Challenges

A global manufacturer of specialty lubricants for automotive and wind products, was struggling with monitoring price and cost increases. With increasing raw material procurement costs, the company needed to track costs and price increases across their inventory.

The company was looking for a solution that could track prices to accurately keep up with the market and stay competitive with pricing.

Solution

ConverSight brought instant visibility to the company’s procurement schedule, leading to a drastic reduction in the hours spent maintaining metadata. This allowed the supply chain and procurement team to get instant self-service reporting and analytics, leading to reductions in decision time.

Increased procurement visibility – With ConverSight, the supply chain team gained instat insight into their procurement schedule, and which raw materials would be delayed.

Product Metadata for all items – The team could share this metadata doc with suppliers, leading to increased communication and visibility.

Impact

ConverSight’s ability to handle all data related to raw material procurement put the supply chain team on a path to success, increasing visibility and knowing which materials to order and when.

Since the initial deployment, the customer has gained:

• Pricing analytics: ConverSight sends alerts and tracks cost increases in necessary raw materials, and recommends new unit prices for the products.
• Freight Analytics: ConverSight identifies orders where Freight charges are more than 10% of the Order value, and alerts the team to negotiate with freight providers to attain the desired margin.
• Product Metadata: Built a Product Metadata sheet with ConverSight that can easily exported and shared with providers and wholesalers.

For more information about how ConverSight can slash inventory costs and provide sales analytics, request a demo today.