Manuscript Number : GISRRJ236511

Real-Time Financial Variance Analysis Models for Procurement and Material Cost Monitoring

Authors(6) :-John Oluwaseun Olajide, Bisayo Oluwatosin Otokiti, Sharon Nwani, Adebanji Samuel Ogunmokun, Bolaji Iyanu Adekunle, Joyce Efekpogua Fiemotongha

Effective financial management in procurement requires the timely identification and analysis of cost variances to control budgets and enhance supply chain efficiency. This paper presents a comprehensive real-time financial variance analysis model designed specifically for procurement and material cost monitoring. Integrating continuous data capture, advanced processing algorithms, and interactive dashboards, the model enables dynamic detection and prediction of cost deviations. A detailed methodology outlines the model’s framework, data integration techniques, and analytical tools, including machine learning for predictive insights. Implementation in a manufacturing firm demonstrated significant improvements in variance detection accuracy and responsiveness, leading to proactive cost control and supplier management. Performance evaluation highlighted the model’s capability to transform traditional financial monitoring from reactive reporting to proactive decision-making. The study concludes by discussing practical implications for organizations seeking enhanced procurement cost governance and offers recommendations for future research to improve model integration, predictive power, and applicability across procurement categories.

Authors and Affiliations

John Oluwaseun Olajide
Lipton, USA
Bisayo Oluwatosin Otokiti
Department of Business and Entrepreneurship, Kwara State University
Sharon Nwani
Migo, Lagos, Nigeria
Adebanji Samuel Ogunmokun
Vaste Limited, Nigeria
Bolaji Iyanu Adekunle
Data Scientist, GSFEN Limited, Nigeria
Joyce Efekpogua Fiemotongha
Independent Researcher, Lagos, Nigeria

Real-time analytics, Financial variance analysis, Procurement cost monitoring, Predictive modeling, Supply chain management, Data integration

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Publication Details

Published in : Volume 6 | Issue 5 | September-October 2023
Date of Publication : 2023-09-12
License:  This work is licensed under a Creative Commons Attribution 4.0 International License.
Page(s) : 115-125
Manuscript Number : GISRRJ236511
Publisher : Technoscience Academy

ISSN : 2582-0095

Cite This Article :

John Oluwaseun Olajide, Bisayo Oluwatosin Otokiti, Sharon Nwani, Adebanji Samuel Ogunmokun, Bolaji Iyanu Adekunle, Joyce Efekpogua Fiemotongha, "Real-Time Financial Variance Analysis Models for Procurement and Material Cost Monitoring", Gyanshauryam, International Scientific Refereed Research Journal (GISRRJ), ISSN : 2582-0095, Volume 6, Issue 5, pp.115-125, September-October.2023
URL : https://gisrrj.com/GISRRJ236511

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