Sustainable procurement - measuring non-financial benefit
In addition to tracking procurement savings, it’s been possible to log non-savings projects in Provalido for many years, but now it's possible to take things a step further for those organisations that wish to report on non-financial benefits being delivered.
As procurement increases its focus on value that can be delivered alongside hard financial savings, and organisations in general home-in on net zero targets, it’s important to be able to track and report on this with accuracy and granularity. That’s why we’ve upgraded Provalido so you can combine both financial and non-financial reporting in one place, giving you a truly complete view of procurement performance.
As with all our development, we’ve followed our two principles of simplicity and flexibility with this new feature. That means it’s easy to enable, easy to use, and you can utilise it however you want. Want to measure reduction in carbon emissions? Create CO2 as a benefits type and choose your unit of measure (e.g. tonnes). Want to measure electricity savings? Gas usage? Fuel saved? Scrap reduction? There is no prescribed list, so the choices are endless.
If you’d like to link a non-financial benefit to a financial one, you can do that too. Just set a monetary value for the unit of measure (e.g. $ per KwH). We’ve added non-financial benefits to the already powerful reporting engine, so it’s easy to view the data in table or chart form and to add these views to new or existing procurement dashboards. If you prefer to consolidate your data in business intelligence systems such as Power BI or Tableau then, as with all reporting, just use our easy-to-set-up APIs to pull the data directly from our system.
As part of the upgrade we’ve also simplified the user interface for managing benefits on projects that span more than one part of your organisation, or more than one benefit type, spend type or category etc. The changes make it quicker and more intuitive to create and update benefits on complex projects, ensuring they are accurately allocated to the right areas of the business.
If you’re still struggling with reporting procurement savings via spreadsheets or a creaking in-house system and just want a simpler, more reliable way of working then Provalido will make a big difference to your team. Whether you just want a quick way of logging benefits, or if you want to take full advantage of Provalido’s many workflow and project management capabilities then please don’t hesitate to contact us for information or go ahead and book a live demo to see for yourself.