ProcurementIQ is dedicated to providing the highest quality data and intelligence so you can make the best and most efficient decisions. This brief video will go over our new Vendor Management tools.
We’re expanding our buying lead time section to map out how much time should be expected at each key stage of the purchasing process, based your size as a buyer. This is a market average, but it can help your buyers plan ahead appropriately.
We’re also building out a more detailed list of vendor qualifications to replace the shorter Buying-Decision Scorecard. We rank the importance of each factor on a scale of 1 to 5. This will allow you to choose the qualifications that best match your needs and assign weightings accordingly.
We've added 3 new sections under vendor management: Key Contract Clauses, Key Performance Indicators, and Service Level Agreements.
Key Contract Clauses will help protect your organization against undue harm by reviewing fair conditions for contracts and incorporating best practices for structuring contracts in this market.
Finally, with the addition of the Key Performance Indicators and the Service Level Agreements sections, ProcurementIQ now covers all 4 key components of market intelligence for procurement.
This new content will help you better engage with suppliers, input indices in contracts for performance, and better protect your business when price is not in your favor.
We here at ProcurementIQ hope these new additions will help you understand market best practices, inform conversations with stakeholders about what to expect, and drive efficiencies in your processes.