Framework agreements have become a cornerstone of efficient and cost-effective IT procurement for many UK organisations. These agreements streamline the procurement process, offer competitive pricing, and ensure compliance with procurement regulations.

This article explores the benefits of framework agreements and introduces the latest enhancements to the KnowledgeBus platform, designed to maximise the value of these agreements.

The Value of Framework Agreements

Framework agreements offer numerous benefits, including:

Simplified Procurement Process: Framework agreements provide a pre-approved list of suppliers and standardised terms and conditions, reducing the time and effort needed to procure goods and services.

Competitive Pricing: By aggregating demand, framework agreements often secure better pricing from suppliers. This is particularly beneficial for public sector organisations and large enterprises.

Compliance and Risk Management: Using framework agreements ensures compliance with procurement regulations and reduces the risk of legal challenges. This is especially important in sectors with stringent regulatory requirements.

Quality Assurance: Suppliers on framework agreements are typically vetted for quality and reliability, ensuring that organisations receive high-quality products and services.

New Enhancements in KnowledgeBus for Framework Benchmarking

To further enhance the benefits of framework agreements, KnowledgeBus has upgraded its Framework Benchmarking functionality. These updates provide greater visibility and control over sector-specific pricing, ensuring that organisations can secure the best possible deals. The new features include:

Tracking Sector-Specific Pricing: The enhanced Framework module now tracks sector-specific special pricing for promoted items, similar to the daily channel price tracking. This ensures that organisations are aware of any special pricing available to their sector.

Benchmark Against "Best Price": Organisations can now benchmark not only against the channel price but also against historic sector-specific pricing data. This allows procurement professionals to identify the "Best Price" at the time of the transaction, ensuring they benefit from the most competitive pricing available.

User List and Export Spend Analysis: Users with access to the KnowledgeBus Framework module will now see radio buttons above items in a "User List" to select benchmarking by Channel Price or Framework Price. The data in the "Last Purchase / Margin Today" column updates immediately based on the selection, providing real-time insights.

Detailed Reporting: The Export Spend Analysis feature adapts to the benchmarking selection, offering detailed granular data. This enables easy reporting against the best price available to the sector at the time of the transaction, ensuring that sector discounts provided by vendors are passed on by resellers.

Benefits of the Enhanced Framework Benchmarking Functionality

  • Improved Transparency: Greater visibility into sector-specific pricing helps organisations ensure they are getting the best possible deals.
  • Enhanced Decision-Making: By benchmarking against both channel and historic sector-specific prices, procurement professionals can make more informed purchasing decisions.
  • Increased Savings: Tracking and leveraging sector-specific pricing can lead to significant cost savings, ensuring that special discounts are not missed.

Framework agreements are a powerful tool for optimising IT procurement, offering simplified processes, competitive pricing, and compliance assurance.

The new enhancements in KnowledgeBus's Framework Benchmarking functionality provide even greater value, allowing organisations to track sector-specific pricing, benchmark against the best prices, and generate detailed reports.

By leveraging these features, UK organisations can ensure they are maximising the benefits of their framework agreements and achieving the best possible outcomes in their procurement strategies.

For more information on how KnowledgeBus can enhance your IT procurement processes Book a Demo Now!