, Supplier, Lead Time, Free Expenditures.

Cost Report

The first thing you’ll look at in the cost reports are the actual costs of buying the goods. Costs incurred for delivery, handling and storage are also included in the report.

You may have suppliers who require different strategies for payment. You may need more labor, especially logistics. If you have to pay more for this type of order, your actual costs will be higher than the cost of the products and services.

If there are excess products in stock, their storage costs should also be included in the report. Detailed analysis and reporting will help you determine your estimated total costs of procurement from any supplier.

Inventory Report

Reporting on costs such as storage of items, as well as whether items ready for sale and production are owned or not.

You can examine your current inventory through reports and reach the most suitable inventory level in future purchases. You can keep the data of idle people and machines and facilitate your inventory management with Just in Time reporting.

Supplier Report

If you have a large number of suppliers, you’ll benefit from reports that can track and analyze who supplies you. In these reports that you can evaluate multiple suppliers, you can make comparisons and gain better terms/prices.

Free Spending Report

Products of inappropriate quality or lower quality than those purchased may be ordered. If a product is cheaper, there may be a buying situation from another supplier. These reports for all your purchase requisitions and temporary purchases serve to identify those expenditures that may be more expensive than they should be.

Lead Time Report

Delivery times are a problematic process for large companies. In some cases, it may go beyond the predetermined period, which may be significant in large purchases. Deliveries that need to be paid very quickly can strain cash flow.

Large goods require large storage areas at the same time. The areas that some products may need are required as extremes. For example, freezing areas may be required. For this reason, both the company inventory and the delivery periods need to be reported and analyzed in detail.

5 reports that purchasing managers should be looking at will help your business to have better analytics and observation power. This way, different measures can be taken by avoiding possible risks. In order to better manage the analysis and reporting process, it is beneficial to leverage the power of the digital world and technology.

SmartProcure Purchase Software allows you to prepare the reports that your organization needs across the purchase units, and is very easy to use over a single screen. You can also increase your purchasing power with the SmartProcure.