Discover how Category Management helps optimize sourcing strategies, strengthen supplier relationships, and maximize procurement value with Procure Suite.
Category Management (CM) is defined as a strategic approach in procurement wherein organisations consolidate and manage their spending across a range of goods and services. It is a cross-functional, systematic process that involves defining categories, spend analysis, market analysis, and other processes, which empowers procurement teams to structure data. CM is an easy-to-use solution that promotes collaboration with suppliers and removes the need for spreadsheets.
Categorizing internal products/services might seem tedious. But businesses that use category management have reduced their PO processing time to 6-8 hours as compared to the previous 15-18 hours. Efficient category management helps businesses identify cost savings opportunities and generate value for procurement processes.
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