Predictive Analytics for Contract Consumption in Procurement
The Purchaser can analyze a high-level overview of important information, such as expiring contracts, overdue purchase orders or urgent purchase requisitions, as well as an overview of different procurement KPIs. The Buyer can use this information to predict full consumption of a contract based on factors such as a historical data, other available influencing parameters, and so on.
Key Process Steps Covered
- Train a predictive model for contract consumption with available data
- Configure the batch input job to run frequently and provide contract consumption figures
- Display the figures in the trend view of the Quantity Contract Consumption app
- Get accurate advance planning for additional contract negotiations
Benefits
- Get a high-level overview of the contract expiration for the Purchaser
- Analyze contract consumption trends for the next month, quarter, or year
- Enable efficient contract renegotiation