Eka Software Solutions announces its new Procurement Analysis app for manufacturing companies that tracks and analyzes both commodities and non-commodities.
The new Smart Commodity Management is known to be the first-of-its-kind solution that integrates commodity management with advanced analytics built specifically for the commodities markets.
Commenting on the new development, Shobhit Mathur, GM Commodity Analytics Cloud at Eka said, “For the first time, manufacturers have an advanced commodity analytics solution that enables them to concentrate on business strategies instead of operational tasks.” “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.”
Additionally, the new Procurement Analysis app enables business users to opt answers to questions directly without delay and without taking weeks to collect the data.