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Overview

Procurement cost involves multiple complex components such as import taxes and changing raw material costs that make the process of managing this aspect challenging for large organizations. Automating the process not only saves money and effort, but also allows businesses better control over their spending.

Infosys brings you Procurement Cost Automation Solution to automate cost management effectively. The automation tool has already reported 30% cost savings and faster delivery times. Leverage the solution to harmonize and automate the procurement cost determination process and improve efficiency.

A Cost management automation tool with reported 30% cost savings and faster delivery times

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Optimizing Procurement Costs: Strategies for Success in the Supply Chain Landscape

The solution also enables your business to obtain greater control over multiple areas such as cost actualization, supplier spends, savings, and takedown percentage by commodity code or item number.

By providing a single source of truth for cost data, the solution enables faster audit. This ability simultaneously boosts faster and more accurate predictive analytics and drives ‘what if’ simulations, which in turn accelerates your cycle time for analysis and allows granular levels of reporting.

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Challenges & Solutions

By deploying the Procurement Cost Automation Solution, you can successfully manage changes in procurement costs for raw materials which can otherwise impact the total costs for the end-product. You can respond quickly by suggesting price changes or product shelving and minimize the impact.

The solution provides your business the visibility into the cost changes in raw materials with relation should-cost standards and enables a detailed overview for maintaining the cost. This improves the transparency and enhances the auditability of your cost data.

Leveraging the solution, discover the trends in procurement costs from the past quarters along with comparison. This allows you to study the forecasts for better understanding of spend and gives you the ability to manage costs more accurately in future.