Spend analysis: Defining categories and the sub-categories of products is the first step in category management.Some of the major stages of category management lifecycle are: This is no different when it comes to the category life cycle. It encompasses continually monitoring and ensuring the processes are giving optimal results. Management is never about a series of steps that once completed are done forever. By addressing duplications, waste, and indiscreet spending, category management eventually aims to curb overall expenses and build a deeper relationship between a client and supplier. In general, it is a procurement method that breaks down products into units of similar goods to tackle the efforts such as acquisition and merchandising on the category, at large.Ĭategory management can incorporate data-based array planning, inventory control, product pricing with the mutual objective of enhancing sales performance and operational efficacy. Understanding the basicsĬategory management is a business tactic that can mean different things to different companies. Beroe specializes in assisting category managers throughout every phase of the procurement lifecycle management to build a strategic methodology to spend management that results in winning category tactics and implementation. Market intelligence and compliance solution providers like Beroe offer the advantage to companies by delivering procurement intelligence relevant to their supply markets, which allows them to make informed sourcing decisions and step up their category management cycle. And one of the most crucial - and effective - tools in developing an optimized supply chain is through efficient category management. A robust and strategic supply chain helps businesses create value through efficient supplier relationship management, the lowest total cost of ownership (TCO), and maximum probable return on investment (ROI).
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