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. But how can it specifically help Purchasing Departments?
Saving time and being more efficient
When Purchasing Departments try to get good prices, they need to start a negotiation. During the negotiation process, information is the strongest weapon. This is precisely what price tracking software - Prisync offers.
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. This number of targeted products brings out a huge workload.
- 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.
- By using our automated price tracking tool, you are not only avoiding human mistakes in the most tedious tasks, but also giving workers more time for analysis and thinking.
Giving objective information to negotiate
Talking about analyzing…having a great amount of information gathered by a competitive intelligence software is not enough. You need to be able to use it to do your analysis and make decisions.
- You can easily see an overview of price trends.
- 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.
- You will be able to 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.
- You 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.