Data Visualisation, Analytics, Insights…these are all the current buzzwords being used by many companies who claim to be able to deliver that ‘Pot of Gold at the end of the Rainbow’ to their customers – even at Science Warehouse, we use these terms. But can such value really be delivered?
Marketplace Activity is now available from Science Warehouse
Since the launch of our Next Generation Search in 2017, we have been collecting lots of interesting data in the background – we are not doing this because we are big fans of Nineteen Eighty-Four by George Orwell – however we do recognise that we have a lot of valuable data relating to how products are searched for, and how the search tools within the marketplace are used.
What’s the benefit of this additional insight?
One of the key objectives for any procurement function is to drive compliance within their organisation – to stop maverick spend with uncontracted Suppliers and to deliver savings which can be realised through using contracted Suppliers to deliver the best price.
We have therefore developed our Insights module to now include Marketplace Activity insight, providing our users with data at their fingertips to monitor and improve User Adoption, Compliance and implement Procurement Processes which will ultimately help them achieve maximum ROI from the system they have invested in.
Additional features now available to buying organisations include the following:
- Time Saving – organisations are now able to see the Search Response Times so they are confident that they have invested in a system which does save their organisation time.
- Business Adoption – organisations are now able to see usage of the system by department. Should any department be lagging behind in their use, procurement teams can focus on these departments and provide them with additional training or look to find out why they may not be utilising it as well as others.
- Supplier Comparison – organisations are now able to see where their Suppliers feature within the Search results. This can assist with managing the visibility of Suppliers within their marketplace, for example using functions such as Preferred Supplier, and ensuring that the Supplier is available to be returned within the search results.
- Search Terms – if some search terms are not showing any results, is there a reason why? Here the procurement team is able to review the search term data, and assess their marketplace to identify if there are additional products/categories of product that should be available in their marketplace.
What does the future hold?
Data analysis and visualisation will continue to be high on the agenda for procurement teams as they seek to understand how they can continue to improve their organisations purchasing processes, through visibility of buying behaviours and spend analysis.
As a business we will continue to invest in the exciting world of data analytics to ensure we deliver valuable insights to our customers, both Buyers and Suppliers to the marketplace, to help support their business goals and maximise the value they get from working with Science Warehouse.
Contact Us to find out how we can bring additional insights to your organisationDownload our “Analytics - where to start?” guide to find out more