ShipServ Launches Monitoring, Analytics Tool
ShipServ has launched of the ‘Supplier Performance Report’, the latest addition to its monitoring and analytics tools.
The Supplier Performance Report provides shipowners and managers using ShipServ with a host of key data on the procurement performance of every supplier that they use, enabling them to analyze trends, and identify where improvements can be made, so that relationships with suppliers can be enhanced and fully optimized.
The Supplier Performance Report brings together a host of procurement metrics and data on every supplier that a shipowner or manager has traded with through ShipServ over a specific period, from 12 weeks to three years. This includes transaction totals, quote, and win rates, response times, through to price and time sensitivity analysis, most commonly bought items and spend history, as well as the quality level, and payment terms that have been quoted. This data is compiled into an easy-to-use, online report, which is updated daily.
Unique to ShipServ, the tool shows procurement teams two benchmarks: an individual supplier against the average of all suppliers trading with them, and also against an average of all suppliers trading on ShipServ.
The data from the Supplier Performance Report highlights key procurement trends, and indicates where improvements can be made to create a better and more effective working relationship between the buyer and the supplier. For example, slow response times or high quote variances could be due to poor data or catalogue management, which, once identified, can be positively addressed to drive improvements.
“The Supplier Performance Report provides shipowners and managers with real knowledge and intelligence on key dimensions of the relationship with their suppliers so they can have more informed discussions and further develop and enhance their working relationship,” said Kim Skaarup, Chief Executive Officer, ShipServ.
“It’s the latest step in our ongoing mission of providing insights to maximize the positive collaboration and information exchange between buyers and suppliers. We are investing heavily in new reporting tools for buyers. Our sweet spot is in spend analysis and benchmarking and in the near future you will see us launching new analysis and insight tools specifically aimed at C-level executives and procurement directors.”
In addition to the Supplier Performance Report, ShipServ has launched its IMPA Spend Tracker and Price Benchmark tool. This provides shipowners and managers with an online view of all the IMPA coded products that they have purchased, instantly showing the quantity, average unit price, and total spend.
The tool also has the capability to analyse the benchmark unit price of a product, which is the average unit price from all the buyers using ShipServ. Procurement managers can then compare the benchmark price of a product against the actual price that they have paid, and calculate the total potential overspend or underspend.
As this is ranked by the volume of total overspend, it effectively becomes a prioritised list of OPEX savings opportunities for a procurement team to action. It can also be filtered on a vessel-by-vessel, or regional basis to enable buyers to drill down into where savings can be made. Naturally, this is a strategic decision, as owners may have specific policies on paying more for quality. In line with this, the average unit price takes into account, and averages out, the broad range of quality that is purchased for any individual IMPA number. However, if a buyer chooses to investigate making a change to drive savings, they can view alternative suppliers in the report.
The Supplier Performance Report is available now to all of ShipServ’s buyer customers, who can view their personalized and confidential reports by logging in via the ShipServ website.
