June 27, 2023
Requis’ Public API Banishes Data Silos to Improve Capital Procurement Projects
Requis’ Public API resolves data silos and provides Energy, Construction, and Manufacturing industries a way to connect relevant data for reduced risk and higher ROI.
Data is the lifeblood of any capital procurement project. No matter the industry, the ability to source suppliers and materials using accurate, reliable data makes all the difference in reducing risk, ensuring safe operations, and avoiding major financial setbacks during your project.
The problem is most relevant data gets siloed into individual spreadsheets, ERPs, and e-procurement systems. Requis’ Public API solves that problem and gives those in Energy, Construction, and Manufacturing industries a way to connect information related to material inventory, equipment, and supply chains.
The Real Cost of Poor Data
Those who have worked on capital procurement projects know that these undertakings are large investments that require diligent, informed planning and cost more the longer they take to complete.
While project managers, procurement professionals, and the like aim to finish these projects within the budget, delivery time, and quality originally forecasted, that is simply not possible when they’re relying on outdated, incorrect data—if they have access to data at all.
A recent McKinsey report confirms this saying, “Procurement teams [in the construction and building materials industry] will need a more granular perspective on materials and suppliers, which requires access to additional data as well as the right tools and dashboards to support decision-making processes.”
As material costs rise with inflation and global events affect procurement’s ability to source and receive goods to drive projects forward, a lack of strong data can result in:
- Unexpected costs for additional materials
- Poor order change management
- Decreased safety at the building site
- Wasted capital due to surplus
- A lack of compliance with sustainability mandates
Requis solves this data silo problem and connects your existing systems with our public API, and helps reduce risk across capital procurement projects.
Improving Strong Data Access for Smarter Capital Procurement
Requis is the only public procurement platform with a public API that creates a digital bridge between solutions used by Energy, Engineering, and Construction industries.
By allowing accurate data—vetted by both our own technology and users within the platform—to pass between various ERP, design, financial, asset management, and procurement programs, our API enables our clients to make circular, sustainable, and well-informed decisions at every step of the sourcing process.
As those working through capital procurement projects strive to maximize investments and avoid budget overrun, Requis helps drive project ROI by giving our users a central location to complete procurement workflows and manage supplier and contractors with real-time insights.
By leveraging our unique API, procurement professionals have the data they need to respond to changing environments, meet sustainability requirements, and complete projects within budget and on time.
To learn more about how Requis can empower your procurement processes, please reach out to our team.
About the Author
Vincenzo Nici
Vincenzo is our director of platform management. He has extensive experience in supply chain, platform management, strategy and marketing across the resources, energy, construction and engineering sectors.