Procure essential goods and services for your organization in a timely manner, at the lowest cost, and in accordance with contract specifications. Make data-driven improvements to your purchasing process, from the creation of the requisition to the change in the purchase order. Identify high-risk transactions, employees, approvers, departments, and vendors. ThirdLine features 35+ built-in audit analytics + interactive dashboards for continuous monitoring and analysis.
The Purchasing function of an organization serves to procure goods and services in a timely manner and at the lowest cost, while encouraging healthy competition and honoring contract specifications. Leveraging analytics solutions in your purchasing audit can surface risk and waste and drive process improvements. Lowering risk and optimizing purchasing performance can benefit an organization’s standing with its employees, vendors, and citizens. The best part: You already have the data.
Enterprise Resource Planning systems capture massive amounts of data within your municipality in real time. Automating your ERP data (e.g. data analytics) will allow you to quickly identify and understand risks occurring in your organization and use it to make changes and adjustments for an optimized process and improved performance.
Data analytics are written to track transactions as they move through the ERP workflow. Each analytic is asking a question of transaction. If the transaction meets the criteria, the analytic will flag the transaction. A single transaction could be flagged by multiple analytics.