Streamlining procurement software
A leading UK retailer integrated WTP with its Procure-to-Pay platform to gain real-time insight into product cost structures and raw material price developments. By combining should-cost models, automated commodity updates, and procurement workflows, the company improved purchasing decisions and supplier negotiations. The integration delivered 4% procurement savings, greater cost transparency, and more efficient procurement processes.
Introduction
Integrating our Should Cost analysis tool with Procure-to-Pay (P2P) platforms can provide significant benefits for companies by optimizing cost management and procurement processes. This is a case study of one of our clients who implemented this integration.
Client profile
Our Client is a leading UK retailer in the automotive & bicycling industry, with an annual Turnover of $ 2,1 Billion. The company was already using a P2P platform for their procurement processes but wanted more insight into the cost structure of their products and raw materials.
Challenges before integration
Before the integration, the client faced several challenges:
- Lack of insight into products and raw material price fluctuations and theirimpact on production costs.
- Difficulty in justifying purchase prices with suppliers.
- Inefficiencies in identifying cost-saving opportunities.
Solution: Integration process
We integrated our Should Cost analysis tool with the client's existing P2P platform. This included:
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Real-time synchronization of raw material prices.
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Development of customized cost models specific to the client's industry.
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Implementation of a dashboard for monitoring cost savings and price fluctuations.
Concrete results and benefits
After the integration, the client experienced the following benefits:
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Improved Cost Insight: Real-time visibility into product cost models and raw material costs enabled better-informed purchasing decisions.
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Cost Savings: The company achieved an 4% cost savings on their procurement costs by identifying price optimizations.
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Better Supplier Relationships: Transparency in cost structures allowed the client to negotiate more effectively with suppliers.
- Efficiency Improvements: Integration led to a reduction in administrative burdens and faster processing of purchase orders.
Conclusion
The integration of What's The Price with the P2P platform helped the client improve their cost management and realize significant savings. This case study demonstrates how our solution can contribute to better purchasing decisions and more efficient operations.
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