Automated Market Research and Price Benchmarking
Public sector buyers, from the United States General Services Administration to local governments, face the challenge of making fair and reasonableness price determinations and creating independent government cost estimates (IGCEs) for millions of commercial items. Public sector buyers must also be sensitive to socioeconomic considerations, environmental compliance, and other procurement rules. And government buyers must deliver these results in an era of shrinking resources. Price benchmarking tools, like XSB Price Point®, automate the process of price analysis and evaluation, improving productivity, reducing lead times and lowering total acquisition costs.
Price Point uses artificial intelligence and a clean, continuously updated master data file of commercial item prices and procurement history data from hundreds of public institutions to help buyers assess the reasonableness of pricing on catalogs for millions of items. Price Point also helps buyers identify certified green and energy compliant items, as well as items from disadvantaged suppliers. Gone are the days of small sample market basket analysis and manual search for competitive prices.
Price Point delivers for public sector buyers:
- Improved productivity for Contracting Officers in making price reasonableness determinations
- Reduced price variation for the identical item described differently from multiple suppliers
- Automated price benchmarking vs. other similar public institutions and commercial sources
- Easier compliance with procurement mandates
The largest contracting organizations in the US government rely on XSB’s pricing tools to ensure prices are fair, to comply with acquisition policy and to improve efficiency and productivity...shouldn’t you?