Good international purchasing management, which ensures efficiency and competitiveness, requires a series of procedures. To deal with goods or services involving foreign currencies, analytical and predictive behavior is required. The new tools Technological tools are an essential aid in this task, allowing broad visibility of the supply chain and avoiding interruptions to activities.
When it comes to international purchasing management, exchange rate fluctuations are a topic that naturally demands specific attention. At a time of great global uncertainty, this is even more important. Just look, for example, at the recent debates about the possibility of de-dollarizing the market – with some speeches indicating a favorable scenario for the yuan to gain more prominence in international purchases than the dollar; and others completely ruling out any chance of this happening.
According to COSTDRIVERS, the dollar should continue to fall in the short term, but in the medium term the trend is upward. Plan and execute budgets and other processes international purchasing based on reliable projections for each of the coming months, in this context, helps to achieve results. To maintain good international purchasing management practices in this environment, your company can count on a digital platform that offers secure data and tools that ensure the financial health of your business.
Count on the support of technology
Today, the market has solutions available that facilitate and streamline the entire international purchasing management process. Concentrating data and information on a single platform, which allows greater visibility of operations and keeps data always up to date, generates time and efficiency for the Purchasing Department.
On the COSTDRIVERS platform, it is possible to track historical data and projections for different currency-related indexes; organize these indexes with others drivers of parametric costs; have access to bulletins to monitor all the movements that matter most in the global chain, in different sectors; among other tools such as expiration alerts and dashboard of contracts.
Monitoring indicators and parametrics
Clients of the COSTDRIVERS platform can monitor lists of indicators from different sources and countries and also organize costs in parametric terms to analyze the variation in spending and participation of each of the drivers in international purchasing management.
If a given input used in a product is pegged to the dollar, fluctuations in the currency impact prices. Having all the information involved in the same place makes it possible to monitor these changes more incisively and understand what significantly changes costs in the short, medium and long term. On the same platform, it is possible to create budgets and manage contracts with suppliers.
Data integrates an ecosystem
Indexes and costs are part of a larger movement, which needs to be monitored in a simple way with the help of technology. The COSTDRIVERS platform makes it possible to create newsletters personalized and also offers access to sector bulletins published periodically, with the current macroeconomic panorama and different sectors and their projections.
Good habits
Below, check out some practices that can benefit international purchasing management.
Price “freezing”
Some companies adopt a price “freeze,” establishing an average to cover the cost of the dollar’s variation before passing it on to the customer. The price is then only changed when the cost of the currency exceeds projections. Having reliable projections for the medium term is the key to success with this strategy.
Negotiate with your suppliers
Having a good relationship with suppliers is also important in times like these. Establishing partnerships in search of the lowest cost benefits everyone involved.
Special strategic planning
Adopting a specific strategic plan for more challenging times is also an advantage. It should be done based on the entire situation and the diagnosis of the company's financial situation.
COSTDRIVERS Platform
COSTDRIVERS can help your company develop data strategies for negotiations. With information available for viewing results in a graphical and simplified format, with the possibility of accessing it via an application on mobile devices, the platform offers technical, commercial and analytical support tailored to each account. Contact us.
