What is Rate Management?

Rate management refers to how organizations capture, store, update, and utilize supplier pricing and contract terms following a sourcing event. Rates might include:

• Unit or volume-based pricing
• Spot vs. contracted rates
• Delivery fees or service costs
• Terms and conditions negotiated during events

An effective rate management strategy ensures that procurement teams always have access to accurate, real-time pricing; and that rates are refreshed at the optimal frequency based on market changes and evolving supplier relationships. Without this, even the best-negotiated rates can go unused, and savings can be lost.

Rates are not static. Markets shift, supplier terms evolve, and sourcing strategies mature. With increased frequency of sourcing events and a growing reliance on automation, maintaining up-to-date rates has become a core operational need.

Without a robust solution, procurement teams face:

• Data silos and duplication: Rates scattered across spreadsheets, emails, and disconnected tools
• Manual errors: Inaccurate or outdated pricing driving purchasing decisions
• Compliance risks: Maverick buying or invoice mismatches due to lack of visibility
• Limited agility: Inability to respond quickly to market fluctuations

As the pace of sourcing accelerates, these gaps widen, slowing teams down and putting cost control at risk.

Most procurement teams still manage rates manually across multiple systems. This approach is time-consuming and error-prone, making it hard to:

• Track rate changes over time
• Ensure teams use the most up-to-date prices
• Maintain consistent compliance
• Compare and analyze supplier pricing across categories

For organizations scaling sourcing or moving toward autonomous sourcing, manual rate management becomes a bottleneck.

Autonomous sourcing relies on accurate, real-time rate data. Keelvar Rate Manager serves as the bridge: automating rate updates, consolidating information, and enabling touchless sourcing workflows.

By integrating with Keelvar’s Sourcing Optimizer and Autonomous Sourcing, Rate Manager helps procurement teams:

• Automate event triggers based on rate changes
• Maintain centralized, accessible pricing data
• Benchmark rates against market sources like Xeneta, SONAR, and DAT
• Respond faster to volatile market conditions

This integrated approach empowers teams to scale sourcing without increasing manual overhead.

Automated, Real-Time Updates

Rates are updated automatically based on contract terms or market data—no manual entry required.

Centralized Rate Repository

All rate data is stored in one place, eliminating silos and improving data governance.

Flexible Search & Filtering

Quickly locate specific supplier rates or compare across categories using advanced search tools.

Reporting & Analytics

View historical trends, benchmark pricing, and generate reports to support negotiations.

Compliance & Audit Trails

Track every rate change and ensure teams stay within agreed contract terms.

Seamless Integrations

Connect with sourcing platforms, ERPs, and benchmarking tools for a unified procurement ecosystem.

With Keelvar Rate Manager, procurement teams gain:

• Speed: Launch sourcing events faster with reliable, real-time pricing data
• Accuracy: Eliminate errors and inconsistencies from rate entry and usage
• Agility: Adapt quickly to market shifts and supplier changes
• Compliance: Ensure all purchases align with negotiated terms‍
• Insights: Leverage historical data to improve future sourcing strategies

Rate management has long been an overlooked aspect of procurement, but in the age of automation, it’s more important than ever.

Keelvar Rate Manager gives teams the tools to centralize, automate, and scale their rate processes, which in turn unlocks the full potential of autonomous sourcing and drives better outcomes across the board.