Wednesday, February 24, 2016
New Commodity Procurement Analysis App for Manufacturers
Eka Software Solutions, the leading global provider of Smart Commodity Management software solutions, announced today its new Procurement Analysis app for manufacturing companies that tracks and analyzes both commodities and non-commodities. Eka’s Smart Commodity Management is the first and only solution that integrates commodity management with advanced analytics built specifically for the commodities markets.
“For the first time, manufacturers have an advanced commodity analytics solution that enables them to concentrate on business strategies instead of operational tasks,” said Shobhit Mathur, GM Commodity Analytics Cloud at Eka. “With Eka’s solution, manufacturing companies can effectively manage the price risk of raw materials, energy, and packaging using advanced analytics that simulate market changes to determine the expected impact to coverage and spend.”
Eka's Procurement Analysis app captures, analyzes, and manages demand forecasts, spend, coverage, and hedges while dramatically improving decision making with real-time predictive analytics. The app provides unique, visually-rich, analytics that enable users to cover commodity needs against targeted quantities and price. Eka’s solution delivers real-time scenario and intelligence capabilities so users can see how projected changes in market prices, supplier costs, and demand will affect the bottom line.
Eka’s out-of-the-box analytics platform is pre-integrated with market data. With implementation taking weeks instead of months, manufacturers gain a complete procurement solution with a faster time to value. Advanced algorithms identify outliers and patterns in historical data to enable better decision making.
"To remain competitive in an environment of volatile prices, manufacturing companies need to implement innovative solutions that enable these companies to effectively manage forecasts, coverage, and spend,” said Preeti Ramesh, Senior Director Product Marketing at Eka. “Eka’s Procurement Analysis app brings together large amounts of disparate information from multiple data sources, such as ETRM, CTRM, ERP, CRM, and spreadsheets, providing users with immediate answers and eliminating the laborious effort of collecting data and attempting to analyze multiple scenarios to answer ‘what if’ questions.”
Eka's Procurement Analysis app enables executive decision making that leverages predictive analytics for optimal conclusions. Business users can gain answers to questions directly without delay and without taking weeks to collect the data. By fostering collaboration across the organization and enabling executive decision making, Eka’s solution provides a competitive advantage for manufacturers.