Is Procurement Savings Tracking in Excel still an efficient way to proceed?
Spoiler alert: the answer is, of course, no.
In the old days, Excel was the holy grail for tracking your Procurement Savings. And surprisingly enough, many tasks are still performed in Excel spreadsheets.
Few benefits of Excel:
- In a company, it can be justified to use Excel and ask your teams to use it: it’s very easy, cheap and simple.
- You can deal with a lot of subjects
- It is often one of the standards used and not only within the Procurement department
- The solution requires a really low financial investment.
When we’re focusing on Excel disadvantages, we clearly see the limits of it: lack of reliability and accuracy of the data, limited collaboration aspects, etc.
Why should you ditch your Procurement Savings Tracking in Excel?
- You can’t rely on Excel: With hundreds and hundreds of lines and columns of data, an error can (and will) be fatal. Moreover, locating this error can be very challenging with all this volume.
- Excel is subject to errors and misinterpretations: Only ONE error somewhere is enough to make the data in your Excel spreadsheet useless. Entering values manually eventually creates errors. Also, it’s easy to misinterpret data. Excel’s interface only provides the row data with no further analysis or dashboard. Planning with Excel can get really complicated.
- Keeping the Excel spreadsheet up to date is a real challenge and a waste of time. Maintaining your data synchronized when there are different versions of the software, or when more than one person has access to the file can be a real hassle.
- It is hardly impossible to follow the progress of a project and to manage a team on an Excel spreadsheet. Since when Excel has been chosen for its collaborative properties? ????
- Excel is far from being a Savings Tracking tool. It has not been made to communicate and validate your savings with Finance department.
As a conclusion, Excel is not a suitable tool to manage your Procurement activities and teams. There are too many disadvantages that make your data insecure, unreliable, and above all, internal collaboration is not optimal.
How about switching for a tool that allows you to secure, share, collaborate and measure your Procurement Performance?
See how Per Angusta can help you Manage your Procurement Performance. By organizing Strategic Sourcing processes into an intuitive Sourcing Pipeline, Procurement teams forecast potential savings with precision and update them as projects progress, and then reliably communicate their impact on the business.
- On a SaaS platform, all your data are centralized and secured.
- Do your job quickly and easily without a single spreadsheet. Get to centralized and up to date information in just one click.
- No wasted time on collecting and centralizing data to make your reporting and spend more time on your core business: Procurement.
- Rely on a tool that reinforces collaboration with your internal stakeholders and the Finance department.
- Benefit from a Procurement Savings Tracking platform that enables you to share and validate your savings by Finance.
In the end, the role of the Procurement function is to act as an interface between the internal and external stakeholders of the company. Indeed, Procurement is at the center of the relationship with internal customers, suppliers, Business units, Finance, etc…
Procurement Performance Management tools are a way to improve efficiency, collaboration and trust within your Procurement teams and the organization.