New Software Delivers Negotiation Insight with Advanced Scenario Modeling
MILFORD, MASSACHUSETTS, October 4, 2016 (Newswire.com) - Prime Numbers Technology (PNT) - www.primenumberstechnology.com - long-standing provider of data analysis solutions, and the independent development force behind industry-leading travel reporting and benchmarking solution, Prime Analytics, has today announced the release of scenario modeling tool, Contract Modeling. This release marks the final phase of vendor sourcing and contract analysis platform, Prime Sourcing, which provides global procurement professionals, travel managers, and travel management companies (TMCs) advanced contract and sourcing optimization capabilities.
Contract Modeling is a contract examination and modeling tool, which provides detailed visualization and interaction with travel vendor contracts. Within the tool, users can model and share an unlimited number of scenarios, and explore contract definitions in real-time. Global procurement professionals, travel managers and TMCs can effortlessly leverage loaded contract terms, or model “what if” scenarios based on live or anticipated contracts and contract proposals. Whether modeling shifts in share to optimize contract mix across key markets, or analyzing the effects of reaching or missing share requirements, users gain extensive and fully-detailed results.
"Contract Modeling drastically improves the vendor sourcing process by condensing relevant data, and centralizing comparison information into powerful contract scenarios."
“Contract Modeling drastically improves the vendor sourcing process by condensing relevant data, and centralizing comparison information into powerful contract scenarios,” explained General Manager and Vice President of Prime Numbers, Mark Bresnahan. “Prime Sourcing takes these scenarios one step further by providing users the acuity needed to influence and negotiate contract terms.”
Contract negotiators and sourcing facilitators can further utilize the tool’s data throughout the RFP process to model market share impact and explore target requirement options. Scenarios built in Contract Modeling also include summaries of a model’s impacts to spend, savings, fares, and share target requirements; both at the market, and total corporation level. In addition to scenario modeling functionality, the tool seamlessly integrates with preceding Prime Sourcing components – Dynamic Analysis and Contract Monitoring – providing full program insight.
Following news of Contract Modeling’s release, Colleen Hagg, Senior Vice President, Account Management at ALTOUR, shared enthusiasm for Prime Sourcing. “As longtime users of Prime Analytics, we’ve always been impressed with the level of detail and insight PNT’s tools provide ALTOUR and our clients. Naturally, we’re very excited about Prime Sourcing’s modules and their potential in helping clients analyze and optimize vendor sourcing activities.”
Now used by corporate-direct and TMC clients, Contract Modeling joins PNT’s line-up of powerful travel data analysis tools. “As with our previous platforms, we plan to continue enhancement of Prime Sourcing with help from client feedback, to meet the needs of today’s and tomorrow’s travel managers,” stated Bresnahan, also hinting at future development projects. “Our next tools will emphasize predictive modeling functionality, a growing need in the ever-changing travel management sphere.”
About Prime Numbers Technology
Prime Numbers Technology (PNT) is dedicated to helping clients drive significant savings in business spend through industry-leading data analysis, contract and spend optimization, and benchmarking solutions. PNT is in continuous development for a comprehensive suite of solutions, including data analytics and benchmarking, policy management, spend optimization, contract and vendor sourcing analysis, and ROI maximization. Prime’s solutions are licensed by some of the most recognized names in business travel, with global representation by many Fortune 250 corporations and top 10 travel management companies.
PNT is a division of Atlas Travel & Technology Group Inc., based in Milford, MA. For more information, please visit www.primenumberstechnology.com.
Atlas Travel & Technology Group Inc.
Office: +1 (508) 488-1260
VP, General Manager, Prime Numbers Technology
Prime Numbers Technology, LLC
Office: +1 (508) 906-1926
Source: Atlas Travel & Technology Group, Inc.