Comprehensive data analytics & benchmarking to identify cost savings opportunities
Genmed has developed the capability to capture and manipulate data and turn this into meaningful information for our procurement team and our customers. We work with industry data and benchmarking specialist partners to provide us with expanded data reach and access to leading tools.
We analyse information from customers and suppliers and develop this into management information for use by Genmed and our customers. We extract data and develop spend profiles by supplier and category to identify trends. We are also able to baseline and benchmark data specifically in relation to pricing as follows:
• AP/PO Data cleansing
• Spend cube creation
• Spend analytics by supplier, department, category, etc.
• Price benchmarking
• Cost improvement opportunity assessment
• Bespoke catalogue creation
AP/PO Data Cleansing
Much of our activity commences with extracting key procurement data from customer purchase order and accounts payable systems. This provides us with continual access to up-to-date and real-time procurement activity. We can look at overall supplier spend, individual line information, quantities, frequencies of orders, and trends.
Spend Cube Creation and spend analytics
Our team utilises this data to create top-level spend information that enables us to develop a range of data. We can identify overall spend, spend by supplier, spend by product groupings, product pricing, carriage charges, etc. This is summarised on dashboards for customers and procurement staff as meaningful data.
We have developed our own ‘spend tree’ methodology that enables us to link data into various categories and sub-categories spend across our broad spread of category areas, based on the NHS E-Cat structure and refined for our own use. We also work with suppliers to get feeds of data from their systems to corroborate and build upon the data and utilise it to support overall spend assumptions, product lists, spending trends and practices over time.
Access to broad ranges of data that can be replenished and refreshed regularly provides us with access to pricing information. This enables Genmed to compare pricing for the same product across different customers and industry sectors. We track movements and changes to prices and utilise this to provide opportunity assessments for activities such as cost improvement programmes.
Cost improvement opportunity assessment
We utilise the price benchmarking we have at our disposal to constantly review customer pricing and can review customer pricing at any point to ensure value-for-money. We use this information to determine cost improvement opportunity areas and utilise benchmark pricing with suppliers during supplier reviews to ensure that pricing remains competitive. We can provide ongoing benchmark data to customers as to where their pricing sits either within a ‘basket’ of product or more directly across other organisations.
Bespoke Catalogue Creation
Catalogues are bespoke to our customers and can be configurable to ensure that only a limited agreed product portfolio is available to end-users. Correct, up-to-date pricing ensures that agreed spend levels are met and invoice queries are minimal.
External benchmarking specialists
We have a UK based industry-relevant benchmarking organisation that provides data to complement our data. This enables us to access data across a much wider area and provide more in-depth comparisons with a broader representation across customers, sectors, product, etc. We also have a European-wide partner that enables us to view and analyse data across countries, sectors, and industries.
To receive examples of analysis and data presented to customers and how this data is used - for instance, in the creation of sourcing and cost improvement work plans - please complete the form below: