**London**: Keelvar has unveiled its new tool, Rate Manager, designed to improve procurement efficiency by automating rate management. With features such as real-time updates and enhanced reporting, it aims to empower teams and enhance data-driven decision-making in the increasingly complex sourcing landscape.
Keelvar, a company renowned in the field of intelligent sourcing solutions, has introduced a new tool called Keelvar Rate Manager, aimed at enhancing the efficiency of procurement teams. This tool has been developed in response to the increasing complexity and need for automation within sourcing operations, allowing procurement professionals to concentrate on strategic tasks while alleviating the burden of manual rate management.
Alan Holland, founder and CEO of Keelvar, expressed optimism about the new tool’s potential impact on the industry, stating, “In today’s fast-paced procurement landscape, inefficiencies in rate management can stifle progress and competitiveness. With Rate Manager, we’re equipping procurement teams worldwide to overcome these challenges and set new standards for efficiency and data-driven decision-making. This tool is more than an enhancement; it’s also setting them up for success with their adoption of automation in sourcing,” as reported by Business Wire.
Keelvar Rate Manager centralises all supplier rates into one platform, offering real-time updates and advanced filtering options. This centralisation is expected to yield improvements in operational efficiency, transparency, and compliance by minimising dependence on multiple systems and manual processes. Key features include automated rate updates, enhanced search and reporting capabilities, granular access controls for data integrity, and seamless integration with Keelvar’s current offerings in sourcing optimisation and benchmarking.
Businesses that have already adopted the Rate Manager are reportedly experiencing significant benefits, including cost savings through consolidated data analysis, reduced administrative tasks and accelerated sourcing processes, improved compliance with contracted terms, and enhanced supplier negotiations through better data utilisation.
Looking ahead, Keelvar has plans to introduce further enhancements to the Rate Manager, such as automatic storage of rates and the triggering of sourcing events upon expiration. These future developments aim to solidify the tool’s role as an essential asset for procurement teams seeking scalable, touchless autonomous sourcing solutions.
Keelvar’s ongoing innovations reflect its mission to redefine the practice of procurement, contributing to its positioning as a leader in the ProcureTech industry.
Source: Noah Wire Services
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