Procurement departments can’t control the global supply chain disruptions or rising inflation that cause higher supplier prices. Celonis challenges Procurement organizations to focus on what they can control in this time of uncertainty - with the Inflation Monitor.
The Celonis Inflation Monitor consolidates Procurement data from your existing business systems, giving you a unique view of how price variances are affecting your overall spend and surfacing tangible cost saving opportunities.
Insights into spend have never been more valuable as enterprises work to control spend, reduce operating costs and improve supplier reliability.
This purpose-built solution helps Procurement managers understand how today’s volatility affects their spend and enables them to proactively identify process inefficiencies that are threatening their grasp on spend in three steps:
1. Investigates Price Variances: Uncover price increases for each purchased material and investigate the specific materials that are negatively impacting your spend. With the Inflation Monitor, Procurement staff can examine price trends compared to order frequency over time. Having this information will allow them to see the full magnitude of contract leakage amidst price increases and understand which suppliers and contracts have been leveraged across custom dimensions.
Investigating price variance with Celonis Inflation Monitor
2. Identifies Spend Optimization Opportunities: The Inflation Monitor identifies opportunities that are within the Procurement organization’s control. Take action to eliminate inefficiencies in contract usage such as frequently purchased materials without contracts, multiple suppliers for similar materials, or purchasing materials without a contract referenced.
Identifying spend optimization opportunities with Celonis Inflation Monitor
3. Quantifies Impact of Process Improvements: Inflation Monitor lets Procurement departments take value potential quantified to your leadership as a piece of an essential business case for reducing inflation’s impact on spend. Celonis is your strategic partner for taking action against contract leakage, instances of frequent materials purchases without a contract, and supplier aggregation.
Quantifying the potential value of actions to reduce inflation's impact on spend with Celonis Inflation Monitor
Celonis has enabled multiple organizations to crack down on contract leakage with our Open Purchase Requisition Processing app.
To learn more about the Celonis Inflation Monitor, watch our recent webinar.
To get started with the Celonis Inflation Monitor, reach out to your Celonis Customer Value Manager or Account Executive.