Prisync - Competitor Price Tracking & Monitoring Software

How Purchasing Departments
Can Use Prisync?

Purchasing departments have the responsibility of buying all sorts of goods needed for the company’s activity. In a time when competition is higher than ever, being able to get good prices is a key factor in the success of the organization.

Besides, if the company doesn’t buy at good prices, it will hardly be able to sell at good prices. As a result, it is not only that the costs will be higher, but that the sales will be lower. Since your customers are not ignoring prices, your company can’t do it either.

When it comes to pricing, Prisync is helpful for sure. But how can it specifically help Purchasing Departments?

  1. Saving time and being more efficient

When Purchasing Departments try to get good prices, they need to start a negotiation. As we have said in this blog before, information is the strongest weapon you have in a negotiation. This is precisely what our price tracking software offers.

Now you may think that you could do the research yourself and save the cost of the software. This is true, but how many products do you have in your store? Very likely more than 100, possibly more than 1000, and chances are even more than 5000.

Can you imagine how many hours of work would be necessary for you to check competitors’ prices on 1000 products? Let’s say you have all the pages of your competitor’s website under control and you only spend a minute per product…and believe me, you will need more time. This amounts to 1000 minutes, i.e. more than 16 hours! Now, how many times do you want to check them per month? Once per week? This would be 64 hours per month. Not that small amount of time, right? By the way, have you also noticed that we were talking about a single competitor? So, how many competitors should you follow? If you track just three of them, it will mean 3 times more work, i.e. more hours/days required. With Prisync you can automatically control all your products, or the most important ones, for a large number of competitors several times a day, without doing anything except analyzing the data when you need to do it.

  1. Giving objective information to negotiate

Talking about analyzing…having a great amount of information gathered by a software is not enough. You need to be able to use it to do your analysis and make decisions. With Prisync you can easily see an overview of price trends, as shown in this video.

This overview, will allow you to negotiate with your suppliers more efficiently. (We hear it quite often from our Purchasing Specialist users that they have their Prisync dashboards always open during their Supplier Meetings.)

By doing that, first, you will know if your supplier is pricing lower or higher than their competitors. That way you will have a good idea about the value that they are giving to you. If they are offering you high prices, you will have a stronger position in the negotiation, thanks to the objective data, which is not refutable.

Also, you can compare the prices for that supplier across your competitors, and in case you spot a cheaper competitor for the brands that the supplier carries, you’ll have a strong hand for negotiating for lower unit costs for the products under those brands in your next batch.

  1. Knowing where to look for urgent needs

With Prisync you also can monitor product assortments. By looking at it, you can find out which of the potential suppliers are out of stock, and save time and effort by only contacting the ones that have what you need.

Normally, this wouldn’t make a difference, but in hard-selling periods when you may need the products in the shortest possible time, it will be a very helpful tool by also showing you your competitors’ stock availabilities.

Conclusion

If the main functions of the Purchasing Department are to be sure that the company has the goods it needs to work at the best price possible (maintaining quality), an automated price-tracking software is an essential tool.

By using automated tools, you are not only avoiding human mistakes in the most tedious tasks, but also giving workers more time for analysis and thinking. Taking advantage of technology to be more productive and innovative is a mandatory step all businesses must take if they want to keep their position in the market. Losing time in tasks that can be automated will cost you not only time and money, but also, and surely more importantly, the opportunity for someone to contribute a great idea to the company.